Portland, OR, June 02, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global microgreens market was pegged at $1.27 billion in 2019, and is projected to reach $2.04 billion by 2028, growing at a CAGR of 11.1% from 2021 to 2028.
Surge in demand for indoor cultivation, increase in use of advanced technology in farming practices, and changes in lifestyle and food habits drive the growth of the global microgreens market. However, lack of skilled workforce, limited crop range, and high initial investments hinder the market growth. On the contrary, surge in purchasing power and rapid growth of the retail sector and online stores are expected to open lucrative opportunities for market growth in the future.
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Covid-19 scenario:
- The Covid-19 pandemic and followed lockdown severely affected the sales of microgreens due to the disrupted supply chain and closure of restaurants and grocery stores.
- In addition, farmers have been facing problems to supply microgreens due to logistic slowdown. On the other hand, market players are unable to meet the demand of customers due to prolonged lockdown and strict social distancing regulations.
- However, as the world is slowly recovering from the pandemic, the demand for microgreens is expected to rise steadily.
The global microgreens market is divided on the basis of type, farming, distribution channel, end user, and region.
Based on type, the Broccoli segment held the largest share in 2019, accounting for nearly one-fourth of the market. However, the Radish segment is estimated to manifest the highest CAGR of 16.4% during the forecast period.
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On the basis of distribution channel, the retail stores segment held the lion’s share in 2019, contributing to nearly half of the market. Moreover, the segment is projected to portray the highest CAGR of 11.4% during the forecast period.
The global microgreens market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2019, contributing to more than two-fifths of the market. However, the market across Asia-Pacific would register the highest CAGR of 14.1% from 2021 to 2028.
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The global microgreens market includes an in-depth analysis of the prime market players such as Fresh Origins, AeroFarms, Madar Farms, Gotham Greens, The Chef's Garden Inc., 2BFresh, Living Earth Farm, Farmbox Greens LLC, GoodLeaf Farms, and Bowery Farming.
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