Dublin, Feb. 23, 2024 (GLOBE NEWSWIRE) -- The "United States Microgreens - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
The United States Microgreens Market size is estimated at USD 1.74 billion in 2024, and is expected to reach USD 2.86 billion by 2029, growing at a CAGR of 10.60% during the forecast period (2024-2029).
Key Highlights
- The growing health consciousness among American consumers has led people to consume a diet full of nutrients, leading to the adoption of indoor farming practices. The cultivation of microgreens has become an integral part of indoor farming as consumers prefer to have them in their daily diet due to their nutrient-dense profile. As more consumer insights develop toward fresh-from-farm-to-table, the availability of freshly harvested microgreens across retail outlets is expected to increase in the country.
- Along with this, the increased application also drives the market for microgreens in the country. The tender leafy greens, which are in a pleasing palette of colors, textures, and flavors, have favored its applications in restaurants. Microgreens are gaining popularity as a new culinary ingredient for chefs and are used to enhance salads or as edible garnishes to embellish a wide variety of other dishes.
- Moreover, introducing new technologies in indoor farming practices is also driving the growth of microgreens in the country-the decreased arable land, reduced soil fertility, etc., catering to the improved technologies. With the use of technology like hydroponics and other indoor farming, the production of microgreens is increasing. For instance, according to FAO, lettuce production in the United States accounted for 4.1 million metric tons, which rose to 4.4 million in 2020. The improved technologies cater to this increase in the production of microgreens. Therefore, the rise in health consciousness among the people and the wide application coupled with enhanced technologies are catering to the market's growth in the forecast period.
USA Microgreens Market Trends: Increased Investments in Vertical Farming Domain
Vertical farming in the United States is bringing farms into cities and towns. Farms with locations in important new agricultural capitals, such as Chicago, Baltimore, and New York City, are being built. This puts them in the public eye to understand how they perform through increased exposure. Businesses are turning to vertical farming as an opportunity to gain higher profits, and most companies receive generous investors' support.
Walmart, the world's largest retailer, is pushing vertical integration of its supply chains by investing in vertical agriculture. Walmart's entry into farming has substantially impacted the US Market. Walmart, which employs two million people, recently purchased a stake in Plenty Unlimited, a US vertical farming firm, as part of a USD 400 million fundraising round. It acquired a position on Plenty's board of directors. Walmart aims to provide fresher and higher quality vegetables and greens from vertical agriculture to their customers year around.
There is a growing concept that companies lend out small portions of microgreen indoor farming to consumers on their farms. People can select a part of the greenhouse to cultivate their microgreens. Such a concept is highly prevalent in the United States. The companies such as Babylon and FarmOne are providing such services widely across the States.
Therefore, initiatives like these will help the market's progress in the years to come.Consumers in the country are more focused on growing leafy greens and microgreens than any other vegetables. Thus, the growing adoption of protected cultivation has led the market to develop moderately.
Higher Profitability and Consumer Preference Towards Microgreens
Microgreens are grown mainly in vertical farming methods in the country. Vertical microgreen farming is profitable for farmers because it allows them to grow more crops in smaller areas, which returns great yields. It also allows to produce of year-round crops with controlled climatic conditions. This increase in efficiency caters the farmers to sell their microgreens for a higher price, making vertical microgreen farming a more lucrative business venture. For instance, the profit margins acquired by different microgreens like leafy greens, microgreens, flowers, and tomatoes are 40%, 40%, 30%, and 10% respectively, according to Agrilyst. This increase in the efficiency of the microgreens business will help the growth of the market.
Additionally, microgreens are available in many stores which is attracting customers to buy the product. As they contribute to health benefits it is mainly gaining popularity among health-conscious customers. Furthermore, in the United States, many stores are offering "Certified Naturally Grown" microgreen seeds. This is increasing the availability of microgreens and of which consumers are raising their purchasing of them.
Moreover, the microgreens are used as a fresh flavor ingredient in serving upscale cuisines. They have become one of the solid ingredients in the finest restaurants. According to the National Restaurant Association, microgreens are likely to influence diners' produce shopping habits in the future, with microgreens being treated as a culinary trend across the country's cuisines. Nearly 51% of the chefs predict that microgreens are a raging trend in eateries. The ongoing culinary trend for microgreen preference across the US cuisines, together with the increasing supply to the hoteling segment, is likely to enhance microgreen sales in the years to come. Therefore, the profits acquired by the business along with the increased demand among customers is catering to the market growth in the coming years.
USA Microgreens Industry Overview
The US Microgreens Market is fragmented. Some players like Farmbox Greens LLC, Metro Microgreens, Fresh Origins, Florida Microgreens, The Chef's Garden Inc., and Aerofarms LLC are prominent market players. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions. Another central investment area is the focus on R&D to launch new products at lower prices.
A selection of companies mentioned in this report includes
- Fresh Origins
- Florida Microgreens
- The Chef's Garden Inc.
- AeroFarms LLC
- Farmbox Greens LLC
- Metro Microgreens
- Quantum Microgreens
- Arizona Microgreens LLC
- Emerald Gardens
- Long Island Microgreens LLC
For more information about this report visit https://www.researchandmarkets.com/r/c7d42h
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