New York, United States , May 15, 2023 (GLOBE NEWSWIRE) -- The Global Plant Factory Market Size is to Grow from USD 121.9 Billion in 2022 to USD 242.2 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 7.1% during the projected period. The global plant factory market is projected to expand in the coming years as demand for fresh produce and environmentally friendly agriculture practises rises. The industry is poised to play a critical role in the future of food production, addressing the challenges of feeding a growing population in a sustainable manner.
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The plant factory is an industry that produces crops, herbs, and other plant-based products in controlled environments. Greenhouses, vertical farms, and other indoor facilities that use technology to optimise growing conditions and increase yields are examples of these environments. Plant Factory is an innovative sector that aims to completely transform crop production through the use of industrial automation and bioinformatics. By artificially managing the plant growth environment, a plant factory is expected to increase yield, harvesting density, and economic impact. A growing demand for fresh and locally grown produce, as well as a desire to reduce the environmental impact of traditional agriculture, are driving the plant factory market. LED lighting, hydroponic systems, and automated control systems are examples of technological advancements that have made plant factories more efficient and cost-effective. These advancements have enabled year-round production as well as control over growing conditions such as temperature, humidity, and light, resulting in higher yields and shorter growth cycles. However, plant factories necessitate a significant initial investment in equipment, technology, and skilled labour to set up and operate. This can be an impediment to entry for new players and restrict market growth.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on "Global Plant Factory Market Size, Share, and COVID-19 Impact Analysis, By Facility Type (Indoor farms, Greenhouses, and Others), By Growing System (Soil-Based, Non-Soil-Based, and Hybrid), By Crop Type (Vegetables, Fruits, Flowers & Ornamental, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The indoor farm segment is expected to hold the largest share of the global plant factory market during the forecast period.
The global plant factory market is divided into three types of facilities: indoor farms, greenhouses, and others. The indoor farm segment is expected to account for the majority of the global plant factory market during the forecast period. Advances in technology and rising demand for sustainable, locally sourced food are also driving the growth of indoor farming. Indoor farms are facilities that grow crops in a completely enclosed environment, typically using hydroponic or aeroponic systems.
The non-soil-based systems are expected to hold the largest share of the global plant factory market over the study period.
The global plant factory market is divided into soil-based, non-soil-based, and hybrid growing systems. Among these, non-soil-based systems are expected to account for the majority of the global plant factory market during the study period. The growth can be attributed to the numerous benefits of these systems, which include higher yields, shorter growth cycles, and greater control over growing conditions.
The vegetable segment is anticipated to hold the largest share of the global plant factory market over the projected period.
The global plant factory market is classified into vegetables, fruits, flowers & ornamental, and others. Among these, the vegetable segment is expected to account for the largest share of the global plant factory market during the forecast period. The increase can be attributed to the high demand for fresh, locally grown produce as well as the relatively short growing cycles of many vegetable crops.
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North America is estimated to hold the largest share of the global plant factory market over the predicted timeframe.
North America is expected to hold the largest share of the global plant factory market over the period of projection. The growing demand for locally grown produce and sustainable agriculture is driving the expansion of the North American Market. Growing demand for natural products, increased R&D to deploy novel technologies, and the development of greenhouse facilities are driving market growth in this region. Over the forecast period, the Asia Pacific region is expected to grow at the fastest rate in the global plant factory market. The increase could be attributed to the region's large and growing population, which is driving demand for fresh, high-quality produce. Major players in this region are focusing on continuous innovation to strengthen their market position by implementing various technological advances such as machine learning, LED-grown light, dynamic resource allocation, AI, and edge computing to optimize plant growth and productivity.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Plant Factory Market include BrightFarms, AeroFarms, Gotham Greens, AppHarvest, Bowery Farming, Plenty Unlimited Inc., Mirai Co. Ltd., Farminova, Iron Ox, Taiksha Ltd., Crop One, Vertical Harvest, Farmone, Smallhold, Oishii, and Others.
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Recent Developments
In March 2023, BrightFarms, a national player in the indoor farming sector, has expanded with four new regional greenhouse hubs that will provide sustainably grown leafy greens to more people in the Eastern and Central United States. To help meet rising demand, the new locations will begin shipping to retailers in 2024.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Plant Factory Market based on the below-mentioned segments:
Global Plant Factory Market, By Facility Type
- Indoor farms
- Greenhouses
- Others
Global Plant Factory Market, By Growing System
- Soil-Based
- Non-Soil-Based
- Hybrid
Global Plant Factory Market, By Crop Type
- Vegetables
- Fruits
- Flowers & Ornamental
- Others
Global Plant Factory Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa.
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