Microgreens Market Expected to Reach $2,049.3 million by 2028
According to a new report published by Allied Market Research, titled, “Microgreens Market by Type, Farming, Distribution Channel and End User: Global Opportunity Analysis and Industry Forecast, 2021–2028,”
The global microgreens market size is expected to reach $2,049.3 million by 2028 at a CAGR of 11.1% from 2021 to 2028.
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Microgreens are edible plants that are harvested in the juvenile growth stage. They have a quick crop cycle. They are ready to harvest in around 7 to 14 days, depending on the species and varieties of the microgreens. Microgreens are majorly cultivated in the indoor vertical and greenhouse farming methods as they need intense care and controlled environment. The favorable temperature for the healthy and desired growth of microgreens is 18 to 24°C and relative humidity (RH) of 40 to 60%; therefore, protected cultivation is majorly used.
Microgreens have been gaining major popularity among the health-conscious people as they contain huge among of vitamins and antioxidants, which helps reduce the risk of cardiovascular and chronic diseases. Furthermore, microgreens need comparatively less resources to grow at home for daily consumption; therefore, it can be easily grown in the garden and rooftop. Rise in adoption of the protected cultivation and financial and technical support from the government to farmers for erection of protected cultivation plants are likely to support to increase the production of microgreens. Furthermore, growing use of microgreens in the food services industry as flavor and texture enhancement ingredient is expected to surge the demand for microgreens.
Due to the COVID-19 pandemic, supply chain has been adversely affected and whole food & beverage industry is still incurring losses. Governments are frequently practicing total lockdown to limit the spread of corona virus, in which restaurants are strictly suggested to close. Restaurant is one of the major selling points of the microgreens. Temporarily, COVID-19 pandemic is restraining the growth of the global microgreens market during the forecast period.
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According to microgreens market analysis, the microgreens market is segmented on the basis of type, farming, distribution channel, end user, and region. On the basis of type, the market is categorized into broccoli, cabbage, cauliflower, arugula, peas, basil, radish, cress and others. By farming, it is segregated into indoor vertical farming, commercial greenhouses and others. According to distribution channel, it is divided into retail stores, farmers market and others. By end user, market is segmented into residential and commercial. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Spain, Italy, France, Germany, UK, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, Africa)
According to microgreens market forecast, on the basis of type, the arugula segment was valued at $201.8 million in 2019, and is projected to reach $281.7 million by 2028, registering a CAGR of 9.4% from 2021 to 2028. Arugula is one of the most popular type of microgreens among the chefs and consumers. It is majorly used in the restaurants by the chefs as favoring and garnishing agent. It is rich sources of vitamins and minerals. For instance, according to the United States Department for Agriculture (USDA) Trusted Source nutrient database, a cup of arugula weighing around 20 grams contains approximately 5 calories. It contains 0.516 g of protein and 0.132 g of fat per 20 grams of arugula microgreens.
On the basis of farming, the commercial greenhouse segment is estimated to reach $625.1 million by 2028, at a CAGR of 10.1%. Growing area under greenhouse farming and rapid adoption of the greenhouse farming for the cultivation of the high valued crops including microgreens are likely to favor the growth of the global microgreens industry during the forecast period. Microgreens need specific temperature and humidity for its healthy growth; therefore, greenhouse is suitable farming method for the cultivation of the Microgreens. Furthermore, government is actively supporting the greenhouse farmers by providing subsidy and technical help, which is expected to increase the area under greenhouse farming.
According to the microgreens market trends, on the basis of distribution channel, the farmer’s market segment was valued at $424.5 million in 2019, and is expected to reach $615.2 million by 2028, registering a CAGR of 9.8% from 2021 to 2028. Farmers’ market is a conventional method of selling agriculture produce in which farmers or representatives of the farmers directly sell their produce to consumers. It is beneficial to both farmers and consumers. Consumer can get fresh microgreens and vegetable in lesser price as compare to retail stores and farmers can get higher merging, minimum cost of selling. Increasing participation of farmers in farmers market is one of the microgreens market opportunity for its growth.
Region wise, Europe was valued at $415.5 million in 2019, and is expected to reach $596.8 million by 2028, registering a CAGR of 9.7% from 2021 to 2028. Growing start-ups who deals in production and selling of the microgreens are majorly favoring the growth of the Europe microgreens market during the forecast period. For instance, Infarm, founded in 2013, the Berlin-based startup, has developed vertical farming tech for grocery stores, restaurants, and local distribution centers to bring fresh and artisan produce much closer to the consumer is expanding to Paris.
The players operating in the portable air conditioner industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include AeroFarms, Fresh Origins, Gotham Greens, Madar Farms, 2BFresh, The Chef's Garden Inc., Farmbox Greens LLC, Living Earth Farm, GoodLeaf Farms, and Bowery Farming.
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Key findings of the study
In 2019, the microgreens market was valued at $1,276.0 million, and is estimated to reach $2,049.3 million by 2028, growing at a CAGR of 11.1% during the forecast period.
In 2019, depending on farming, the vertical farming segment was valued at $752.9 million, accounting for 59.0% of the global microgreens market share.
In 2019, depending on end user, the residential segment was valued at $350.9 million, accounting for 27.5% of the global microgreens market share.
In 2019, the U.S. was the most prominent market in North America, and is projected to reach $391.0 million by 2028, growing at a CAGR of 10.0% during the forecast period.
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