Plant Factory Market is Projected to Reach $196 million by 2028

According to a research report "Plant Factory Market by Growing System (Non-soil-based, Soil-based, Hybrid), Crop Type (Fruits, Vegetables, Flowers & Ornamentals, Other Crop Types), Facility Type (Greenhouses, Indoor Farms), Light Type and Region - Global Forecast to 2028" published by MarketsandMarkets, the plant factory market is estimated at USD 138 million in 2023 and is projected to reach USD 196 million by 2028, at a CAGR of 7.3% from 2023 to 2028.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=199919959

As more people move to cities, there is a growing demand for locally grown produce. Plant factories can be in urban areas, reducing transportation costs and providing fresh produce to consumers in the same city or region. Many governments around the world are supporting plant factory production through funding, subsidies, and regulations that promote sustainable agriculture. This support is helping to drive growth in the plant factory market.

Greenhouse segment is expected to account for the largest share in 2023.

Greenhouse farming offers several advantages over traditional farming methods, such as greater control over environmental factors like temperature, humidity, and lighting, which can result in higher crop yields and quality. As growers see the benefits of greenhouse farming, they may also become interested in incorporating plant factory technology into their operations, which can further increase efficiency, reduce costs, and improve crop quality. This can drive further demand for plant factory systems and technologies, leading to further growth in the industry.

Vegetables segment is expected to dominate the market with the largest share in 2023.

Plant factories offer a controlled environment that can be tailored to the specific needs of different plants. This means that growers can adjust factors like temperature, humidity, light, and nutrients to create the optimal growing conditions for each vegetable variety. For example, leafy greens like lettuce and kale require lower light levels and higher humidity, while tomatoes and peppers need higher light levels and lower humidity. Plant factories can create these tailored environments to maximize growth and yield, resulting in higher quality and more nutritious produce.

Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=199919959

Europe is expected to account for the largest market share in 2023.

The plant factory market industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. The growth of the plant factory market in Europe is driven by a combination of factors, including increased demand for locally grown produce, government support and funding, technological advancements, environmental concerns, and growing consumer interest in sustainable and locally grown produce. Many European countries have implemented policies and initiatives that encourage the adoption of sustainable agricultural practices, including plant factories. For example, the European Union's Horizon 2020 program has allocated significant funding for research and innovation in sustainable agriculture, including plant factory technology. Additionally, some countries offer tax incentives and other benefits to growers who adopt these practices.

Major players operating in the plant factory market AeroFarms (US), Gotham Greens (US), BOWERY FARMING INC. (US), Oishii (US), Plenty Unlimited Inc. (US) are some of the market players.

View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/plant-factory-market-199919959.html

Related reports:

Hydroponics Market by Type (Aggregate systems and Liquid systems), Equipment, Input (Nutrients and Grow media), Crop Type (Vegetables, Fruits, Flowers), Farming Method (Indoor and Outdoor), Crop Area, and Region - Global Forecast to 2027
https://www.marketsandmarkets.com/Market-Reports/hydroponic-market-94055021.html

Indoor Farming Technology Market by Growing System (Hydroponics, Aeroponics, Aquaponics, Soil-based, Hybrid), Facility Type, Component, Crop Type (Fruits & Vegetables, Herbs & Microgreens, Flowers & Ornamentals), and Region - Global Forecast to 2026
https://www.marketsandmarkets.com/Market-Reports/indoor-farming-technology-market-40175861.html

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.