Plant Factory Market Growth, Size, Share Opportunities During 2023 - 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Plant Factory Global Market Report 2023 identifies The rise in demand for food due to the increasing population and challenges as the major driver for the Plant Factory market's growth in the forecast period. The world population and demand for food are growing, and losses in yield gains due to soil infertility, demographic change, climate change, and pest outbreaks are contributing to growth in the adoption of new plant factory methods for growing crops. For instance, In November 2020, according to a study published by International Institute for Applied Systems Analysis (IIASA), the food demand is expected to increase by 56% between 2010 and 2050. In addition to it, currently, 40% of the landmass is arid, and due to rising temperatures and climate change, more will turn into deserts, causing a reduction in food production. Therefore, the rise in demand for food due to the increasing population and challenges of climate change is driving the growth of the plant factory market.

The global plant factory market size grew from $112.71 billion in 2022 to $120.87 billion in 2023 at a compound annual growth rate (CAGR) of 7.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The plant factory market size is expected to grow to $158.16 billion in 2027 at a CAGR of 7.0%.

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Major competitors in the Plant Factory market are AeroFarms, Mirai Co., Ltd., Farminova Plant Factory, Metropolis Farms, Urban Crops, Lufa Farms, Keystone Technology Inc., Green Plus Co.

A key trend in the Plant Factory market includes Technological advancements. Major companies operating in the plant factory market are focused on providing continuous innovations to strengthen their market position by implementing various innovations and technologies such as LED-grown light, AI, Machine learning, dynamic resource allocation, and edge computing to optimize plant growth and increase productivity.

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The Plant Factory market is segmented -
1) By Facility Type: Greenhouse, Indoor Farms, Other Facility Types
2) By Light Type: Sunlight, Full Artificial Light
3) By Growing System: Non-Soil-Based, Soil-Based, Hybrid
4) By Crop type: Fruits, Vegetables, Flower And Ornamental, Other Crop Types

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Western Europe was the largest region in the Plant Factory market.

The Business Research Company's "Global Plant Factory Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Plant Factory Market Include:
1. Executive Summary
2. Plant Factory market Characteristics
3. Plant Factory market Trends And Strategies
4. Plant Factory Forwarding Market - Macro Economic Scenario
5. Plant Factory market Size And Growth
……
27. Plant Factory market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Plant Factory market
29. Plant Factory market Future Outlook and Potential Analysis
30. Appendix

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