Plant Factory Market revenue is expected to reach USD 189.4 Bn by 2029, locally grown produce to become a significant driver of the market

Plant Factory Market Report Scope and Research Methodology:

In 2022, the Global Plant Factory Market marked a significant value of USD 118.2 billion, and projections indicate that the revenue is poised to ascend to USD 189.4 billion by 2029, reflecting a commendable Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period of 2023-2029.

Termed as vertical farms or indoor farms, plant factories epitomize a sophisticated facet of controlled environment agriculture. Within these indoor facilities, plants thrive under artificial light, a cultivation method finely tuned by meticulous management of factors such as light exposure, temperature, humidity, and nutrient levels.

The overarching objective of a Plant Factory is to engineer an optimal growth environment for plants, ushering in accelerated growth rates, increased yields, and a heightened level of control compared to traditional outdoor farming methods. These state-of-the-art facilities boast cutting-edge technologies, including LED grow lights, aeroponic systems, automated climate control, and precision nutrient delivery.

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Plant Factory Market Dynamics:

The surge in demand for fresh, locally cultivated produce is propelling the expansion of the plant factory market. Consumers are increasingly prioritizing the freshness, nutritional content, and sustainability of their food choices. Plant factories are addressing this demand by enabling year-round crop production, independent of external weather conditions. Leveraging controlled environment agriculture and vertical farming technologies, these facilities ensure optimal indoor growing conditions, guaranteeing consistent crop quality. This is particularly advantageous in regions facing challenging climates or limited arable land.

Consumers are opting for locally grown produce to enhance food security, reduce carbon footprints, and support local economies. Plant factories situated in urban areas play a crucial role in bringing food production closer to consumers, ensuring a fresher and more sustainable supply. By adopting sustainable practices, such as efficient resource utilization and minimal pesticide usage, plant factories align with consumers' growing environmental concerns. The market is poised for continuous growth as consumer demand for fresh, locally sourced produce continues to strengthen.

Plant Factory Market Regional Insights

North America, commanding the largest market share at 30%, is poised to maintain its dominance throughout the forecast period, with the United States emerging as the key player in the region. The market's growth in North America is fueled by a surge in demand for fresh, locally sourced produce, heightened awareness of the benefits of plant-based diets, and an increasing emphasis on sustainability practices. In 2022, the North American plant factory market reached USD 1.9 billion and is anticipated to soar to USD 8.9 billion, showcasing a remarkable CAGR of 25.7% over the forecast period.

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Plant Factory Market Segmentation:

by Technology

Hydroponics
Aeroponics
Aquaponics
Vertical Farming Systems
Artificial Lighting
Climate Control Systems
Automation

by Component

Lighting Systems
Climate Control Systems
Sensors and Monitoring Devices
Growing Media
Nutrient Delivery Systems
Automation and Control Systems

by End User

Retail Stores
Food Service
Online Grocery Delivery
Industrial Ingredient Suppliers

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Plant Factory Market Key Players include:

1. AeroFarms
2. Gotham Greens
3. AppHarvest
4. Bowery Farming
5. Plenty Unlimited Inc.
6. Mirai Co. Ltd.
7. Farminova
8. Iron Ox,
9. Taiksha Ltd.
10. Crop One
11. Vertical Harvest
12. Farmone
13. Smallhold
14. Oishii
15. Agricool (France)
16. AppHarvest (US)
17. BrightFarms
18. Farminova
19. Taiksha
20. Farmone
21. Smallhold

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Table of content for the Plant Factory Market includes:

1. Global Plant Factory Market: Research Methodology

2. Global Plant Factory Market: Executive Summary

• Market Overview and Definitions
● Introduction to the Global Market
● Summary
● Key Findings
● Recommendations for Investors
● Recommendations for Market Leaders
● Recommendations for New Market Entry

3.Global Plant Factory Market: Competitive Analysis

• MMR Competition Matrix
● Market Structure by region
● Competitive Benchmarking of Key Players
● Consolidation in the Market
● M&A by region
● Key Developments by Companies
● Market Drivers
● Market Restraints
● Market Opportunities
● Market Challenges
● Market Dynamics
● PORTERS Five Forces Analysis
● PESTLE
● Regulatory Landscape by region
● North America
● Europe
● Asia Pacific
● Middle East and Africa
● South America
● COVID-19 Impact

4 . Company Profile: Key players

• Company Overview
● Financial Overview
● Global Presence
● Capacity Portfolio
● Business Strategy
● Recent Developments

Key Offerings:

• Past Market Size and Competitive Landscape (2023 to 2029)
● Past Pricing and price curve by region (2023 to 2029)
● Market Size, Share, Size and Forecast by different segment | 2023-2029
● Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
● Market Segmentation - A detailed analysis by growth and trend
● Competitive Landscape - Profiles of selected key players by region from a strategic perspective
● Competitive landscape - Market Leaders, Market Followers, Regional player
● Competitive benchmarking of key players by region
● PESTLE Analysis
● PORTER's analysis
● Value chain and supply chain analysis
● Legal Aspects of business by region
● Lucrative business opportunities with SWOT analysis
● Recommendations

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