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Plant Factory Market Report 2024 | Size, Trends, Analysis, Insights, Overview By 2033
Plant Factory Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The plant factory market size has grown strongly in recent years. It will grow from $122.06 billion in 2023 to $131.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increased demand for locally grown and fresh produce, limited arable land availability and urbanization, growth in concerns about food security and supply chain resilience, advancements in controlled environment agriculture (cea) technologies, need for year-round crop production and reduced seasonal variability, focus on sustainable and resource-efficient agriculture practices.
The plant factory market size is expected to see strong growth in the next few years. It will grow to $175.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to adoption of hydroponic and aeroponic growing methods, expansion of urban farming and rooftop greenhouse projects, research and development in plant factory automation and robotics, need for pesticide-free and non-gmo crop production, emphasis on high-yield and high-density crop cultivation. Major trends in the forecast period include integration of ai and machine learning, modular and stackable growing systems, advanced led grow lights and spectral tuning, hybrid systems combining natural and artificial light, blockchain and traceability in urban agriculture.
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Key Market Players:
AeroFarms LLC, BrightFarms Inc., Gotham Greens Holdings LLC, Bowery Farming Inc., AppHarvest Inc., Lufa Farms, Beijing IEDA Protected Horticulture Co. Ltd., Green Sense Farms Holdings Inc., Plenty Unlimited Inc., Mirai Co. Ltd., Farminova Plant Factory, Urban Crops Solutions, Sky Greens, Kalera Inc., Smallhold, Sky Vegetables, TruLeaf Sustainable Agriculture, Wulian, Crop One Holdings Inc., Vertical Harvest Farms, Growing Greener Ltd., Heliospectra AB, Infarm GmbH, Intelligent Growth Solutions, LettuceGrow, Light Science Technologies, MechaFarm, Novartis AG, Phytoponics, Plug and Play Tech Center, Radiant Food Company, SmartFarm Systems, Vertical Greens are prominent players in the industry.
Market Drivers:
The rise in demand for food due to the increasing population and challenges of climate change significantly contributes to the growth of the plant factory market. 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 July 2021, according to a study by the International Institute for Applied Systems Analysis (IIASA), the food demand is expected to increase by 56% between 2010 and 2050. In addition, according to the population of the United Kingdom is expected to increase by 3.2%, reaching 69.2 million by 2030, compared to 67.1 million in 2020. 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.
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Market Segments Include:
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
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