Plant Factory Market Size, Share, Trends Analysis And Forecast (2024 - 2033)

The Business Research Company recently released a comprehensive report on the Global Plant Factory Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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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Market Drivers and Trends:

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.

Major companies operating in the plant factory market are opening new indoor farms such as Plenty indoor farm to address the increasing demand for a consistent, year-round supply of fresh produce. This indoor vertical farm of Plenty is a state-of-the-art facility that uses 3D vertical architecture to grow up to 4.5 million pounds of leafy greens annually. For instance, in May 2023, Plenty, a US-based vertical farming company, opened a new indoor vertical farm in Compton, California, with the capacity to produce 4.5 million pounds of leafy greens annually using its 3D vertical architecture. This technology allows up to 350 times the yield per acre compared to traditional farming and conserves water. The farm grows produce on two-story-high vertical towers, automating the entire growth process.

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Major Key Players of the Market:

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

Plant Factory Market 2024 Key Insights:

• 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%.
• Rising Food Demand And Climate Challenges Driving Growth Of Plant Factory Market
• New Indoor Farm To Address Increasing Demand For Fresh Produce
• Western Europe was the largest region in the plant factory market in 2023

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