Press release
Plant Factory Market Expands with CAGR of 7.5% from 2024 to 2025, Strengthened by Advancements in CEA Technologies and Sustainable Agriculture Practices
The steady growth in demand for locally-sourced produce and the implementation of modern controlled environment agriculture technologies have triggered a significant expansion in the global plant factory market.What Is The Projected Market Size Of The Global Plant Factory Market And Its Growth Rate?
The global plant factory market has seen considerable growth recently and showcases the following projections:
• The market size is projected to grow from $130.6 billion in 2024 to $140.43 billion in 2025, indicating a compound annual growth rate (CAGR) of 7.5%.
• The growth can be attributed to increased demand for locally grown fresh produce, urbanization, and advancements in controlled environment agriculture (CEA) technologies, alongside focus on resource-efficient agriculture practices.
• The market size is projected to reach $188.23 billion by 2029, soaring at a CAGR of 7.6%.
• The future market growth stems from increased adoption of hydroponic and aeroponic growing methods, expansion of urban farming, and an emphasis on pesticide-free and high-density crop cultivation.
What Is Driving The Growth In The Plant Factory Market?
The global plant factory market growth is fueled significantly by the rising demand for food amid increasing population and climate change challenges. The steady growth in population and food demand, coupled with the loss of yield gains due to soil infertility, demographic changes, and climate change, underscores the need for new plant factory methods of crop cultivation. Statistical evidence of this trend is demonstrated in the growth of the convenience food market in the USA and Europe in 2022, reflecting the market's propensity towards urban agriculture and innovative farming methods.
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Who Are The Key Players Driving Plant Factory Market Growth?
Key players in the plant factory market include:
• 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.
What Are The Key Trends In The Plant Factory Market?
Projected trends in the plant factory market include:
• Integration of artificial intelligence (AI) and machine learning
• Adoption of modular and stackable growing system
• Advanced LED grow lights and spectral tuning
• Implementation of hybrid systems combining natural and artificial light
• Deployment of blockchain and traceability in urban agriculture
What Are The Segments Of The Global Plant Factory Market?
The global plant factory market can be segmented by:
• Facility Type: Greenhouse, Indoor Farms, Other Facility Types
• Light Type: Sunlight, Full Artificial Light
• Growing System: Non-Soil-Based, Soil-Based, Hybrid
• Crop type: Fruits, Vegetables, Flowers and Ornamentals, Other Crop Types
Which Region Leads The Plant Factory Market?
Western Europe stands out as the dominant region in the global plant factory market as of 2024. While covering a broad geographic spectrum, the market report emphasizes the stronghold of Western Europe and predicts a promising potential in the Asia-Pacific region.
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What Is Covered In The Plant Factory Market Global Market Report?
Market Size Analysis: Analyze the Plant Factory Market size by key regions, countries, product types, and applications.
Market Segmentation Analysis: Identify various subsegments within the Plant Factory Market for effective categorization.
Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
Market Contribution: Evaluate contributions of different segments to the overall Plant Factory Market growth.
Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
Industry Challenges: Analyze challenges and risks affecting the Plant Factory Market.
Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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