Global Plant Factory Market Size, Share, and COVID-19 Impact Analysis, By Facility Type (Indoor farms, Greenhouses, and Others), By Growing System (Soil-Based, Non-Soil-Based, and Hybrid), By Crop Type (Vegetables, Fruits, Flowers & Ornamental, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032Industry: Agriculture
Global Plant Factory Market Insights Forecasts to 2032
- The Global Plant Factory Market Size was valued at USD 121.9 Billion in 2022.
- The Market is Growing at a CAGR of 7.1% from 2022 to 2032
- The Worldwide Plant Factory Market Size is expected to reach USD 242.2 Billion by 2032
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Plant Factory Market is projected to exceed USD 242.2 Billion by 2032, growing at a CAGR of 7.1% from 2022 to 2032. Plant Factory is an innovative sector that aims to transform crop production into a completely new model by utilizing industrial automation and bioinformatics. A plant factory is projected to increase yield, harvesting density, and economic impact by artificially managing the plant growth environment.
The plant factory refers to the industry involved in the production of crops, herbs, and other plant-based products within controlled environments. These environments can include greenhouses, vertical farms, and other indoor facilities that utilize technology to optimize growing conditions and increase yields. The market is driven by a growing demand for fresh and locally grown produce, as well as a desire to reduce the environmental impact of traditional agriculture. Advancements in technology such as LED lighting, hydroponic systems, and automated control systems have made plant factories more efficient and cost-effective. These innovations have allowed for year-round production and the ability to control growing conditions such as temperature, humidity, and light, resulting in higher yields and faster growth cycles. Additionally, plant factories can use significantly less water and fertilizer compared to traditional agriculture methods, reducing their impact on the environment. The global plant factory market is expected to continue to grow in the coming years, as demand for fresh produce and sustainable agriculture practices increases. The industry is poised to play an important role in the future of food production and address the challenges of feeding a growing population in a sustainable way.
Some of the key players in the global plant factory market include AeroFarms, BrightFarms, Plenty, and Spread Co. Ltd. These companies are investing heavily in research and development to improve technology and increase production efficiency. They are also focusing on expanding their production capabilities and developing new markets for their products.
This research report categorizes the market for the global plant factory market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the plant factory market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the plant factory market.
Global Plant Factory Market Report Coverage
|Market Size in 2022:||USD 121.9 Bn|
|Forecast Period:||2022 – 2032|
|Forecast Period 2022 – 2032 CAGR:||7.1%|
|022 – 2032 Value Projection:||USD 242.2 Bn|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Facility Type, By Crop Type and By Region.|
|Companies Covered:||BrightFarms, AeroFarms, Gotham Greens, AppHarvest, Bowery Farming, Plenty Unlimited Inc., Mirai Co. Ltd., Farminova, Iron Ox, Taiksha Ltd., Crop One, Vertical Harvest, Farmone, Smallhold, Oishii, Others.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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Consumers are increasingly seeking out fresh, healthy, and locally grown produce. Plant factories are able to provide high-quality products that are free from harmful chemicals and can be grown closer to the consumer, reducing transportation costs and emissions. As the global population continues to grow and more people move into urban areas, the demand for food is increasing. Plant factories can help address this demand by providing fresh produce in areas where traditional agriculture is not feasible. Advances in LED lighting, hydroponic systems, and automated control systems have made plant factories more efficient and cost-effective. These technologies allow for year-round production and the ability to control growing conditions such as temperature, humidity, and light, resulting in higher yields and faster growth cycles. These are the major factors expected to influence the global plant factory market throughout the forecast period.
Plant factories require a significant initial investment to set up and operate, including equipment, technology, and skilled labor. This can be a barrier to entry for new players and limit the growth of the market. While plant factories can produce high yields of certain crops, there are limitations in the variety of crops that can be grown efficiently. Certain crops require more complex growing conditions or may not be profitable to produce in a plant factory, limiting the market's potential.
The Global Plant Factory Market share is classified into facility type, growing system, and crop type.
- The indoor farm segment is expected to hold the largest share of the global plant factory market during the forecast period.
Based on the facility type, the global plant factory market is segmented into indoor farms, greenhouses, and others. Among these, the indoor farm segment is expected to hold the largest share of the global plant factory market during the forecast period. The growth can be attributed due to the many advantages of indoor farming, including higher yields and the ability to produce crops year-round in any location. The growth of indoor farming is also being driven by advances in technology and increasing demand for sustainable, locally sourced food. Indoor farms are facilities where crops are grown in a fully enclosed environment, typically using hydroponic or aeroponic systems. These facilities often use LED lighting and automated climate control systems to provide optimal growing conditions for the plants. Indoor farms offer several advantages over traditional farming, including year-round production, higher yields, and reduced water and fertilizer usage.
- The non-soil-based systems are expected to hold the largest share of the global plant factory market over the study period.
On the basis of the growing system, the global plant factory market is segmented into soil-based, non-soil-based, and hybrid. Among these, the non-soil-based systems are expected to hold the largest share of the global plant factory market over the study period. The growth can be attributed due to the many advantages of these systems, including higher yields, faster growth cycles, and better control over growing conditions. Non-soil-based systems involve growing plants using hydroponic or aeroponic systems, which use nutrient-rich water instead of soil. These systems can provide higher yields, faster growth cycles, and better control over growing conditions. Non-soil-based systems are increasingly popular in urban areas and in regions where traditional agriculture is not feasible.
- The vegetable segment is anticipated to hold the largest share of the global plant factory market over the projected period.
Based on the crop type, the global plant factory market is segmented into vegetables, fruits, flowers & ornamental, and others. Among these, the vegetable segment is anticipated to hold the largest share of the global plant factory market over the projected period. The growth can be attributed due to the high demand for fresh, locally grown produce and the relatively quick growing cycles of many vegetable crops. Vegetables are one of the most common crops grown in plant factories, as they are high in demand and can be grown relatively quickly. Examples of commonly grown vegetables include tomatoes, lettuce, cucumbers, and peppers.
Regional Segment Analysis of the Plant Factory Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America is estimated to hold the largest share of the plant factory market over the predicted timeframe.
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North America is expected to hold the largest share of the global plant factory market over the period of projection. The reason for the expansion is the growing demand for locally grown produce and sustainable agriculture. The United States is the region's largest market, followed by Mexico and Canada. Growing demand for natural products, increased R&D to deploy novel technologies, and the development of greenhouse facilities are propelling market expansion in this region.
The Asia Pacific region is expected to grow at the highest pace in the global plant factory market over the predicted period. The growth can be due to the large and growing population in this region, which is driving demand for fresh, high-quality produce. Japan is the largest market in this region, followed by China and South Korea. Major players in this region are focusing on ongoing innovation in order to strengthen their market position through the implementation of different technological advances such as Machine learning, LED-grown light, dynamic resource allocation, AI, and edge computing to optimize plant growth and improve productivity.
The report offers the appropriate analysis of the key organizations/companies involved within the global plant factory along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Gotham Greens
- Bowery Farming
- Plenty Unlimited Inc.
- Mirai Co. Ltd.
- Iron Ox
- Taiksha Ltd.
- Crop One
- Vertical Harvest
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In March 2023, BrightFarms, a national player in the indoor farming sector, has expanded with four new regional greenhouse hubs that will provide sustainably grown leafy greens to more people in the Eastern and Central United States. To help meet rising demand, the new locations will begin shipping to retailers in 2024.
- In March 2022, Plantas Group, a Danish company, paid an undisclosed sum for Euroflora. EuroFlora is the third in a series of acquisitions and the largest corporate acquisition to date. In terms of organic growth, Plantas Group established a subsidiary in Germany in early 2022 and expanded in Poland. EuroFlora is a plant factory based in Italy.
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Plant Factory Market based on the below-mentioned segments:
Global Plant Factory Market, By Facility Type
- Indoor farms
Global Plant Factory Market, By Growing System
Global Plant Factory Market, By Crop Type
- Flowers & Ornamental
Global Plant Factory Market, By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa.
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