Global Plant Factory Market - 2023-2030
Market Overview
The global plant factory market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030).
A closed-growing agriculture system called a ‘plant factory’ makes it possible to produce vegetables continuously all year long. Plant factories reduce crop output time, conserve water and fertilizer, and provide pesticide-free production. The factory uses artificial means to regulate the levels of light, temperature, moisture and carbon dioxide.
Plant factories help in the production of high-quality, chemical-free food. Modern manufacturing, nutrient farming, biotechnology and information technology are all combined in plant factories, which precisely regulate the internal climate of a factory. In plant farms, artificial ripening agents and pesticides are not used, resulting in vegetables that are more nutritious.
Market Dynamics
A greater yield compared to conventional farming methods
As plant factories decrease the farmer's resource consumption, plant factories make it possible for most cultivators from backyard gardeners to commercial growers, supermarkets to restaurants to implement this farming method. Numerous UN studies have emphasized the potential of hydroponic systems to increase crop yields and food production. According to a 2018 UN report, plants produced in hydroponic systems have a 20%–25% higher yield and a productivity that is 2–5 times higher than those grown in traditional agriculture.
According to a 2019 FAO study, hydroponic agriculture systems may be up to five times more productive than traditional agriculture systems because of the optimized growing conditions and efficient resource use.
Growers face the risk of machinery breakdown and slow adoption rate
Like any other sophisticated technology, plant factories are not immune to the risk of equipment failure. Specialized repair and upkeep are required to keep the intricate and highly automated systems used in factories and plants operating efficiently. If equipment failure does occur, it might be costly to fix or replace and if it is not taken care of right away, it may result in crop loss.
Higher equipment failure risks restrict output, which further lowers adoption rates and is a difficult factor that inhibits market expansion. For instance, if a water pump in the system breaks, the plants might die in a matter of hours as a consequence.
COVID-19 Impact Analysis
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario and Post-COVID Scenario along with Pricing Dynamics (including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (shift in demand and supply owing to trading restrictions, lockdown and subsequent issues), Government Initiatives (initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers’ Strategic Initiatives (what manufacturers did to mitigate the COVID issues will be covered here).
Segment Analysis
The global plant factory market is segmented based on facility, light, growing system, crop and region.
The high reliance on sunlight drives the sunlight segment growth
The high reliance of plant factory on sunlight is expected to drive the segment growth over the forecast period. The plant factories depend heavily on sunlight, a natural source of light that is essential for plant growth and development. It offers a wide range of wavelengths of light that are essential to photosynthesis and other physiological functions in plants. Plant factories can lower their energy expenses and boost their profitability by utilizing natural light.
Geographical Analysis
The growing government initiatives in Asia-Pacific
The market in Asia-Pacific is expected to grow at the fastest rate over the forecast period, owing to the rapidly expanding agriculture sector and support from government. Government actions and incentives would be needed to support farmers, ensure widespread acceptance of different relief solutions and help India achieve food security. The government hopes to have doubled the output in horticulture and therefore, there is strong support for new greenhouse building. Moreover, the government assists farmers and horticulturists in producing safe food.
Competitive Landscape
The major global players in the market are Plenty Unlimited Inc., Bright Farms, Bowery Farming, AppHarvest, AeroFarms, Crop One, Mirai Co. Ltd, Gotham Greens, Crop One, and Sky Greens.
Why Purchase the Report?
• To visualize the global plant factory- market segmentation based on facility, light, growing system, crop and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of plant factory market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global plant factory market report would provide approximately 69 tables, 67 figures and 210 pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Market Snippet, By Facility
- 3.2. Market Snippet, By Light
- 3.3. Market Snippet, By Growing System
- 3.4. Market Snippet, By Crop
- 3.5. Market Snippet, By Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increasing awareness regarding the benefits of plant factory
- 4.1.1.2. A greater yield compared to conventional farming methods
- 4.1.2. Restraints
- 4.1.2.1. High capital investments
- 4.1.2.2. XX
- 4.1.3. Opportunity
- 4.1.3.1. XX
- 4.1.4. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. Supply Chain Analysis
- 5.3. Pricing Analysis
- 5.4. Regulatory Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Before COVID-19 Scenario
- 6.1.2. Present COVID-19 Scenario
- 6.1.3. Post COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During Pandemic
- 6.5. Manufacturers Strategic Initiatives
- 6.6. Conclusion
- 7. By Facility
- 7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Facility
- 7.1.2. Market Attractiveness Index, By Facility
- 7.2. Greenhouses*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 7.3. Indoor Farms
- 7.4. Others
- 8. By Light
- 8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Light
- 8.1.2. Market Attractiveness Index, By Light
- 8.2. Sunlight*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 8.3. Fully Artificial Light
- 9. By Growing System
- 9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Growing System
- 9.1.2. Market Attractiveness Index, By Growing System
- 9.2. Non-Soil-Based*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 9.3. Soil-Based
- 9.4. Hybrid
- 10. By Crop
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Crop
- 10.1.2. Market Attractiveness Index, By Crop
- 10.2. Fruits*
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Vegetables
- 10.4. Flowers & ornamental
- 10.5. Others
- 11. By Region
- 11.1. Introduction
- 11.2. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 11.3. Market Attractiveness Index, By Region
- 11.4. North America
- 11.4.1. Introduction
- 11.4.2. Key Region-Specific Dynamics
- 11.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Facility
- 11.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Light
- 11.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Growing System
- 11.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Crop
- 11.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.4.7.1. The U.S.
- 11.4.7.2. Canada
- 11.4.7.3. Mexico
- 11.5. Europe
- 11.5.1. Introduction
- 11.5.2. Key Region-Specific Dynamics
- 11.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Facility
- 11.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Light
- 11.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Growing System
- 11.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Crop
- 11.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.5.7.1. Germany
- 11.5.7.2. The U.K.
- 11.5.7.3. France
- 11.5.7.4. Spain
- 11.5.7.5. Italy
- 11.5.7.6. Rest of Europe
- 11.6. South America
- 11.6.1. Introduction
- 11.6.2. Key Region-Specific Dynamics
- 11.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Facility
- 11.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Light
- 11.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Growing System
- 11.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Crop
- 11.6.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.6.7.1. Brazil
- 11.6.7.2. Argentina
- 11.6.7.3. Rest of South America
- 11.7. Asia-Pacific
- 11.7.1. Introduction
- 11.7.2. Key Region-Specific Dynamics
- 11.7.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Facility
- 11.7.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Light
- 11.7.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Growing System
- 11.7.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Crop
- 11.7.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 11.7.7.1. China
- 11.7.7.2. India
- 11.7.7.3. Japan
- 11.7.7.4. Australia
- 11.7.7.5. Rest of Asia-Pacific
- 11.8. Middle East and Africa
- 11.8.1. Introduction
- 11.8.2. Key Region-Specific Dynamics
- 11.8.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Facility
- 11.8.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Light
- 11.8.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Growing System
- 11.8.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Crop
- 12. Competitive Landscape
- 12.1. Competitive Scenario
- 12.2. Market Positioning/Share Analysis
- 12.3. Mergers and Acquisitions Analysis
- 13. Company Profiles
- 13.1. Plenty Unlimited Inc.
- 13.1.1. Company Overview
- 13.1.2. Product Portfolio and Description
- 13.1.3. Key Highlights
- 13.1.4. Financial Overview
- 13.2. Bright Farms
- 13.3. Bowery Farming
- 13.4. AppHarvest
- 13.5. AeroFarms
- 13.6. Crop One
- 13.7. Mirai Co. Ltd
- 13.8. Gotham Greens
- 13.9. Sky Greens
- 13.10. Oishee
- LIST NOT EXHAUSTIVE
- 14. Appendix
- 14.1. About Us and Services
- 14.2. Contact Us
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