Plant Factory Market The global plant factory market reached USD million in 2022 and is projected to witness lucrative growth by reaching up to USD million by 2030. The market is expected to exhibit a CAGR of 7.8% during the forecast period (2023-2030).
By artificially regulating the cultivation environment (such as light, temperature, humidity, carbon dioxide concentration and culture solution), the plant factory facilitates the consistent production of high-quality vegetables all year long and enables farmers to schedule production. Plant factories can create vegetables two to four times quicker than traditional outdoor cultivation by regulating the internal environment. Moreover, the use of numerous cultivation shelves (a multi-shelf system) makes it possible to produce a lot of vegetables in a small area.
Plant Factory Market Dynamics
Increasing awareness regarding the benefits of plant factory
The global market for plant factories is expanding due to growing public awareness of the advantages of the plant factories. In comparison to traditional agriculture, plant factories produce more crops per unit of space owing to the optimization of growth conditions. Irrespective of the weather or the time of year, it can grow crops all year long. It enables a more steady and dependable supply of fresh food. In order to reduce energy consumption, plant factories use energy-efficient LED lighting & climate control systems, and they also provide high-value crops as affordable alternatives.
High capital investments
In order to control the environment in which plants develop and to ensure optimal growth, automation and monitoring systems are required in plant factories. Systems that are costly to adopt include software, computer systems and sensors. An average 500 square foot factory can cost up to US$ 110,000 for a basic setup that is not completely automated.
Larger, more automated farms can cost up to US$ 500,000–800,000 per 1,000 square feet, depending on the desired degree of autonomy. However, when upgrades are taken into consideration, it can result in a recurring cost for the farm because the machinery needs to be updated every three to four years to increase the farm's output. In this case, the costs simply take into account the expenses of establishing the farm.
Plant Factory Market Segment Analysis
The global plant factory market is segmented based on facility, light, growing system, crop and region.
The fruits segment is expected to drive the market growth
Among crops, the fruits segment is expected to hold a dominant position. A plant factory is a closed crop production facility where fruits and a variety of other crops are produced. The plant factories were initially constructed to provide winter protection for fig, lemon and citrus trees. Following the effective cultivation of these fruits, strawberries, pineapples and other exotic fruits were also grown using the same techniques.
A closed-type plant factory that uses artificial lighting in a carefully controlled environment has the advantages of consistent plant productivity, year-round continuous production and pesticide-free harvest. The tomato plant has a beneficial genotype for fruit and yield in a plant factory that uses low light levels.
Global Plant Factory Market Geographical Share
The rise in crop production in Europe
Europe is expected to account for a sizable market share over the forecast period due to the rising demand for the plant factory to boost crop output. The rapid population growth in Europe increases demand for plant manufacturers. Approximately 446.8 million people live in Europe as of January 2022, with Germany and Russia having the largest numbers. Fresh farm products are in high demand in these countries, which is what propels market expansion. Major businesses in the area experimented with technological development in the factory to spur market expansion.
Key Market Players
The major global players include Plenty Unlimited Inc., Bright Farms, Bowery Farming, AppHarvest, AeroFarms, Crop One, Mirai Co. Ltd, Gotham Greens, Crop One and Sky Greens.
Recent Developments
• On June 16, 2021, AppHarvest, Inc. announced that it signed a deal with Rabo AgriFinance, a division of Rabobank, to secure US$ 75 million to help fund the growth of its rapidly growing network of high-tech controlled environment agriculture (CEA) facilities in Central Appalachia. CEA uses only rainwater and can use up to 90% less water than open-field agriculture.
• On April 8, 2021, AppHarvest, Inc. revealed that it acquired Root AI, an artificial intelligence farming company that creates intelligent robots to assist in managing cutting-edge indoor farms. AppHarvest anticipates that the purchase of Root AI and its robotic universal harvester, Virgo, will provide a foundation of harvesting support that it can use in conjunction with crop care experts who are focused on more challenging tasks.
• On March 15, 2022, an interior farm utilizing the vertical growing system created by CEA will be built to produce strawberries for Driscoll's and Plenty. A press release states that the farm will deliver strawberries to clients in the Northeastern U.S., near to densely populated urban regions.
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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