Global Plant Factory Market Size, Trends, By Facility (Indoor Farms, Greenhouses, and Others), By Light (Sunlight, Artificial Light), By Growing System (Soil-Based, Non-Soil-Based, Hybrid), By Crop Type (Fruits, Vegetables, Ornamentals, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East and Africa): Global Opportunity Analysis and Industry Forecast, 2023-2030.
Global Plant Factory Market
The Global Plant Factory Market was valued at US$ 135.61 Mn in 2022, estimated to reach US$ 221.84 Mn by 2030, with a CAGR of 6.21% from 2023-2030.
A plant factory is a high-tech agriculture facility that allows for year-round indoor cultivation of crops in a controlled environment. It is a closed-loop system that uses artificial lighting, hydroponics, and a controlled environment to maximize crop production and quality. Plant factories are gaining popularity as a way to address food security concerns, reduce the environmental impact of agriculture, and increase crop yields. They are particularly well-suited for urban areas where there may be limited access to land for traditional farming.
Market Drivers
The global market for plant factories is being driven by the growing demand for food due to the rising global population and increasing urbanization, which has led to a surge in demand for high-quality and nutrient-rich crops.
Additionally, the increasing need for year-round crop production and the ability to control environmental factors such as temperature, light, and humidity are boosting the adoption of plant factories. The rising awareness about the advantages of vertical farming techniques, including increased crop yield, efficient use of resources, and reduced environmental impact, is also driving the growth of the plant factory market.
Market Restraints
There are several factors that could restrain the growth of the global plant factory market, such as the high initial investment required, the lack of awareness and technical expertise regarding plant factories in certain regions, and the need for a stable power supply and high energy costs associated with operating a plant factory.
Moreover, the limited range of crops that can be cultivated in a plant factory and the lack of standardization in terms of quality and safety regulations could also hamper the growth of the market.
Market Segmentation
The scope of the global plant factory market covers segmentation based on facility, light, growing system, crop type, and region.
On the basis of the facility, the market is segmented into indoor farms, greenhouses, and others. Based on the light, the market is segmented into sunlight and artificial light.
Further, the market is segmented into the growing system, such as soil-based, non-soil-based, and hybrid. The market is also segmented into crop types, such as fruits, vegetables, ornamentals, and others.
Regional Analysis
The global plant factory market is segmented into 5 main regions, namely, North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Europe is a major market for plant factories due to the increasing demand for organic products, technological advancements, and favorable government regulations.
The North American market is expected to witness fast growth due to the increasing adoption of vertical farming, advancements in farming technology, and rising consumer demand for locally grown produce.
Key Players
Mirai, Plenty Unlimited Inc, Gotham Greens, Agricool, AppHarvest, Aerofarms, CropOne, Bowery Farming Inc, Oishii, Bright Farms, Lufa Farms, Farminova Plant Factory, etc.
Market Taxonomy
By Facility
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