Plant Factory Market to Grow with a CAGR of 7.04% through 2028
Expansion of vertical farming & urban agriculture
and advancements in technology & automation is expected to drive the Global
Plant Factory Market growth in the forecast period, 2024-2028.
According to TechSci Research report, “Plant
Factory Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Plant Factory Market stood at USD 124.20 Million in 2022 and is
anticipated to grow with a CAGR of 7.04% in the forecast period, 2024-2028. The Global Plant
Factory Market is primarily driven by several key factors which include
escalating food demand due to rapidly growing population, the increasing
adoption of advanced technologies in agriculture, such as hydroponics and
aeroponics, and the rise in urban farming practices due to limited arable land.
Additionally, the need for a reliable, year-round,
weather-independent method of producing crops is also a significant driver of
the market. Moreover, the growing recognition of the environmental benefits of
plant factories - including reduced water usage and limited pesticide
requirement - is stimulating further market growth.
Browse over XX market data Figures spread
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Factory Market.”
The Global Plant Factory Market is currently
experiencing substantial growth, fueled by rapid technological advancements and
the increasing demand for food in urban areas. These cutting-edge vertical
farming systems are emerging as a popular and sustainable solution for
efficient food production in controlled environments, eliminating the reliance
on unpredictable weather conditions and the need for traditional soil-based
cultivation. As a result, the market is anticipated to witness significant
expansion in the coming years, driven by the growing awareness of sustainable
farming practices and the imperative to meet the ever-increasing food demand of
a rapidly growing global population.
This transformative shift towards high-tech plant
factories presents a remarkable opportunity to address food security challenges
and create a more resilient and sustainable agricultural ecosystem. By
utilizing advanced technologies such as hydroponics and aeroponics, plant
factories can optimize resource usage, minimize water consumption, and reduce
the overall environmental impact of food production. Additionally, these
innovative systems allow for year-round cultivation, ensuring a consistent
supply of fresh produce regardless of seasonal limitations.
Moreover, the integration of smart automation and
data-driven monitoring in plant factories enables precise control over growth
conditions, leading to higher crop yields and improved product quality. With
the ability to fine-tune factors like temperature, humidity, light intensity,
and nutrient levels, farmers can tailor the environment to the specific needs
of each plant, maximizing their growth potential and nutritional value. This
level of detail-oriented cultivation ensures that every plant receives the
optimal conditions for its development.
Furthermore, the establishment of plant factories in
urban areas has the potential to revolutionize the food production and
distribution. By bringing cultivation closer to consumers, the reliance on
long-distance transportation and its associated carbon footprint can be
significantly reduced. This localized approach not only enhances food freshness
but also strengthens community resilience and fosters a deeper connection
between people and the food they consume. Urban dwellers can witness firsthand
the growth and development of their food, enhancing their understanding and
appreciation for the agricultural process. The Global Plant Factory Market is
poised for remarkable growth, driven by the increasing demand for sustainable
and efficient food production. Through the adoption of cutting-edge
technologies, these high-tech plant factories have the potential to revolutionize
agriculture, addressing food security challenges, and creating a more resilient
and sustainable future. With continuous advancements and further research,
plant factories can unlock even greater potential in terms of productivity,
resource efficiency, and environmental impact, ultimately leading to a more
sustainable and food-secure world.
The Global Plant Factory Market is segmented into facility
type, light, growing system, type, regional distribution, and company.
Based on growing system, in the Global Plant Factory
Market, the Non-Soil-Based system has emerged as a dominant force. This
innovative method, closely related to hydroponics and aeroponics, has gained
substantial popularity owing to its exceptional water efficiency, precise nutrient
management, and the remarkable capability to cultivate crops even in regions
with unfavorable soil conditions. By utilizing advanced techniques and
technologies, the Non-Soil-Based system revolutionizes traditional agriculture,
offering sustainable solutions for maximizing crop productivity and minimizing
resource consumption. Its ability to create optimal growing conditions and
provide precise control over nutrient delivery ensures consistent yields and
high-quality produce. With its potential to mitigate the limitations imposed by
traditional soil-based farming, the Non-Soil-Based system represents a
transformative approach that fosters agricultural innovation and supports
global food security efforts.
Based on region, the Asia-Pacific region currently
leads the Global Plant Factory Market due to several key factors. Rapid
urbanization and industrialization have significantly reduced the availability
of arable land, creating a need for innovative agricultural practices. Plant
factories have emerged as a solution, providing a controlled environment that
maximizes crop yield while minimizing resource usage. These facilities employ
advanced technologies and techniques, such as hydroponics and vertical farming,
to optimize plant growth and cultivation.
Moreover, the Asia-Pacific region benefits from robust
technological advancement and strong governmental support in countries like
Japan and China. The governments have recognized the potential of plant
factories in addressing food security challenges and promoting sustainable
agriculture. This support has accelerated the growth of the plant factory
market, attracted investments and fostered research and development
initiatives. Furthermore, increasing awareness about the benefits of vertical
farming has contributed to the region's market dominance. Vertical farming
allows for year-round production of fresh produce, overcoming seasonal
limitations and reducing dependence on traditional farming methods. Consumers
are increasingly seeking locally grown, pesticide-free, and nutritionally rich
food, driving the demand for plant factories in the Asia-Pacific region.
Major companies operating in Global Plant Factory Market
are:
- Gotham Greens Farms LLC
- Bowery Farming Inc.
- Freight Farms
- Plenty Unlimited Inc.
- AeroFarms, LLC
- BrightFarms Inc.
- Iron Ox, Inc
- AppHarvest, Inc
- Vertical Harvest Farms
- Dream Harvesting Farming Company LLC
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“The future of the Global Plant Factory Market looks
undoubtedly promising, with expectations of rapid growth driven by the rising
need for high-quality, pesticide-free, and sustainably grown produce.
Technological advancements such as vertical farming, hydroponics, and
artificial intelligence are playing a significant role in this expansion. These
technologies allow for year-round growth of crops, irrespective of climatic
conditions, thereby boosting productivity and profitability. Moreover, the
increasing global population and urbanization trends are anticipated to further
fuel demand for plant factories, particularly in metropolitan areas where land
for traditional agriculture is limited. Despite potential challenges regarding
initial setup costs and energy consumption, the innovation in renewable energy
sources and efficient LED lighting presents a positive outlook for the
sustainability of the plant factory market. Hence, the sector is projected to
witness substantial growth in the coming years.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Plant Factory Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2018-2028
Segmented By Facility Type (Greenhouses, Indoor Farms,
Others), By Light (Artificial Light and Sunlight), By Growing System
(Soil-Based, Non-Soil-Based, Hybrid), By Type (Fruits & Vegetables,
Ornamental Plants & Flowers, Others), By Region and Competition”, has evaluated the future growth potential of Global
Plant Factory Market and provides statistics & information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Global Plant Factory
Market.
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