Unlocking Opportunities in the Plant Factory Market: Key Growth Trends and Forecast Insights
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What is the Growth Potential of the Plant Factory Market, and How Will It Perform by 2034?
The size of the plant factory market has seen substantial growth in recent years. It is projected to escalate from $130.6 billion in 2024 to $140.43 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 7.5%. This growth during the historic period can be linked to factors such as a surge in demand for fresh produce grown locally, scarcity of arable land due to urbanization, increased focus on food safety and supply chain resilience, advancements in controlled environment agriculture (CEA) technologies, necessity for crop production throughout the year with minimized seasonal variability, and emphasis on sustainable and resource-efficient agricultural practices.
In the coming years, the plant factory market size is anticipated to witness vigorous growth. With a compound annual growth rate (CAGR) of 7.6%, it’s anticipated to reach $188.23 billion by 2029. This projected growth is attributed to factors such as the rise in usage of hydroponic and aeroponic cultivation techniques, expansion of urban farming and rooftop greenhouse initiatives, advances in automation and robotics in plant factories, requirement for pesticide-free and non-gmo crop production and focus on high-yield and high-density crop farming. Key trends for the forecast period comprise the incorporation of Artificial Intelligence and machine learning, adoption of modular and stackable growth systems, utilization of advanced LED grow lights and spectral tuning, use of hybrid systems that blend natural and artificial light, and application of blockchain and traceability in urban agriculture.
How Are Key Drivers in the Industry Acting as Catalysts for the Growth of the plant factory Market?
The surge in food consumption driven by population growth and climate change issues is significantly fostering the expansion of the plant factory market. The escalating global population and rising food demand, coupled with yield reductions as a result of soil sterility, demographic shifts, environmental changes, and pest infestations, are propelling the integration of innovative plant factory techniques for crop cultivation. For example, the U.S. Department of Agriculture, an American federal institution, stated that Canada’s convenience food market saw a growth to 11.65 billion CAD in 2023, compared to 10.39 billion CAD in 2021. Concurrently, the convenience food market in Europe expanded to 2.09 billion EUR, up from 2 billion EUR. Hence, the swelling demand for food, driven by the mounting population and climate change challenges, is fueling the popularity of the plant factory market.
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Who Are the Major Companies Shaping the Competitive Landscape of the Plant Factory Market?
Major companies operating in the plant factory market include:
• AeroFarms LLC_x000D_
• BrightFarms Inc._x000D_
• Gotham Greens Holdings LLC_x000D_
• Bowery Farming Inc._x000D_
• AppHarvest Inc._x000D_
What Are the Key Emerging Trends in the Plant Factory Market for the Next Decade?
Notable businesses in the plant factory market, such as Plenty, are launching innovative indoor farms to cater to the escalating consumer demand for a continuous, all-year-round availability of fresh farm products. Plenty’s indoor vertical farm is equipped with cutting-edge technology, using a revolutionary 3D vertical structure that facilitates the growth of up to 4.5 million pounds of leafy vegetables every year. To illustrate, in May 2023, Plenty, an American vertical farming corporation, inaugurated a new indoor vertical farm in Compton, California. This farm has the ability to yield 4.5 million pounds of leafy vegetables annually, thanks to its state-of-the-art 3D vertical design. This technological advancement results in an astounding yield increase per acre – up to 350 times more than conventional farming methods – while also significantly saving water. The produce is grown on vertical towers that are two stories high, with the entire growth procedure being automated.
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How Are Market Segments in the Plant Factory Industry Positioned for Long-Term Growth?
The plant factory market covered in this report is segmented –
1) By Facility Type: Greenhouse, Indoor Farms, Other Facility Types
2) By Light Type: Sunlight, Full Artificial Light
3) By Growing System: Non-Soil-Based, Soil-Based, Hybrid
4) By Crop type: Fruits, Vegetables, Flower And Ornamental, Other Crop Types
Subsegments:
1) By Greenhouse: Hydroponic Greenhouses, Aeroponic Greenhouses, Soil-Based Greenhouses
2) By Indoor Farms: Vertical Farms, Container Farms, Controlled Environment Agriculture (CEA) Systems
3) By Other Facility Types: Rooftop Farms, Ship-Integrated Farms, Community Gardens
Which Regions Are Making a Mark in the Plant Factory Market Growth?
Western Europe was the largest region in the plant factory market in 2024. The regions covered in the plant factory market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
How Is the Plant Factory Market Categorized and Defined in the Industry?
The plant factory refers to agricultural production systems designed to turn crop production into a new model by using bioinformatics and industrial automation. This system enables the supreme yield, harvesting density, and financial impact by controlling the plant growth environment artificially. Plant Factory uses artificial controlled light, moisture, temperature, and carbon dioxide concentrations to grow plants and vegetables.
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