Global Plant Factory Market Size, Industry Analysis By Segmentations, Top Key Players, Trends, Future Development & Forecast
- PUBLISHED ON
- 5/25/2023
- NO OF PAGES
- 287
- CATEGORY
- Agriculture
The global Plant Factory market size was valued at USD 138 million in 2022 and is projected to reach USD 196 million by 2033, growing at a CAGR of 7.0% during the forecast period.
Report Scope
Report Attributes Description
Market Forecast in 2022 USD 138 million
Market Forecast in 2033 USD 196 million
CAGR % 2023-2033 7.0%
Base Year 2022
Historic Data 2020-2021
Forecast Period 2023-2033
Report USP Product, end-user industry, company share, company heat map, company Capacity Technology Product capacity, growth factors and more
Key Companies: Philips Lighting (Signify N.V.); AeroFarms; Plenty Unlimited Inc.; Bowery Farming Inc.; Gotham Greens; BrightFarms Inc.; Vertical Harvest; Lufa Farms; Sky Greens; Green Sense Farms
Global Plant Factory Market- Description
The global plant factory market refers to the market for advanced indoor farming systems that utilize controlled environments, artificial lighting, and precise cultivation techniques to grow crops. Plant factories, also known as vertical farms or indoor vertical farms, offer efficient and sustainable methods of crop production, enabling year-round cultivation and maximizing yields. There is a growing consumer preference for locally sourced, fresh, and pesticide-free produce. Plant factories provide the capability to grow crops in urban areas, closer to consumers, reducing transportation costs, and ensuring a constant supply of high-quality, locally grown food. The scarcity of arable land and the adverse effects of climate change pose challenges to traditional agriculture. Plant factories offer a solution by utilizing vertical space and providing optimal growing conditions irrespective of external environmental factors, allowing efficient land use and climate-independent crop production.
Global Plant Factory market: Key Trends
• Adoption of Vertical Farming in Urban Areas:
As urbanization increases, the demand for food within cities rises. Vertical farming in plant factories allows for the cultivation of crops in vertically stacked layers, making efficient use of limited urban space. This trend is driven by the need for urban food security, reduced food miles, and the desire for fresher and more sustainable produce.
• Integration of Automation and AI Technologies:
Plant factories are increasingly incorporating automation and artificial intelligence (AI) technologies to optimize production processes and enhance crop yields. Automation systems control lighting, irrigation, temperature, and nutrient delivery, while AI algorithms analyze data and make informed decisions to optimize cultivation parameters. This trend leads to increased efficiency, improved resource management, and enhanced crop quality.
Global Plant Factory market: Segmental Analysis
Structure Type
• Indoor Vertical Farms
• Container Farms
• Greenhouse Farms
• Others
Crop Type
• Leafy Greens
• Herbs
• Fruits & Vegetables
• Medicinal Plants
• Others
Technology
• Hydroponics
• Aeroponics
• Aquaponics
• Others
Global Plant Factory market: Geographical landscape
The plant factory market is expanding globally, with key regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific dominates the market, particularly in countries like Japan, China, and South Korea, where plant factories have gained significant traction. North America and Europe are also witnessing substantial growth due to the increasing adoption of vertical farming technologies and the demand for locally grown, sustainable produce.
Global Plant Factory Market- Recent Developments
• In 2018, JD.com, the largest retailer in China, has collaborated with Mitsubishi Chemical, a Japanese chemical manufacturing giant, to establish China's largest hydroponic "plant factory." This factory, a result of the strategic partnership between the two companies, combines advanced agricultural technology with JD's state-of-the-art retail infrastructure. Covering an impressive area of 11,040 square meters, the factory incorporates a hydroponic culturing system that utilizes solar light and a closed seedling production environment with artificial light. Currently, it is capable of cultivating various vegetables including spinach, cabbage, red and green lettuce, and coriander. This cutting-edge facility enables JD to offer its customers premium-quality, fresh produce that is safe, nutritious, and environmentally friendly. These food options will be available both online and offline at JD's 7FRESH supermarkets.
Global Plant Factory Market: Key Companies
• Philips Lighting (Signify N.V.)
• AeroFarms
• Plenty Unlimited Inc.
• Bowery Farming Inc.
• Gotham Greens
• BrightFarms Inc.
• Vertical Harvest
• Lufa Farms
• Sky Greens
• Green Sense Farms
• Others
Global Plant Factory Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
South America
• Brazil
• Argentina
• Rest of South America
Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
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The report provides quantitative and qualitative aspect for the market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in the market, these companies are bifurcated into niche players, the leaders and major contenders.
• Business Model
• Production Capacity, Revenue, Sales, Gross Margin
• Key Business Strategy
• SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the end user in taking a key decision within the business:
• Company Share Analysis from 2018-2022
• Company Analysis by Revenue and Sales
• Company Production Capacity, Gross Margin
• Company Share Analysis by Application/End Use
• Company Share Analysis by Product/Specification.
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