Increasing demand for higher yield of crop production is expected to drive Global Plant Factory Market in the forecast period, 2023-2027. According to the TechSci Research report, “Plant Factory Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global plant factory market is anticipated to grow at a robust rate in the forecast period, 2023-2027.
The Important Factors of the Plant Factory Market
This can be ascribed to the increasing demand for organic food alternatives that are a rich source of vitamins, minerals, and antioxidants to maintain a healthy lifestyle. Additionally, the COVID-19 pandemic crisis has significantly increased health consciousness among the population especially in the developed world, thereby creating opportunities for the growth of the global plant factory market. Additionally, the growing adoption of alternative farming techniques worldwide due to reducing arable land area is further expected to support market growth in the coming years.
However, the high initial cost of setting up a plant factory can hamper market growth, especially in developing countries. A plant factory is equipped with a lot of advanced equipment and devices such as HVAC systems, sensors, controllers, among others, having and maintaining this equipment adds up to the overall cost thereby slowing down the market growth. Besides, all crops cannot be grown within a plant factory. Only a few fruits & vegetables can be grown in a plant factory. This is a major factor posing threat to the growth of the global plant factory market.
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The global plant factory market is segmented into facility type, light, growing system, type, and by region.
Based on light, the global plant factory market can be divided into artificial light and sunlight. Artificial light is expected to dominate the market during the forecast period because artificial light can be controlled and optimized according to the needs of the plant being grown. Additionally, using artificial lighting options such as LED Grow Lights help in saving energy and thereby is a cost-effective alternative.
Based on the growing system, the global plant factory market can be further segmented into soil-based, non-soil-based, and hybrid. The non-soil-based growing system is predicted to dominate the market during the forecast period on account of the widespread adoption of techniques such as hydroponics, aeroponics, etc.
Major companies operating in the 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
- Bustanica – Emirates CropOne
- Farminova (Cantek Group)
- Taiksha Ltd.
- Mirai Co. Ltd.
- Badia Farms
Various companies operating in the market are focusing on raising funds and investments in order to improve their positioning in the market. Companies are also focusing on adopting advanced technologies and increasing their product portfolio of items produced in order to stay competitive and have an edge over other players operating in the market.
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“Asia Pacific region is expected to register the highest growth during the forecast period on account of the growing adoption of alternative farming techniques to address the food demand created by the region’s growing population base, especially in countries like China and India. Additionally, Japan is widely adopting and using this concept of plant factories years to produce fruits & vegetables. Besides, the market is expected to witness growth in the Middle East region also on account of a growing trend of desert farming in the region and adoption of techniques that can produce agricultural products in desert conditions with minimum utilization of water” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Plant Factory Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027, Segmented By Facility Type (Greenhouses, Indoor Farms, Others), By Light (Artificial Light v/s Sunlight), By Growing System (Soil-Based, Non-Soil-Based, Hybrid), By Type (Fruits & Vegetables, Ornamental Plants & Flowers, Others) and By Region”, 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 the global plant factory market.
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