CHICAGO, May 4, 2023 /PRNewswire/ -- The Plant Factory Market is estimated at USD 138 million in 2023 and is projected to reach USD 196 million by 2028, at a CAGR of 7.3% from 2023 to 2028 according to a report published by MarketsandMarkets. As more people move to cities, there is a growing demand for locally grown produce. Plant factories can be in urban areas, reducing transportation costs and providing fresh produce to consumers in the same city or region. Many governments around the world are supporting plant factory production through funding, subsidies, and regulations that promote sustainable agriculture. This support is helping to drive growth in the plant factory market.
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The Greenhouse segment is expected to account for the largest share in 2023.
Greenhouse farming offers several advantages over traditional farming methods, such as greater control over environmental factors like temperature, humidity, and lighting, which can result in higher crop yields and quality. As growers see the benefits of greenhouse farming, they may also become interested in incorporating plant factory technology into their operations, which can further increase efficiency, reduce costs, and improve crop quality. This can drive further demand for plant factory systems and technologies, leading to further growth in the industry.
Vegetables segment is expected to dominate the market with the largest share in 2023.
Plant factories offer a controlled environment that can be tailored to the specific needs of different plants. This means that growers can adjust factors like temperature, humidity, light, and nutrients to create the optimal growing conditions for each vegetable variety. For example, leafy greens like lettuce and kale require lower light levels and higher humidity, while tomatoes and peppers need higher light levels and lower humidity. Plant factories can create these tailored environments to maximize growth and yield, resulting in higher quality and more nutritious produce.
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Europe is expected to account for the largest market share in 2023.
The plant factory market industry has been studied in North America, Europe, Asia Pacific, South America and Rest of the World. The growth of the plant factory market in Europe is driven by a combination of factors, including increased demand for locally grown produce, government support and funding, technological advancements, environmental concerns, and growing consumer interest in sustainable and locally grown produce. Many European countries have implemented policies and initiatives that encourage the adoption of sustainable agricultural practices, including plant factories. For example, the European Union's Horizon 2020 program has allocated significant funding for research and innovation in sustainable agriculture, including plant factory technology. Additionally, some countries offer tax incentives and other benefits to growers who adopt these practices.
Major players operating in the plant factory market are AeroFarms (US), Gotham Greens (US), BOWERY FARMING INC. (US), Oishii (US), Plenty Unlimited Inc. (US) are some of the market players.
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