Yahoo Finance Global Plant Factory Market, By Facility Type, By Light, By Growing System, By Type, By Region, Competition Forecast & Opportunities, 2027
Global Plant Factory Market, 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), By Region, Competition Forecast & Opportunities, 2027
New York, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Plant Factory Market, By Facility Type, By Light, By Growing System, By Type, By Region, Competition Forecast & Opportunities, 2027" - https://www.reportlinker.com/p06325865/?utm_source=GNW
The global plant factory market is expected to witness robust growth during the forecast period, 2023-2027.This can be ascribed to growing need to address the food demand for the ever-increasing global population.
The world population is expected to increase by about 35% reaching 9.74 billion in 2050. This, in turn, will increase the demand for various agricultural products. The increasing population having increasing food demand is creating pressure on global land resources because of lower agricultural produce, loss of biodiversity, and climate change. Climate change has significantly impacted the agricultural yields and income from agriculture to the farmers. Additionally, factors such as soil erosion have contributed towards desertification and increasing barren lands that are unfit for cultivating crops. This in turn has increased the demand for alternative farming techniques for growing fruits & vegetables, herbs, etc., thereby creating lucrative opportunities of growth for vertical farming techniques such as plant factories.
Higher Yield as Compared to Traditional Agricultural Practices
Plant factories reduce the farmer’s consumption of resources, thereby enabling this farming technique to be adopted by most cultivators, ranging from home gardeners to professional growers and supermarkets to restaurants.According to a report published by the UN, in 2018, plants grown in hydroponic systems have achieved a 20%–25% higher yield than the traditional agriculture system, with its productivity being 2–5 times higher.
Additionally, within a plant factory setup fruits & vegetables are grown under controlled environmental conditions, and hence there is potentially no effect of climatic changes, hence the annual agricultural production remains unaffected.Besides, using these plant factories any crop variety can be grown throughout the year irrespective of the seasonal variation.
Also, within this setup there is no damage caused to the crops due to pest attacks, birds, or other external factors. All these factors help in increasing overall yield and production, thereby driving the growth of global plant factory market.
Impact of COVID-19
The sudden outbreak and spread of pandemic COVID-19 have highlighted the importance of food safety and how the disruption in supply chain can lead to food shortages.Also, lockdowns led to the unavailability of labor to work on farmlands.
Besides, due to the ban on movement, farmers were unable to sell their produce.This made growers shift to alternative farming practices, which are much more technology-driven and have lower labor dependency.
The COVID-19 pandemic crisis has created long-term opportunities for the growth of advanced farming techniques such as plant factories, vertical farming, etc.This has made a lot of new startup companies enter this alternative farming techniques space and has attracted a lot of investments, funding and collaborations by major players operating in the market.
For instance, in October 2020, Plenty Unlimited Inc. announced a joint development agreement with Driscoll’s (US), using its indoor vertical farming to grow Driscoll’s proprietary flavorful strawberries year-round.
Technological Advancements
Technological advancements are one of the major trends gaining popularity in the plant factory market.Major companies operating in the plant factory market are focused on providing continuous innovations to strengthen their market position by implementing various innovations and technologies such as LED-grown light, AI, Machine learning, dynamic resource allocation, and edge computing to optimize plant growth and increase productivity.
Rising concerns on food security and shrinking arable land area demands for a new technology which can help in producing higher yields. This in turn is expected to create lucrative opportunities for the growth of plant factory market in the coming years.
Market Segmentation
The global plant factory market can be segmented by facility type, by light, by growing system, by type, and by region.Based on facility type, the market can be segmented into greenhouses, indoor farms, and others.
Based on light, the market can be divided into artificial light and sunlight.Based on growing system, the market can be differentiated into soil-based, non-soil-based, hybrid.
Based on type, the market can be further segmented into fruits & vegetables, ornamental plants & flowers, and others.Regionally, North America dominated the market followed by Europe, Asia Pacific, South America, and Middle East & Africa.
United States dominated the global plant factory market in 2021 and is expected to continue maintaining its dominance during the forecast period. This can be attributed to the growing adoption of indoor farming techniques in the country. In 2016, there were around 41,351 indoor farms in the United States.
Market Players
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), Taikisha Ltd., Mirai Co. Ltd., Badia Farms are some of the leading players operating in the global plant factory market.
Report Scope:
In this report, global plant factory market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
• Plant Factory Market, By Facility Type:
o Greenhouses
o Indoor Farms
o Others
• Plant Factory Market, By Light:
o Artificial Light
o Sunlight
• Plant Factory Market, By Growing System:
o Soil-Based
o Non-Soil-Base
o Hybrid
• Plant Factory Market, By Type:
o Fruits & Vegetables
o Ornamental Plants & Flowers
o Others
• Plant Factory Market, By Region:
o North America
United States
Canada
Mexico
o Europe
France
United Kingdom
Italy
Germany
Spain
o Asia Pacific
China
India
Japan
South Korea
Australia
o South America
Brazil
Argentina
Colombia
o Middle East & Africa
South Africa
UAE
Saudi Arabia
Turkey
Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in global plant factory market.
Available Customizations:
With the given market data, we offers customizations according to a company’s specific needs. The following customization options are available for the report:
Company Information
• Detailed analysis and profiling of additional market players (up to five).
Read the full report: https://www.reportlinker.com/p06325865/?utm_source=GNW
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