Plant Factory Market Size and Forecast 2024-2033|AeroFarms LLC, BrightFarms Inc., Gotham Greens Holdings LLC, Bowery Farming Inc., AppHarvest Inc

Overview and Scope

The plant factory refers to agricultural production systems designed to turn crop production into a new model by using bioinformatics and industrial automation. This systemenables 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.

Sizing and Forecast

The plant factory market size has grown strongly in recent years. It will grow from $122.06 billion in 2023 to $131.6 billion in 2024 at a compound annual growth rate (CAGR) of 7.8%. The growth in the historic period can be attributed to increased demand for locally grown and fresh produce, limited arable land availability and urbanization, growth in concerns about food security and supply chain resilience, advancements in controlled environment agriculture (cea) technologies, need for year-round crop production and reduced seasonal variability, focus on sustainable and resource-efficient agriculture practices.

The plant factory market size is expected to see strong growth in the next few years. It will grow to $175.37 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to adoption of hydroponic and aeroponic growing methods, expansion of urban farming and rooftop greenhouse projects, research and development in plant factory automation and robotics, need for pesticide-free and non-gmo crop production, emphasis on high-yield and high-density crop cultivation. Major trends in the forecast period include integration of ai and machine learning, modular and stackable growing systems, advanced led grow lights and spectral tuning, hybrid systems combining natural and artificial light, blockchain and traceability in urban agriculture.

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Segmentation & Regional Insights

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

Western Europe was the largest region in the plant factory market in 2023. The regions covered in the plant factory market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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Major Driver Impacting Market Growth

The rise in demand for food due to the increasing population and challenges of climate change significantly contributes to the growth of the plant factory market. The world population and demand for food are growing, and losses in yield gains due to soil infertility, demographic change, climate change, and pest outbreaks are contributing to growth in the adoption of new plant factory methods for growing crops. For instance, In July 2021, according to a study by the International Institute for Applied Systems Analysis (IIASA), the food demand is expected to increase by 56% between 2010 and 2050. In addition, according to the population of the United Kingdom is expected to increase by 3.2%, reaching 69.2 million by 2030, compared to 67.1 million in 2020. Therefore, the rise in demand for food due to the increasing population and challenges of climate change is driving the growth of the plant factory market

Key Industry Players

Major companies operating in the plant factory market include AeroFarms LLC, BrightFarms Inc., Gotham Greens Holdings LLC, Bowery Farming Inc., AppHarvest Inc., Lufa Farms, Beijing IEDA Protected Horticulture Co. Ltd., Green Sense Farms Holdings Inc., Plenty Unlimited Inc., Mirai Co. Ltd., Farminova Plant Factory, Urban Crops Solutions, Sky Greens, Kalera Inc., Smallhold, Sky Vegetables, TruLeaf Sustainable Agriculture, Wulian, Crop One Holdings Inc., Vertical Harvest Farms, Growing Greener Ltd., Heliospectra AB, Infarm GmbH, Intelligent Growth Solutions, LettuceGrow, Light Science Technologies, MechaFarm, Novartis AG, Phytoponics, Plug and Play Tech Center, Radiant Food Company, SmartFarm Systems, Vertical Greens

The plant factory market report table of contents includes:

1. Executive Summary

2. Plant Factory Market Characteristics

3. Plant Factory Market Trends And Strategies

4. Plant Factory Market – Macro Economic Scenario

5. Global Plant Factory Market Size and Growth

26. South America Plant Factory Market

27. Brazil Plant Factory Market

28. Middle East Plant Factory Market

29. Africa Plant Factory Market

30. Plant Factory Market Competitive Landscape And Company Profiles

Top Major Players: