Plant factory market size was estimated at USD 138 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% to reach USD 196 million by 2033. The market for sophisticated indoor farming systems that use controlled settings, artificial lighting, and precise cultivation techniques to cultivate crops is known as the worldwide plant factory market. Plant factories, often referred to as indoor vertical farms or vertical farms, provide effective and sustainable ways to produce crops, allowing for year-round cultivation and optimizing yields. Fresh, locally grown vegetables free of pesticides is becoming more and more popular.
Plant factories make it possible to produce food closer to consumers in metropolitan areas, saving money on transportation while guaranteeing a steady supply of locally grown, high-quality food. Traditional agriculture has problems due to the limited availability of fertile land and the negative impacts of climate change. Plant factories provide an answer by making use of vertical space and by offering ideal growth conditions independent of external climatic considerations. This enables productive land usage and crop production independent of climate change.
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Plant Factory Market Segmentation
By Technology
- Hydroponics
- Aeroponics
- Aquaponics
- Others
Regional Scope
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East
- Africa
Key Players
- 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
Key Trend
The need for food in cities is growing along with urbanization. Crops may be grown in layers that are stacked vertically in plant factories, effectively using the limited urban area available. Reduced food miles, the necessity for urban food security, and the need for more sustainably grown and fresher products are the main drivers of this movement. Automation and artificial intelligence (AI) technologies are being used more often in plant factories to improve crop yields and streamline manufacturing procedures. Automation systems manage temperature, lighting, irrigation, and fertilizer supply, while artificial intelligence (AI) algorithms evaluate data and make judgment calls to maximize growing conditions. This pattern results in higher crop quality, better resource management, and increased efficiency.
Recent Development
China's biggest retailer, JD.com, teamed up with Japan's largest chemical manufacturer, Mitsubishi Chemical, in 2018 to create the country's largest hydroponic "plant factory." This plant, the product of the two firms' strategic relationship, blends JD's cutting-edge retail infrastructure with cutting-edge agricultural technologies. The factory, which occupies an astonishing 11,040 square meters, features a closed seedling production environment with artificial light and a hydroponic culturing system that uses solar light. It can now grow a variety of crops, such as coriander, red and green lettuce, spinach, and cabbage. JD is able to provide its consumers with fresh food of the highest caliber that is safe, nourishing, and ecologically responsible because to its state-of-the-art facility. JD's 7FRESH stores will sell these culinary alternatives both offline and online.
Scope of the Report
This study provides estimates and analysis for the Plant Factory Market for the past, present, and future. An extensive research approach was used to establish the market estimations that are included in the study. Multiple research channels are used in the accepted research approach, including primary, secondary, and subject-related expert input. The Seasonal Affective Disorder Market is estimated by taking into account the impact of many economic, social, and political aspects in addition to the present market dynamics. The market data is also defined by different laws, government expenditure, and the expansion of research and development. The market projections take into account both favorable and unfavorable changes to the market.
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