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Plant Factory Market Projected to Reach $172.5 Billion by 2026 | Key Players are AeroFarms, BrightFarms, Gotham Greens, Bowery Farming, AppHarvest, Plenty Unlimited Inc.

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Plant Factory Market Projected to Reach $172.5 Billion by 2026 | Key Players are AeroFarms, BrightFarms, Gotham Greens, Bowery Farming, AppHarvest, Plenty Unlimited Inc.

August 21
00:10 2021
Plant Factory Market Projected to Reach $172.5 Billion by 2026 | Key Players are  AeroFarms, BrightFarms, Gotham Greens, Bowery Farming, AppHarvest, Plenty Unlimited Inc.
MarketsandMarkets™
The global plant factory market size is estimated to be valued at USD 121.8 billion in 2021 and projected to reach USD 172.5 billion by 2026, recording a CAGR of 7.2%

The report “Plant Factory Market by Growing System (Soil-based, Non-soil-based, and Hybrid), Facility Type (Greenhouses, Indoor Farms, Other Facility Types), Light Type, Crop Type (Vegetables, Fruits, Flowers & Ornamentals), and Region – Global Forecast to 2026“, published by MarketsandMarkets™. According to MarketsandMarkets, the global plant factory market size is estimated to be valued at USD 121.8 billion in 2021 and projected to reach USD 172.5 billion by 2026, recording a CAGR of 7.2% during the forecast period.

Plant Factory Market

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Plant factories have evolved considerably and are equipped with technologies for climate control, supplemental lighting, irrigation control, and material handling, among others. These control systems regulate internal conditions such as temperature, humidity levels, light intensity, and communication technologies for remotely monitoring the plant factory parameters. Since the early 1980s, this industry began to gain importance among growers, majorly due to the unmatched yield obtained from this technology. The recent advances in urban farming and the emergence of vertical farming technology have further fueled the growth of this market.

The vegetables segment, by crop type, is projected to witness significant growth during the forecast period.

Vegetables that can be grown in plant factories include tomatoes, squash, broccoli, artichoke, beans, and peas. A few other vegetables are leafy greens, including spinach, kale, and arugula, and high-producing crops, such as lettuce and cucumber. Vegetables have a relatively short harvest time compared to fruits, which can be further reduced through cultivation in a plant factory. Apart from tomatoes and leafy greens, plant factories are also being adopted for cucumbers and pepper production in recent years. The growth potential for these crops is expected to be high.

The European region dominates the plant factory market with the largest share in 2021.

Europe has traditionally been at the forefront of implementing advanced techniques in smart greenhouse horticulture. Countries such as the Netherlands, Spain, and France have large areas under greenhouse cultivation. Advancement in greenhouse farming has supported the growth of plant factories in Europe.

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Key Players:

This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, AeroFarms (US), BrightFarms (US), Gotham Greens (US), Bowery Farming (US), AppHarvest (US), Plenty Unlimited Inc. (US), Mirai Co. Ltd. (Japan), Kalera (Norway), and Farminova (Turkey).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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