The market for plant factory is estimated at USD 138 million in 2023; it is projected to grow at a CAGR of 7.3% to reach USD 196 million by 2028. According to a report by the Food and Agriculture Organization of the United Nations, global food demand is projected to increase by 50% by 2050, which will require a significant increase in agricultural productivity. Plant factories offer a potential solution to this challenge, as they can produce high yields of crops in a controlled environment.
Major manufacturers in this market are based in North America and Europe. AeroFarms (US), Gotham Greens (US), BOWERY FARMING INC. (US), Oishii (US), Plenty Unlimited Inc. (US), MIRAI (Japan), Agricool (France), AppHarvest (US), CropOne (UAE) and BrightFarms (US), are among a few leading players operating in the plant factory market. These players have adopted various growth strategies to strengthen their position in the market. These include product launches, contracts, partnerships, mergers and acquisitions, and new product development activities further to expand their presence in the plant factory market.
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AeroFarms builds large indoor vertical farms for baby leafy greens and microgreens based on annual growing production. The key market for its products is New York, US. The company’s produce is locally grown with freshness, flavors, and extensive varieties and of high quality. It holds a significant market experience of over 14 years in aeroponics. Moreover, the company sells its farming technology and systems in both domestic and international markets, which helps the farmers grow pristine products. Also, AeroFarms has its own patented growing technology called patented growing cloth medium. It is developed for seeding, germinating, growing and harvesting leafy greens. Some of the major partners of the company include Meraas (UAE), ADM Capital (China), Wheatsheaf (UK), IKEA (Netherlands), Middleland Capital (US), and Goldman Sachs (US).
Gotham Greens is a pioneer in urban indoor agriculture and is one of the key players in the fresh produce and food industries. The company engages in building and operating sustainable greenhouses, thus producing fresh produce for local supply all year round across different cities in America. The company works on a unique hydroponic greenhouse technology fueled by solar power and is climate-controlled perennially. The company’s advancements in machine learning and data analysis benefit the company to constantly monitor crop health and progress by delivering fresh and tasty produce. Its indoor farming facilities function on sun and wind energy, making it a sustainable greenhouse. The company has built and operated sustainable greenhouses in various cities across America.
BOWERY FARMING INC
Bowery Farming is a modern farming company providing organic produce. The company builds smart indoor farms near cities, growing fresher, pesticide-free protected produce such as lettuce and herbs in a precisely controlled environment along with its proprietary technology that integrates software, hardware, sensors, AI, computer vision systems, machine learning models, and robotics to synchronize and automate all of its operations, enabling farmers to waste less and consumers to eat and stay healthy. The company has built indoor farms that grow organic produce free from pollutants while using fewer finite resources such as space and water. Its smart farms are powered by the operating system BoweryOS, creating a simplified, agile food system focused on flavor, freshness, and safety.
The company is involved in three techniques:
Bowery is the largest vertical farming company in the US, serving major e-commerce platforms and more than 850 grocery stores in the Northeast and Mid-Atlantic regions, including Albertsons Companies (Safeway and Acme), Amazon Fresh, Giant Food, Walmart, Weis, Whole Foods Market, and specialty grocers, with produce that’s harvested year-round at peak freshness, delivered within days of harvest. Bowery is headquartered in Manhattan and has two farms in Kearny, New Jersey. One farm is focused on research & development, the other services retailers and community partners in the Tri-State area. Its third farm is in Nottingham, Maryland, feeding the Mid-Atlantic region.
Oishii is a US based, Vertical farming which is a new frontier in agriculture, which allows it to grow fresh fruit any time of year. It manufactures the famous strawberries of Japan called as the “Omakase Berry”. The company replicates the elements of a perfect day in Japan, to condition the taste in every berry: an intense yet delicate sweetness unlike any other. It employs rigorous farming practices to ensure its plants are healthy from seed to berry. Its vertical farms eliminate the need for all pesticides and make the most of the space at hand. Vertical farming is a new way forward, and Oishii is committed to refining techniques that promote sustainability for the future of food. Its omakase berry is a unique Japanese variety characterized by its beautiful aroma, exceptional sweetness, signature seedless appearance, and creamy texture. The company has a strong presence in US, North America.
PLENTY UNLIMITED INC
Plenty is an indoor vertical farming company that uses less space and fewer resources to grow healthy, fresh, and clean produce across the year. It produces pesticide-free, non-GMO leafy greens and other crops. It grows and delivers locally, cutting time and reducing emissions due to transportation. Plenty’s farms are designed to increase the yield of crops over 350 times, as compared to traditional farming. The company has condensed hundreds of acres of farmland into the size of a big box of retail stores. The company includes a team of growers, plant scientists, engineers, artists, and food enthusiasts working to improve the quality of plants. It currently has operating facilities in the sites of South San Francisco, CA, and Laramie, WY, US. Moreover, it intends to set up a new site in Compton, CA, US, in 2021, which will be the world’s first high-capacity indoor vertical farm.
Plant Factory Market by Growing System (Non-soil-based, Soil-based, Hybrid), Crop Type (Fruits, Vegetables, Flowers & Ornamentals, Other Crop Types), Facility Type (Greenhouses, Indoor Farms), Light Type and Region - Global Forecast to 2028
Mr. Aashish Mehra
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Northbrook, IL 60062
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