The global plant factory market size is estimated to be valued at USD 121.8 billion in 2021 and is projected to reach USD 172.5 billion by 2026, recording a CAGR of 7.2% during the forecast period. The demand for plant factory is propelling, owing to several innovations and developments in technologies and agricultural instruments. An increase in the demand and consumption of quality food products has been driving the plant factory market. Additionally, the achievement of higher yield from artificially cultivated crops is also a major factor driving the growth of the market.
The key players in this market include AeroFarms (US), BrightFarms (US), Gotham Greens (US), Bowery Farming (US), AppHarvest (US), Plenty Unlimited Inc. (US), and Mirai Co. Ltd. (Japan).
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AeroFarms (US) is the pioneer in large-scale commercial indoor vertical farms. With over a decade of growing expertise, it opened its first commercial farm in Ithaca, New York, then expanded to Newark, New Jersey, and is now set to open its newest commercial farm in Danville, Virginia, utilizing the fifth generation of its farm technology. During the spread of COVID-19, the company carried out its operations with a limited and only essential number of employees allowed at the site. Newer instructions secured the transportation and supply chain to the drivers for health safety and hygiene.
BrightFarms (US) is focused on the urban farming sector. It develops produce locally that can reach the consumers in the least possible time. The company promotes a salad-based diet with greens and leafy vegetables for healthy living and diet. This concept is much adopted in the developed regions with widespread obesity issues. Thus, the company is constantly developing to progress in the market.
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
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