Plant Factory Market Size (2023 - 2030)

The global plant factory market size was estimated to reach USD 122.8billion in 2022 and is projected to reach USD 173.4 billion by 2030 and grow with a CAGR of 7.4% during the forecasted period. A plant factory is a business plant-growing facility. These facilities are closed growing systems permitting farmers to have a constant production of crops.

Market Drivers
The demand for indoor farming is blooming and artificial plant culture drives the plant factory market globally. The plant factories market is displaying strong growth owing to the swift rise in plant factories and increasing familiarity in the urban population. However, the digital services development monitors the elements of the plant growth which helps in future developments.

The demand for indoor farming and artificial plant culture drives the market growth during the foreseen period. The demand for effective and efficient techniques of agricultural practices besides reducing the farmer's demand for excessive resources is establishing the plant factory market growth. The growth in harvesting cycles, quick increase in population resulted in surged farmland competition and mounting pressure on the agriculture sector propel the market growth in the plant factory market. 

Segment Analysis
As per our market research report, the global plant factory market is based on facility type, light type, growing system, and crop type.

Plant Factory Market - By Facility Type

• Greenhouses

• Indoor farms

• Other facility types (container farms and water culture farms)

The greenhouses facility type is dominating the plant factory market globally. The segment is projected to continue its dominance with maximum share due to the quick rise of the greenhouses. The demand for greenhouse farms is fostering along with indoor crops improved practices boom the market growth.

Greenhouses are digital structures committed to the cultivation of plants, especially vegetables, fruits, and flowers. Commercial greenhouses typically cultivate crops in huge volume for consumers and research greenhouses medicinal horticulture and plant science.

Plant Factory Market - By Light Type

• Sunlight

• Full artificial light

The sunlight segment led the market growth across the timeline period. Sunlight is the natural light resource and most plant factories prefer and choose sunlight. Sunlight is widely preferred and freely available for sustainable production. Greenhouse farms use sunlight. 
The full artificial lights segment is predicted to exhibit strong growth over the upcoming years. The segment growth owes to a quick increase in the number of indoor farms. 

Plant Factory Market - By Growing System

• Non-soil-based

• Soil-based

• Hybrid

• The non-soil-based growing system is expected to record the highest share during the timeline period. 

Plant Factory Market - By Crop Type

• Fruits

• Vegetables

• Flower & ornamental

• Other crop types (plantation and forage crops)

By crop type, the vegetable segment is expected to experience noteworthy growth throughout the historical period. Vegetables can be grown in plant factories like tomatoes, squash, beans, peas, artichoke, and broccoli.

Regional Analysis
The European market for plant factories is dominating globally. The region is spearheading the market in executing technological advancements in smart greenhouse horticulture. Advancements in greenhouse farming have supported the plant factories in Europe. Netherlands, France, and Spain are the countries having large areas under greenhouse cultivation.

North America is exhibited to have tremendous growth in the plant factory market.

The plant factory market in the U.S is exhibiting impressive and promising growth throughout the forecasted period. The U.S plant factory market is driven by growing demand for upgraded agriculture methods. 

Asia-Pacific is said to have significant and impressive growth throughout the forecasted period.

On August 08, 2018, Singapore's largest indoor farm to give food firms and national food security an increase.

Latin American and the Middle East and African regions are at their developing stages.

Major key players in global Plant Factory Market
1. AeroFarms (US)

2. BrightFarms (US)

3. Gotham Greens (US)

4. Bowery Farming (US)

5. AppHarvest (US)

6. Plenty Unlimited Inc. (US)

7. Mirai Co. Ltd. (Japan)

8. Kalera (Norway)

9. Farminova (Turkey)

10. Taiksha Ltd. (Japan)

11. Iron Ox (US)

12. Agricool (France)

13. Crop One (UAE)

14. Vertical Harvest (US)

15. Smallhold (US), Oishii (US)

16. Badia Farms (UAE)

17. Farmone (US), Sky Greens (Singapore)

18. Dream Harvest Farming LLC (US)

COVID-19 Impact on global Plant Factory Market

The novel coronavirus has originated in Wuhan, China, in December 2022. The pandemic has created an adverse effect on the global economy and also affected every business sector including the food industry. During the tough situations, all the restaurants, groceries along with manufacturing, and plant units. The pandemic has successfully emphasized that food industry businesses can have the supply and distribution chains are affected. 
During the pandemic period, the restaurants and groceries stores are highly adopting plant factories.