Northbrook, IL -- (SBWIRE) -- 12/13/2021 -- 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.

Various factors have played a major role in driving the plant factory market growth across the globe. It is an efficient alternative to the rising concerns on food security and shrinking arable land since it provides growers the ability to cultivate crops even in the absence of soil. One of the major drivers is that it provides a higher yield compared to traditional agricultural techniques, owing to the increase in harvest cycles. Furthermore, plant factories eliminate the use of artificial ripening agents and pesticides, which helps create nutritionally superior vegetable products.

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Plant factories reduce the farmer's consumption of resources, thereby enabling this farming technique to be adopted by most stakeholders, ranging from home gardeners to professional growers and supermarkets to restaurants. According to the UN reports on the global population, in 2018, plants grown in hydroponic systems have achieved a 20%–25% higher yield than the traditional agriculture system, with its productivity being 2–5 times higher. Also, owing to their controlled environmental conditions, the effect of climatic changes can be balanced with the help of these systems, thereby not affecting the annual crop production.

Impact of Covid-19 on Global Plant Factory Market:

There has been an escalated demand for safe and quality-assured food products due to the pandemic. COVID-19 pandemic has had a significant global impact, due to which several industries are facing dire consequences. The pandemic continues to have complex and far-reaching effects across the water-energy-ecosystem-food nexus. As an enabler of hundreds of millions of agricultural jobs in rural areas, the plant factory sector allows the functioning of the world's critical food production systems, livelihoods of the majority of the world's poor and is responsible for shifting to water-saving sustainable practices. Plant factory companies around the world have continued to function despite challenging circumstances. However, there have been multiple shocks impacting service delivery, such as fiscal constraints, interruption of supply chains due to travel restrictions, and lack of availability of labor.

The European plant factory market has been experiencing tremendous growth. Its urban population is growing at a constant rate and is expected to constitute around 80% of the total population of Europe. The imports of goods are observed to be one of the solutions to meet the increasing demand for food by urban citizens in the region.

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Key players in this market include AeroFarms (US), BrightFarms (US), Gotham Greens (US), Bowery Farming (US), AppHarvest (US), Plenty Unlimited Inc. (US), Mirai Co. Ltd. (Japan), Kalera (Norway), Farminova (Turkey), Taiksha Ltd. (Japan), Iron Ox (US), Agricool (France), Crop One (UAE), Vertical Harvest (US), Smallhold (US), Oishii (US), Badia Farms (UAE), Farmone (US), Sky Greens (Singapore), and Dream Harvest Farming LLC (US).

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