United States Plant Factory Market to Grow with a CAGR of 10.42% through 2028
According to
TechSci Research report, “United States Plant Factory Market –Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2018-2028F”,
the United States Plant Factory Market stood at USD 1,423.04 million in 2022 and is
anticipated to project steady growth in the forecast period with a CAGR of 10.42% through 2028. The
United States Plant Factory Market is driven by several key factors. The
increasing urbanization and scarcity of arable land have encouraged the
adoption of vertical farming and indoor gardening.
Advancements
in LED technology have made indoor farming a more viable and cost-effective
solution. Increased awareness about the benefits of pesticide-free, organic
produce propels demand for food grown in plant factories. Policies and
incentives designed to promote sustainable farming practices further spur the
growth of this market.
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"United States Plant Factory Market”
The United
States plant factory market represents a fascinating blend of technology,
sustainability, and agricultural practices. It is a sector shaping the future
of farming, particularly as urbanization continues to rise and available
farmland decreases. The concept of plant factories, also known as vertical farming,
comprises growing plants indoors in vertically stacked layers, often in a
controlled environment. In this innovative setup, plants receive light from LED
lamps, with precise control over temperature, humidity, and nutrients, leading
to efficient use of resources. As of now, the U.S. is a global leader in
vertical farming, with numerous startups and established companies investing in
this sector. AeroFarms (New Jersey), Plenty (California), and Gotham Greens
(New York) are some notable players in this space.
The market is
witnessing substantial growth, driven by a variety of factors. Increasing urban
population, rising demand for organic food, sustainability concerns, and
advancements in artificial lighting technology are playing a significant role
in propelling this growth. The need to produce food locally and reduce the
supply chain's environmental impact has gained more prominence during the
COVID-19 pandemic. Additionally, vertical farming can offer a solution to some
traditional farming issues, such as dependency on weather conditions, pests,
and diseases. It can also provide fresh produce year-round, reducing the need
for long-distance transportation and thereby decreasing carbon emissions.
However, the
high initial setup and operational cost are major challenges in this sector.
The higher cost of products compared to traditionally grown produce might limit
the consumer base to a niche market. Furthermore, the energy consumption of LED
lights and climate control systems is another significant concern. Market
research firms anticipate significant growth in the U.S. vertical farming
market in the coming years. The increasing investor interest and advancement in
ag-tech could further drive this expansion. However, for vertical farming to
become mainstream, industry players need to focus on reducing costs and energy
consumption. The U.S. plant factory market is at a vital growth stage. It has
the potential to revolutionize the agriculture sector by providing a
sustainable solution to increasing food demand. Despite challenges, with
continued innovation and investment, the industry is poised for a promising
future.
The United
States Plant Factory Market is segmented into facility type, light, growing
system, type, regional distribution, and company
Based on growing
system, the non-soil-based method, commonly known as hydroponics, has emerged
as the dominant technique in the United States Plant Factory market. This
innovative and revolutionary approach to crop cultivation has garnered immense
popularity and acclaim due to its exceptional efficiency in water and nutrient
utilization. By precisely controlling the growing conditions, hydroponics
maximizes resource efficiency, resulting in high yield outcomes and
contributing to sustainable agriculture practices. One of the key advantages of
hydroponics is its remarkable versatility, enabling year-round crop cultivation
regardless of the availability of fertile soil. This flexibility not only
ensures a consistent supply of fresh produce but also reduces the dependence on
traditional farming practices. With the ability to grow crops in controlled
environments, hydroponics minimizes the risks associated with unpredictable
weather conditions, pests, and diseases.
Moreover,
hydroponics harnesses cutting-edge technology, such as automated nutrient
delivery systems and climate control, to optimize plant growth and minimize
resource waste. This innovative approach allows for precise monitoring and
adjustment of environmental variables, ensuring optimal conditions for plant
development. By adopting sustainable practices like water recycling and minimal
pesticide use, hydroponics contributes to a more resilient and productive
agricultural system. In a world facing increasing challenges related to food
security and environmental sustainability, hydroponics offers a promising
solution. Its efficient use of resources, year-round cultivation capabilities,
and reduced environmental impact make it a key player in shaping a greener and
more sustainable future. By embracing hydroponics and its potential for
scalable and sustainable food production, we can pave the way for a world where
agriculture meets the demands of a growing population while minimizing its
ecological footprint.
Based on region,
the West region is at the forefront of the United States Plant Factory Market,
showing remarkable leadership driven by a combination of key factors. One of
the primary drivers is the region's widespread adoption of advanced technology,
which has revolutionized the agricultural landscape. In addition, the West
region boasts progressive environmental policies that prioritize sustainability
and encourage the implementation of eco-friendly practices in plant factories. Notably,
this region is home to tech-savvy populations and forward-thinking companies
that actively seek to invest in innovative and sustainable agriculture methods.
These companies are committed to staying ahead of the curve and continually
pushing the boundaries of what is possible in the plant factory industry.
Moreover, the
West region benefits from government policies that strongly support green
initiatives and provide attractive incentives for the establishment and growth
of plant factories. This favorable regulatory environment further fuels the
development and expansion of the market in this region. Furthermore, the demand
for locally grown, fresh produce is exceptionally high in the West region.
Consumers in this area have a strong preference for high-quality, locally
sourced food, which has created a thriving market for plant factories. This
consumer demand acts as a catalyst for the continuous growth and success of the
plant factory industry, attracting more investors and driving innovation.
Major companies
operating in the United States Plant Factory Market are:
- Gotham Greens Farms LLC
- Bowery Farming Inc.
- Freight Farms
- Plenty Unlimited Inc.
- AeroFarms, LLC
- BrightFarms Inc.
- Iron Ox, Inc.
- AppHarvest, Inc.
- Vertical Harvest Farms
- Dream Harvesting
Farming Company LLC
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“The future of
the United States Plant Factory Market appears promising, with rapid
advancements in technology and an increasing emphasis on sustainable
agriculture. With controlled environment agriculture (CEA) methods, these plant
factories have the potential to revolutionize food production, offering higher
yields and year-round growth irrespective of outdoor climatic conditions.
Further, the growing consumer demand for locally sourced and organic produce,
coupled with urbanization, is expected to drive growth in this market. As
technology continues to evolve and become more affordable, the Plant Factory
Market in the United States is expected to witness substantial growth in the
coming years.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“United
States Plant Factory Market
By Facility Type (Greenhouses, Indoor Farms,
Others), By Light (Artificial Light and Sunlight), By Growing System
(Soil-Based, Non-Soil-Based, Hybrid), By Type (Fruits & Vegetables,
Ornamental Plants & Flowers, Others {Plantation Crops, Forage Crops, etc.}),
By Region, Competition, Forecast and& Opportunities, 2018-2028F”,
has evaluated the future growth potential of United States Plant Factory Market
and provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision-makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in United States Plant Factory Market.
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