Global Plant Factory Market
APEJ Market Statistics
Asia Pacific excluding Japan plant factory market revenue is anticipated to reach USD 162.3 million by the end of 2037 owing to rising need for high-quality food and large amounts of produce to cater to the rising population and hunger problems in this region. As per UNICEF data, in December 2021 more than 575 million people faced hunger in 2020 APAC.
The plant factory market in China is predicted to have notable growth over the forecast period owing to the rising number of plant factories and rapid advancements in farming technologies. The growing production of LED lighting in the country is further boosting the integration of this technology in agriculture. In August 2023, Signify announced the launch of the opening of its new LED lighting manufacturing units in Jianzi Province, China for manufacturing high-quality branded LED lighting products.
The plant factory market in India is expected to register rapid revenue CAGR during the forecast period due to the surging startups, and financial assistance, and government schemes for vertical farming. For instance, Startup Support Programs in India are focused on providing financial assistance to innovative agricultural startups, including indoor farming.
North America Market Analysis
Plant factory market size for North America region is predicted to reach USD 75.6 million by 2037 due to the growing demand for fresh and locally sourced food among health-conscious people and the rising number of plant factories providing these services to consumers. Leading companies in the region, including FarmFoods, Imperfect Foods, and Farm to People provide year-round access to high-quality produce.
The pant factory market in the U.S. is expected to register significant revenue CAGR between 2025 and 2037 owing to rapid advancements and investments in farming technology and rising concerns about changing climate patterns. For instance, in May 2023, Agrifood veteran David Lee along with some prominent leaders in the market launched a B2B agtech startup, Inevitable Tech. The company has developed a hardware-software grow system that can be used in open fields as well as controlled environment agriculture.
Author Credits: Nilanjana Ray
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