Global Plant Factory global market 2024, Forecast To 2033

The plant factory market has demonstrated strong growth, increasing from $122.06 billion in 2023 to $131.6 billion in 2024, indicating a compound annual growth rate (CAGR) of 7.8% in the historical period. This growth is attributed to the increased demand for locally grown and fresh produce, limited arable land availability and urbanization, the growing concerns about food security and supply chain resilience, advancements in controlled environment agriculture (CEA) technologies, and the need for year-round crop production and reduced seasonal variability. Moving forward to 2028, the market is expected to see strong growth, reaching $175.37 billion with a CAGR of 7.4%. The anticipated drivers of this growth include the adoption of hydroponic and aeroponic growing methods, the expansion of urban farming and rooftop greenhouse projects, research and development in plant factory automation and robotics, the need for pesticide-free and non-GMO crop production, and an emphasis on high-yield and high-density crop cultivation. Key trends in the forecast period encompass the integration of AI and machine learning, modular and stackable growing systems, advanced LED grow lights and spectral tuning, hybrid systems combining natural and artificial light, and blockchain and traceability in urban agriculture.