Summary
Major players in the food crops grown under cover market are Argus Control Systems, LumiGrow, Netafim, Richel Groups, General Hydroponics, Crop One Holdings, Metropolis Farms Inc., Bright Farms Inc., Bowery Inc., Certhon, Vertical Farm Systems, Hydrodynamics International, Illumitex, Garden Fresh Farms, Green Sense Farms LLC and Sky Greens (Sky Urban Solutions).
The global food crops grown under cover market is expected to grow from $50.43 billion in 2022 to $57.36 billion in 2023 at a compound annual growth rate (CAGR) of 13.73%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The food crops grown under cover market is expected to reach $88.95 billion in 2027 at a CAGR of 11.59%.
The food crops grown under cover market consist of sales of food crops grown under protection such as fruits and vegetables in greenhouses and hoop houses, as well as transplants for commercial vegetable production.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Food crops grown under cover refers to the food crops that are produced or grown under glass or any protective cover. Crop rotation, no-till, and organic farming all significantly support this technique.
North America was the largest region in the food crops grown under cover market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The major types of food crops grown under cover are fruits and vegetables, herbs and microgreens, flowers and ornamentals, and other crops.Fruits and vegetables refer to types of plant-based foods that are an important part of a healthy diet.
Various growing system of crops are hydroponics, aeroponics, aquaponics, soil-based, and hybrid.The two major components are hardware and software.
Several types of facilities are involved, such as glass or poly greenhouses, indoor vertical farms, container farms, indoor deep-water culture systems, and other facility types.
Increasing demand for organic food is expected to propel the growth of the food crops grown under the cover market going forward.Organic foods are grown and processed without the use of synthetic pesticides, fertilizers, or genetically modified organisms (GMOs), which can be harmful to both human health and the environment.
The demand for organic food has been increasing in recent years as more and more people become aware of the benefits of consuming organic products. For instance, in 2021, an Organic Industry Survey report published by The Organic Trade Association (OTA), a US-based business association for the organic industry, the sales of organic food and food products in US increased by 12.4% in 2020 accounting for $61.9 billion in total. It represented a growth rate more than twice as fast as the 2019 pace of 5%, and it was the first time that total sales of organic food and non-food products had reached the $60 billion threshold. Therefore, increasing demand for organic food is propelling the growth of the food crops grown under cover market.
New crop production techniques have emerged as the major trend gaining popularity in the food crops grown under cover market.Major companies operating in the food crops grown under cover market are introducing new crop production techniques such as greenhouses, vertical farming, and hydroponic farming to strengthen their position in the market.
For instance, in November 2021, NASA- National Aeronautics and Space Administration, a US-based research agency launched an innovative indoor farming technique to produce and grow food crops under cover.The novel technology combines plant science and environmental control techniques to optimize plant growth inside an enclosed space.
This innovative agricultural approach laid the foundation for the controlled environment agriculture (CEA) industry.
In April 2022, Local Bounti Corporation, a US-based indoor agriculture company involved in the production of food crops under cover, acquired Hollandia Produce Group, Inc. for an amount of $122.5 million. Through this acquisition, Local Bounti Corporation aims for further margin expansion by implementing proprietary Stack and Flow Technology into Pete’s facilities and offering additional operational synergies. Hollandia Produce Inc. (Pete’s) is a US-based indoor farming company that specializes in growing and distributing premium greenhouse-grown produce, including tomatoes, cucumbers, and bell peppers.
The countries covered in the food crops grown under cover market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The food crops grown under cover market research report is one of a series of new reports that provides food crops grown under cover market statistics, including food crops grown under cover industry global market size, regional shares, competitors with a food crops grown under cover market share, detailed food crops grown under cover market segments, market trends and opportunities, and any further data you may need to thrive in the food crops grown under cover industry. This food crops grown under cover market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
