Greenhouse Market Registering At A CAGR Of 9.9% From 2023 To 2030Posted by Neha Bora on May 10th, 2024 San Francisco, 10 May 2024: The Report Greenhouse Market Size, Share & Trends Analysis Report By Type (Glass Greenhouse, Plastic Greenhouse), By Offering (Hardware, Software, Services), By Crop Type, By End-user, By Region, And Segment Forecasts, 2023 - 2030 The global greenhouse market size is anticipated to reach USD 53.51 billion by 2030, registering a CAGR of 9.9% over the forecast period, according to a new report by Grand View Research, Inc. The rise in food consumption is related to the development of contemporary agricultural practices such as greenhouse farming. According to the Food and Agriculture Organization (FAO) of the United Nations, 70% of food production must increase by 2050 to meet world food demand. Consequently, rising population and urbanization, along with a lack of arable land, are driving the use of alternative agricultural practices such as greenhouse farming. Greenhouse farming has enormous potential to assist satisfy the growing population demands witnessed in several nations such as China and India. Indoor farming techniques including vertical farming and greenhouse farming have several advantages over traditional agricultural methods, including less water consumption, precision crop growth year-round, high yield of produce, reduced food waste, prevention of agricultural run-off, integrated pest management, and cultivation in limited space, among others. Moreover, the requirement to generate high yields while maintaining growing conditions such as enough light and shade, temperature, humidity, fertilization, pollination, and irrigation in farms is fueling greenhouse market expansion. Greenhouse producers employ automation techniques such as automated watering systems, climate control software, and pH sensors to produce high-quality crops and harvests. The greenhouse farming technique can be used for niche application segments, such as the production of biopharmaceutical products. Pharmaceutical products are high-value products that require stringent quality control checks. Molecular farming envisages the production of commercially valuable and pharmaceutically important proteins in plants. Molecular farming holds the potential to provide proteins that can be used as a therapeutic and diagnostic tool in healthcare and life sciences. The need for growing crops for the ingredients that can potentially help in producing high-quality pharmaceutical products is expected to open new opportunities for the adoption of greenhouse farming. The biopharmaceutical market is dominated by recombinant proteins and is mainly driven by the continued development of antibodies and vaccines. Manufacturing of bio-pharma products mainly relies on fermentation-based production platforms, which mostly have high upstream process costs and limited scalability. However, greenhouse farming can serve as a cost-efficient and scalable alternative for the effective production of recombinant proteins since each plant functions as a self-contained bioreactor by itself, thereby annulling the costs associated with single-use devices. The COVID-19 pandemic has generated awareness about the benefits of greenhouse farming to overcome the food crisis. Countries like the U.K., Singapore, Japan, and the U.S. are investing in the development of greenhouse farms and aiming for a significant rise in local production. However, despite the investments, greenhouse farming possesses challenges such as struggle with power costs, difficulty in the maintenance of the controlled environment, and high startup costs, especially for the high-tech, automated facilities for advanced climate control. Therefore, overcoming these challenges and managing high investments in developing greenhouse farms would require time. Europe accounted for the largest market share of about 32% in 2022. Europe has leading food and agriculture institutes such as Rothamsted Research in the U.K. and Wageningen University & Research in the Netherlands. The region also has large companies such as Sotrafa, Logiqs B.V., and Luiten Greenhouses BV that focus on innovations. Government bodies play a vital role in taking initiatives to develop the greenhouse farming market in the region. The European Commission has introduced the Horizon 2020 program that offers funds to bring new technologies into the European market. To achieve this, start-ups and the public sector have to work together to develop innovative technologies. Access Research Report of Greenhouse Market @ https://www.grandviewresearch.com/industry-analysis/greenhouse-market-report Greenhouse Market Report Highlights
Greenhouse Market Report Scope
List of Key Players in the Greenhouse Market
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