Commercial Greenhouse market is projected to grow at a CAGR of 8.3% by 2034: Visiongain

Core Insights - The global commercial greenhouse market was valued at US$38.02 billion in 2023 and is projected to grow at a CAGR of 8.3% from 2024 to 2034 [1] Group 1: Market Drivers - Increasing focus on sustainable food production is driving the adoption of commercial greenhouse cultivation, which allows for efficient use of resources and promotes eco-friendly agriculture [2] - Rapid urbanization and land scarcity are leading to a demand for commercial greenhouses, enabling vertical farming and maximizing land use efficiency in urban areas [3] - The shift towards Controlled Environment Agriculture (CEA) is reshaping the agricultural landscape, allowing for year-round production of high-value crops [8] - Expansion of export opportunities due to globalization and increasing demand for high-quality produce from emerging markets is stimulating market growth [9] - Increasing investment in Agri-tech start-ups is fostering innovation in the commercial greenhouse market, optimizing resource use and improving crop productivity [10] - Government support and incentives for greenhouse farming are encouraging investment and technology adoption in the sector [11] Group 2: Impact of COVID-19 - The COVID-19 pandemic initially caused operational challenges for greenhouse growers, including labor shortages and logistical constraints, leading to production delays and financial instability [4] - The pandemic highlighted the importance of local food production, increasing demand for greenhouse-grown produce as consumers became more conscious of food safety [5] - The crisis accelerated the adoption of technology and automation in greenhouse farming, enhancing productivity and reducing labor costs [5] Group 3: Competitive Landscape - Major players in the commercial greenhouse market include Agra-tech, Inc., Berry Global Group, Inc., and Heliospectra AB, among others, employing strategies such as M&A, R&D investment, and regional expansion [12] - Recent developments include Berry Global's lightweight tube closure system aimed at reducing greenhouse gas emissions and Heliospectra's new software for optimizing energy savings in greenhouse operations [13]