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Global Microgreens Market Size, Segments, Outlook, and Revenue Forecasts Report 2022-2028: Global Players Constitute ~10% of Competitors, While Country-niche Players Represent ~60% of Competitors
DUBLIN, April 14, 2023 /PRNewswire/ -- The "Global Microgreens Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Type, Farming Method, Distribution Channel, End-User Region" report has been added to ResearchAndMarkets.com's offering.
Global Microgreens Market was valued at ~US$ 1 billion in 2017. It is estimated to be ~US$ 1.5 billion in 2022 and is expected to reach a market size of ~US$ 2.5 billion by 2028 growing with a CAGR of ~9% during 2022 to 2028.
Some of the major factors that are likely to propel the growth of the market includes rise in health awareness, consumer spending, small-scale farming, and wide usage in restaurants and cosmetics industry.
The increasing public awareness of health issues and the use of indoor farming techniques is likely to propel the growth of the global microgreens market. Microgreens are highly rich in vitamins, fibers, and minerals, many people are now adopting microgreens in their regular diet to avoid severe problems like high blood pressure, high cholesterol, gastrointestinal distress, and more.
Furthermore, microgreens such as broccoli, chicory, and lettuce contain high levels of vitamin E, vitamin A, and antioxidants, which will eventually help the consumer from major diseases like cancer and heart problems. High initial cost, lack of distribution channels, and availability of fertile soil for microgreens production are some of the major challenges hindering the growth of the global microgreens market.
The initial cost for microgreen farming is higher than any other farming as the soil and seeds are required to change for every new harvest. Price fluctuation in microgreen cultivation depends on type of microgreens, size of garden, soil vs. hydroponics, single item purchase vs kits, and cost of electricity and water.
The soil sometimes lacks major nutrients like nitrogen, potassium, and phosphorus which affects the final product, thus leading to huge losses to the farmer.
The COVID-19 pandemic slowed the growth of the global microgreens market, owing to the sudden shutdown of farming activities as well as disruption in the distribution channels such as retail stores, supermarkets, and hypermarkets worldwide.
However, with the ease in lockdowns and the adoption of microgreens as healthy diet options are providing new growth opportunities for the global microgreens market
Scope of the Report
The global microgreens market is segmented by type, farming method, distribution channel, and end-user. In addition, the report also covers market size and forecasts for the four major regions for global microgreens markets. The revenue used to size and forecast the market for each segment is US$ billion.
Competitive Landscape
Large global players constitute ~10% of competitors, while country-niche players represent ~60% of competitors.
The global microgreens market is significantly competitive with ~200 players, which include globally diversified players, regional players as well as a large number of country-niche players each with their niche in Microgreens organic production.
Some of the major players in the market include AeroFarms, Good Leaf Farms, Fresh Origins, Gotham Greens, Madar Farms, 2BFresh, Farmbox Greens, Living Earth Farm, Metro Microgreens, Chef's Garden, and among others.
Recent Developments Related to Major Players
In October 2021, AeroFarms expanded its distribution network in the Northeast and New England, including New Jersey, New York, Connecticut, Massachusetts, and Rhode Island, with the launch of more than 350 Stop & Shop stores.
In January 2021, GoodLeaf Farms developed a new 74,000-square-foot indoor vertical farm in Calgary's industrial park in Canada. The farm will help to create more than 70 skilled and unskilled job opportunities in the city as well as act as the center point for partnerships with post-secondary schools in Canada west.
Conclusion
The Global Microgreens Market is forecasted to grow significantly with a CAGR of ~9% during the forecast period primarily driven by Increasing public awareness of health issues and the use of indoor farming techniques.
Though the market is highly competitive with ~ 200 participants, few global players control the dominant share and country-niche players hold a significant share. North Americaaccounted for the largest market share among all regions within the total global microgreens market in 2021.
Key Topics Covered in the Report
Snapshot of Global Microgreens Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Microgreens Market
Historic Growth of the Overall Global Microgreens Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Microgreens Industry
Overview, Product Offerings, and Strategic Developments of Key Competitors
COVID-19 Impact on the Overall Global Microgreens Market
Future Market Forecast and Growth Rates of the Total Global Microgreens Market and by Segments
Market Size of Farming Method/End-user Segments with Historical CAGR and Future Forecasts
Analysis of the Global Microgreens Market
Major Production/Supply and Consumption/Demand Hubs within Each Major Country
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Region
Key Players Mentioned in the Report
AeroFarms
Good Leaf Farms
Fresh Origins
Gotham Greens
Madar Farms
2BFresh
Farmbox Greens
Living Earth Farm
Metro Microgreens
Chef's Garden
FARM2FAM
Leafood
Plenty
UGF Farming
Living Food Company
Time Period Captured in the Report
Historical Period: 2017-2021
Forecast Period: 2022E-2028F
By Type
Broccoli
Cabbage
Cauliflower
Arugula
Peas
Basil
Radish
Others
By Farming Method
Indoor Vertical Farming
Commercial Greenhouses
Others
By Distribution Channel
Supermarkets & Hypermarkets
Retail Stores
Others
By End-User
Residential
Commercial
Others
By Region
North America (USA, Canada, and Mexico)
Europe (France, Italy, Germany, Spain, UK, and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Indonesia, and Rest of Asia Pacific)
LAMEA (Latin America, Middle East, and Africa)
For more information about this report visit https://www.researchandmarkets.com/r/ni67er
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