Increase in demand for indoor cultivation, surge in use of advanced technology in farming practices, and changes in lifestyle and food habits have boosted the growth of the global microgreens market.
PORTLAND, Ore. , June 8, 2022 /PRNewswire/ -- llied Market Research recently published a report, titled, "Microgreens Market by Type (Broccoli, Cabbage, Cauliflower, Arugula, Peas, Basil, Radish, Cress, Others), by Farming (Indoor vertical farming, Commercial greenhouse, Others), by End User (Retail, Food Service, Others): Global Opportunity Analysis and Industry Forecast, 2019-2028". As per the report, the global microgreens industry generated $1.3 billion in 2019, and is estimated to reach $2.2 billion by 2028, growing at a CAGR of 11.1% from 2021 to 2028.
Major determinants of the market growth
Increase in demand for indoor cultivation, surge in use of advanced technology in farming practices, and changes in lifestyle and food habits have boosted the growth of the global microgreens market. However, high initial investments, lack of skilled workforce, and limited microgreens crop range hinder the market growth. On the contrary, surge in purchasing power and rapid growth of the retail sector and online stores are expected to open lucrative opportunities for the market players in the future.
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The Covid-19 pandemic negatively affected the growth of the microgreens. The sales of microgreens decreased due to the disrupted supply chain and closure of restaurants and grocery stores.
The Covid-19 pandemic changed people's attitude toward food shopping habits and microgreens offers a sustainable alternative. The pandemic increased health consciousness among people, which favored the demand for microgreens.
However, as the world is slowly recovering from the pandemic, the demand for microgreens is expected to rise soon.
The broccoli segment dominated the market
By type, the broccoli segment held the largest share in 2019, accounting for around one-fourth of the global microgreens market, due to growing popularity of health benefits associated with broccoli and adoption of roof gardens, park gardens to grow microgreens. However, the radish segment is projected to manifest the highest CAGR of 16.5% during the forecast period, owing to health benefits of microgreens and surge in trend of rooftop gardens.
The retail segment to portray the highest CAGR through 2028
By end user, the retail segment is expected to portray the highest CAGR of 12.0% during the forecast period, due to rise in expansion of retail stores and surge in adoption of high-tech cold storage facilities in retail stores. However, the food service segment held the largest share in 2019, contributing to nearly three-fifths of the global microgreens market, owing to involvement of multiple market players.
North America held the lion's share
By region, the market across North America dominated the market in 2019, accounting for more than one-third of the market, due to growing technological development in indoor vertical farming and its adoption by vegetable and microgreen owners. However, the global microgreens market across Asia-Pacific is anticipated to register the highest CAGR of 14.1% during the forecast period, owing to high spending on functional foods and increase in demand for organic vegetable.
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