III. Industry Analysis
[Company Name] competes against other local microgreens producers as well as major regional farms. The global microgreens market is expected to grow at a compound annual growth rate of 7.67% over the forecast period to reach $17.03 billion. Health and fitness-conscious consumers are buying more nutritious foods such as microgreens to use in their home cooking or to incorporate into juices and smoothies. Broccoli, Cabbage, and Peas hold a significant share in the global microgreen market owing to the speed and ease of production. The United States Microgreens Market is projected to register a CAGR of 10. 1% during the next five years.
Indoor vertical farming is the cultivation of agricultural produce in controlled environments such as greenhouses, where crops are provided with required environments such as temperature, light, appropriate water, and growth medium. This farming method has been gaining popularity in the global product market as it allows growers to continue production in all seasons and increases yield.
Going forward, progressive farming practices, such as the microgreen farming industry, will continue to grow to help fill the food demand of a growing global population.