Vertical farming company Plenty has filed for bankruptcy, citing financial difficulties despite raising nearly $1 billion in funding. The company plans to continue operating a strawberry farm in Virginia and a research center in Wyoming, but its future in the industry remains uncertain. This news comes on the heels of several other bankruptcies in the vertical farming sector, including Bowery Farming and AeroFarms.
Forecast for 6 months: The vertical farming industry will experience a significant decline in investment, with several companies struggling to secure funding. This will lead to a consolidation of the market, with larger players acquiring smaller ones to increase efficiency and reduce costs.
Forecast for 1 year: The industry will see a shift towards more sustainable and cost-effective practices, with companies focusing on reducing energy consumption and increasing crop yields. This will lead to a decrease in the number of bankruptcies, but the industry will still face significant challenges.
Forecast for 5 years: The vertical farming industry will undergo a significant transformation, with the adoption of new technologies such as artificial intelligence and robotics. This will lead to increased efficiency and reduced costs, making the industry more viable and attractive to investors.
Forecast for 10 years: The vertical farming industry will become a mainstream form of agriculture, with companies producing a significant portion of the world’s food. This will lead to a decrease in greenhouse gas emissions and an increase in food security, making it a crucial component of the global food system.
