Walmart Invests in Vertical Farming Brand 'Plenty'
Grace Mahas — January 27, 2022 — Eco
References: businesswire & grocerydive
Walmart, the iconic American multinational retail corporation, recently announced a new strategic partnership with vertical farming brand Plenty Unlimited Inc. In addition to investing in Plenty's equity, Walmart will join Plenty's Board of Directors at closing as part of the partnership to use the indoor vertical farming technology platform to deliver fresh produce to Walmart stores.
Considering the demands of Walmart customers year-round, Walmart and Plenty will work together to create a new, market-leading vertical farming product category. Thanks to Plenty's farming technology platform, pesticide-free produce is available all year long. With its unique indoor farming architecture, it combines engineering, software, and sustainable crop science to grow multiple crops on one platform at unprecedented speeds.
"At Walmart, we are focused on identifying and investing in innovative food solutions to bring our customers the freshest, highest-quality foods at the best prices,” said Charles Redfield, chief merchandising officer, Walmart U.S.
Image Credit: Walmart
Considering the demands of Walmart customers year-round, Walmart and Plenty will work together to create a new, market-leading vertical farming product category. Thanks to Plenty's farming technology platform, pesticide-free produce is available all year long. With its unique indoor farming architecture, it combines engineering, software, and sustainable crop science to grow multiple crops on one platform at unprecedented speeds.
"At Walmart, we are focused on identifying and investing in innovative food solutions to bring our customers the freshest, highest-quality foods at the best prices,” said Charles Redfield, chief merchandising officer, Walmart U.S.
Image Credit: Walmart
Trend Themes
1. Indoor Vertical Farming - The trend towards incorporating high-tech, sustainable indoor farming solutions into large-scale retail operations such as Walmart presents an opportunity for disruptive innovation in the agriculture industry.
2. Year-round Fresh Produce - Consumers' growing desire for year-round fresh produce can be catered to through investments and advancements in indoor vertical farming, adding value to businesses in the agriculture and retail sectors.
3. Partnerships for Fresh Food Delivery - Strategic partnerships between companies in diverse industries such as agriculture and retail can lead to disruptive innovation and more efficient delivery of fresh produce to consumers.
Industry Implications
1. Agriculture - Innovations in indoor vertical farming technology can benefit the agriculture industry by increasing yield and addressing issues of scarcity and sustainability of crops.
2. Retail - Retail companies such as Walmart can benefit from investments in indoor vertical farming technology to increase efficiency and sustainability of fresh food delivery to customers.
3. Food Technology - Food technology companies can benefit from partnerships with large-scale retail companies to gain access to a wider consumer base and increase the distribution of their innovative products.
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