Latin America Vertical Farming Market

Latin America Vertical Farming Market Size and Forecast 2022 - 2027

Latin America Vertical Farming Market was worth USD 0.74 billion in 2021 and expected to be growing at a CAGR of 21%, to reach USD 1.93 billion by 2026.

Vertical Farming techniques control factors like the amount of light, environmental dynamics like temperature, humidity, gases, etc., and soil nutrition factors which include the use of fertilizers and other soil products. In some Vertical Farms, natural light is used in combination with artificial lighting and metal reflectors, similar to greenhouses.

Vertical Farming is the latest development in farming, wherein all environmental factors can be controlled. In the Vertical Farming process, foods and medicines are produced in vertically stacked layers, vertically inclined surfaces, or in integrated structures like warehouses, shipping containers, skyscrapers, etc.

Latin America Vertical Farming Market Drivers:

Increasing consumer demand for organic foods, foods free from pesticides, and genetically modified organisms (GMOs) is the major driving force of the market. The utility of artificial lighting to enhance the yield, health, and growth rate of plants coupled with lower dependency on the weather for production is driving the market from the producer side. Further, growth in the use of technology such as the Internet of Things in Vertical Farming, rapidly expanding populace, and increase in the annual production of crops are predicted to exponentially boost the market growth. High costs of lighting equipment and continuous maintenance requirement are the constraints faced by the Vertical Farming market.

LATIN AMERICA VERTICAL FARMING MARKET REPORT COVERAGE:

Market Segmentation:

Latin America Vertical Farming Market – By the Growth Mechanism Type:

• Hydroponics
• Aeroponics
• Aquaponics

Latin America Vertical Farming Market – By the Structure Used:

• Buildings and Shipping Containers

Latin America Vertical Farming Market – By the Type of Offering:

• Hardware
• Software
• Service

Geographical Analysis:

Latin America market region includes countries such as Brazil, Mexico, Argentina, and the remaining countries of South America. The market is projected to expand in Latin America as the consumer demand for organic foods is being complemented by rising disposable incomes and the growing populace. Further feasibility of the application of technological advancements in Vertical Farming, which will bring down the costs, is seen as a major factor contributing to market growth in the foreseeable future. Brazil is one of the largest markets in this region followed by Mexico, Argentina, and Columbia.

Major Key Players:

Key players involved in the development of the vertical farming market are Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others.