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.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2021– 2026 |
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Base Year |
2020 |
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Forecast Period |
2021- 2026 |
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CAGR |
21% |
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Segments Covered |
By Growth Mechanism, By Structure, By Offering |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
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Market Leaders Profiled |
Illumitex Inc. (U.S.), Aerofarms (U.S.), Koninklijke Philips N.V. (The Netherlands), and Sky Greens (Singapore) among others. |
Market Segmentation:
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.
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Growth Mechanism
5.1.1 Introduction
5.1.2 Hydroponics
5.1.3 Aeroponics
5.1.4 Aquaponics
5.1.5 Y-o-Y Growth Analysis, By Growth Mechanism
5.1.6 Market Attractiveness Analysis, By Growth Mechanism
5.1.7 Market Share Analysis, By Growth Mechanism
5.2 Structure
5.2.1 Introduction
5.2.2 Building Based
5.2.3 Shipping Container
5.2.4 Y-o-Y Growth Analysis, By Structure
5.2.5 Market Attractiveness Analysis, By Structure
5.2.6 Market Share Analysis, By Structure
5.3 Offering
5.3.1 Introduction
5.3.2 Hardware
5.3.3 Software
5.3.4 Service
5.3.5 Y-o-Y Growth Analysis, By Offering
5.3.6 Market Attractiveness Analysis, By Offering
5.3.7 Market Share Analysis, By Offering
5.4 Crop Type
5.4.1 Introduction
5.4.2 Y-o-Y Growth Analysis, By Crop Type
5.4.3 Market Attractiveness Analysis, By Crop Type
5.4.4 Market Share Analysis, By Crop Type
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Growth Mechanism
6.1.3.3 By Structure
6.1.3.4 By Offering
6.1.3.5 By Crop Type
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Growth Mechanism
6.1.4.3 By Structure
6.1.4.4 By Offering
6.1.4.5 By Crop Type
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Growth Mechanism
6.1.5.3 By Structure
6.1.5.4 By Offering
6.1.5.5 By Crop Type
6.2 Brazil
6.3 Mexico
6.4 Rest of Latin America
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Sky Greens
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Aerofarms
8.3 Illumitex
8.4 Koninklijke Philips N.V
8.5 Everlight Electronics
8.6 Green Sense Farms LLC
8.7 Agrilution
8.8 American Hydroponics
8.9 Urban Crops
8.10 Vertical Farm Systems
8.11 Indoor Harvest Corporation
8.12 American Hydroponics
8.13 Moflo Aeroponics
8.14 SPREAD
8.15 Mirai
8.16 Freight Farms
8.17 Bright Farms
8.18 Plantagon International AB
8.19 Gills N Claws Pte Ltd
8.20 Alesca Life
8.21 General Hydroponics
8.22 Heliospectra AB
8.23 GrowUp Urban Farms
8.24 Ecobains Gardens
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations, and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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