Beyond providing fresh local produce, vertical farming could help increase food production and expand agricultural operations as the world’s population is projected to reach 9 Billion by 2050. Also, by the same year, it is expected that two out of every three people will live in urban areas. Producing fresh greens and vegetables close to this urban population could help to meet the increasing food demands across the globe. Vertical farming offers a sustainable and environmentally responsible way of life for the upcoming enhanced lifestyle. In Latin America, the market is projected to expand as the consumer demand for organic foods is being complemented by rising disposable incomes and a growing population. Further, increasing penetration of technology advancements in the vertical farming industry across Latin America, which will bring down the overall cost, is forecasted to direct the market towards higher momentum. For instance, AgroUrbana was the first vertical farm established in Latin America with its 3000 square foot pilot facility located in Santiago (Chile). Furthermore, Latin America is planning to replicate this farm on a larger scale (30,000 square feet). This new facility will allow AgroUrbana to increase its output by twentyfold and will fuel the higher market growth. AgroUrbana currently produces lettuce as a house mix. It will soon be launching kale and basil, and it has experimented with strawberry production.
According to the report titled “Latin America Vertical Farming Market Outlook, 2027″, published by Bonafide Research, the vertical farming market is expected to expand at a CAGR of 15.58% from 2022 to 2027. Better yield with lower requirement for space, shorter growing time, less water usage, a gassy product, and superior organic taste are some of the major driving forces for the Latin American vertical farming market. The Latin American vertical farming market is segmented into three prominent countries, including Brazil, Argentina, and Columbia. Among these countries, Brazil is estimated to lead the Latin American vertical market during the forecast period. Brazil is considered to be one of the largest markets across the region, followed by Argentina and Columbia.
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Vertical farming companies have arisen in all of the main Brazilian metropolises. Embrapa is the main agricultural research agency in Brazil that has been researching mineral nutrition management for hydroponically grown vegetables. In addition to that, Brazil has abundant land resources and vegetable production is more strongly limited by climate conditions than land availability. According to research, in the city of Sao Paulo alone, there are at least three vertical farms. Also, Brazil is mainly known for its vertical farms. It is based on the concept of using innovative technology to grow food “up” rather than “out,” bringing fresh and local production to urban areas with less impact on the environment. Currently, Pink Farms is growing micro-greens, which are sold directly to the consumers.
According to the report, Latin America’s vertical farming market is segmented into three growth mechanism types, including hydroponics, aeroponics, and aquaponics. Among these types, the hydroponics segment is anticipated to lead the market during the forecast period with more than 56%. Growing awareness about the environmental impacts of traditional farming as well as water shortages has directed the market towards the hydroponics growth mechanism. Further, the market is segmented into two structure types, including building-based vertical farms and shipping container-based vertical farms. Among these types, the building-based vertical farm segment is projected to occupy the largest portion of the market share during the forecast period. However, shipping-container based farming is anticipated to grow at a rapid compound annual growth rate in the Latin American vertical farming market by 2027.
Covid-19 Impact: From corporate agricultural production systems to small and medium-scale farm households, all types of farming systems were heavily impacted during the COVID-19 pandemic. The various government-implemented measures, such as reduced mobility, closure of public and private venues, and a halt in production units, had varying degrees of severity. Imposed lockdown situation resulted in a major drop in revenue generation as well as disrupted supply chains for vertical farming instruments. However, staying at home has changed the mindset and preference of many consumers and has directed them to organic food consumption. Such factors are expected to propel higher market growth during the forecast period in the Latin American vertical farming market.
Major Companies present in the market: Pentair Aquatic Eco-systems Inc., NutraPonics Canada Corporation, Signify Holding, OSRAM GmbH., Everlight Electronics co. Ltd
Considered in this report • Geography: Latin America • Historic Year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027
Aspects covered in this report • Latin America Vertical Farming Market with its value and forecast along with its segments • Country wise vertical farming market analysis • Application wise vertical farming distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation
Countries covered in the report • Brazil • Argentina • Colombia
Based on Growth Mechanism of vertical farming in the report: • Hydroponics • Aeroponics • Aquaponics
Based on structure type of vertical farming in the report: • Building based-vertical farming • Shipping based-vertical farming
Based on hydroponics components of vertical farming in the report: • Lighting • Climate Control (HVAC) • Sensors • Other Hydroponic Components (Irrigation & fertigation system)
Based on application type in the report: • Indoor-vertical farming • Outdoor-vertical farming
Based on crop type in the report: • Tomatoes • Bell & Chili peppers • Lettuce • Herbs • Leafy Greens (excluding lettuce) • Strawberry • Others
The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agricultural industry, food & beverage industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Keywords: global vertical farming market size, herbal, botanical, Skyscraper farming, Agricultural techniques, Vertical farming component, farming equipment, Tomato Lettuce vertical farming, Bell & Chili, food & beverage, market demand of vertical farming, hydroponics, aeroponics, aquaponics, shipping container vertical farming, top vertical farming countries, top vertical farming companies,top hydroponics farming by countries, Latin America, Brazil, Argentina, Columbia.
This report would help you answer the following questions: 1. At what rate Latin America market is expected to grow? 2. Which mechanism is leading the market by 2027? 3. Which country is leading the market by 2027? 4. What is the name of the vertical farming? 5. Who is leader in vertical farming?
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