(Food-Beverage-News.Com, October 09, 2017 ) According to the report “Latin America Vertical Farming Market By Growth Mechanism (Hydroponics, Aeroponics And Aquaponics), By Structure (Building Based And Shipping Container), By Offering (Hardware, Software, And Service), By Crop Type And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)” published by Market Data Forecast, the Latin America Vertical Farming Market was worth USD 0.48 billion in 2016 and expected to be growing at a CAGR of 21%, to reach USD 1.23 billion by 2021.
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.
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 weather for production is driving the market from the producer side. Further, growth in the use of technology such as Internet of Things in Vertical Farming, rapidly expanding populace and increase in the annual production of crops are predicted to exponentially boost market growth. High costs of lighting equipment and continuous maintenance requirement are the constraints faced by the Latin America Vertical Farming market.
The Latin America Vertical Farming market is segmented by Growth Mechanism, Structure, Offering, Crop Type, and Geography. By the Growth Mechanism Type, the market is classified into Hydroponics, Aeroponics, and Aquaponics. By the Structure used, the market is separated into Buildings and Shipping Containers. By the type of Offering, the market is classified into Hardware, Software, and Service. The Vertical Farming market is further segmented on the basis of Crop Type and Geography.
Latin America market region includes countries such as Brazil, Mexico, Argentina, and remaining countries of South America. The market is projected to expand in Latin America as the consumer demand for organic foods is being complimented 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.
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.
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