Market Overview:

Latin America Vertical Farming Market was worth USD 0.74 billion in 2019 and expected to be growing at a CAGR of 21%, to reach USD 1.93 billion by 2024.

Vertical Farming is the practice of producing food and medicine in vertically stacked layers. The modern idea of vertical farming use indoor farming techniques and Controlled Environment Agriculture (CEA) technology. Vertical farms have the potential to reduce or eliminate the need to create additional farmland.

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Factors affecting market growth:

• Increased preference for organic foods, pesticides frees foods. +
• Rise in Population and increase in urbanization. +
• Decline in Water level in the recent years +
• Land for agriculture cultivation is limited. +
• Less dependence on Favorable weather conditions and high water usage, skilled labor. +
• High initial investment for setting up Vertical farming market is restraining market. -
• Production of High value crops and Consumption of artificial light is restraining the market growth. (–)
• Low production output and development of this advancement techniques is yet in progress. (-)

Market Segmentation

The Europe Vertical Farming Market is segmented on the basis of

Growth Mechanism

• Hydroponics
• Aeroponics
• Aquaponics

Structure

• Building Based
• Shining Container
• Shipping Container

Offering

• Hardware
• Software
• Service

Hydroponics is the easiest way among all other segmentation’s and that segment is also a budget friendly process and the outputs can be expected at good. Building based were the biggest application segment of the vertical farming market. Indoor farms include growing vegetables, fruits, etc. in controlled environments.

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Key players:

Major Market players involved in 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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