Report : South America Vertical Farming Crops Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Crop Type (Tomato, Leafy Greens, Herbs, and Others), End-Use (Food Retail, and Food Service), and Farming Technique (Hydroponics, Aeroponics, and Aquaponics)
Hydroponics segment to dominate the South America Vertical Farming Crops Market during 2020–2028
According to a new market research study on “South America Vertical Farming Crops Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Crop Type, End-Use, and Farming Technique” is expected to reach US$ 31.94 million by 2028 from US$ 11.43 million in 2021. The market is estimated to grow at a CAGR of 15.8% from 2021 to 2028. The report provides trends prevailing in the South America vertical farming crops market along with the drivers and restraints pertaining to the market growth. Strengthening demand for vertical farming in highly populated urban countries, AI-controlled vertical farms, and thriving demand for fresh, pesticide-free, and locally grown produce are the major factor driving the growth of the South America vertical farming crops market. However, huge initial investment hinders the growth of South America vertical farming crops market.
Brazil has the highest number of COVID-19 cases, followed by Ecuador, Chile, Peru, and Argentina. South America's government has taken an array of actions to protect its citizens and contain COVID-19's spread. It is anticipated that South America will face lower export revenues, both from the drop-in commodity prices and reduction in export volumes, especially to China, Europe, and the U.S, which are important trade partners. Containment measures in several South American countries have reduced economic activity in the agriculture sector for at least the next quarter, with a rebound once the epidemic is contained. The pandemic has been hard in the region. However, the players in the area come up with opportunities. For instance, to respond to the pandemic, Pink Farms shifted its sales online and developed a new product line, "microgreens," early-harvest leaf vegetables packed with nutrients and flavor. Pink Farms is the first vertical farm in Sao Paulo, Brazil. Such strategies are projected to uplift the market growth in the coming years.
The South America vertical farming crops market is segmented on the basis of crop type, end-use, farming technique, and country. Based on crop type, the market is segmented into tomato, leafy greens, herbs, and others. In 2020, leafy greens segment held the largest share in the market, and herbs is expected to be the fastest growing segment during the forecast period. Based on end-use, the market is segmented into food service and food retail. In 2020, food retail segment held the largest share in the market, and food service is expected to be the fastest growing segment during the forecast period. Based on farming technique, the market is segmented into hydroponics, aeroponics, and aquaponics. In 2020, hydroponics segment held the largest share in the market, and aeroponics is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into the Brazil, Argentina, and Rest of MEA. In 2020, Rest of SAM held the largest share in the market, and Brazil is expected to be the fastest growing country during the forecast period.
AeroFarms, CropOne, Plantlab, and Gotham Greens are among the leading companies in the South America vertical farming crops market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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