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Mexico Vertical Farming Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Mexico Vertical Farming Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • December 2021
  • 96 pages
  • ID: 6192793
  • Format: PDF
  • Mordor Intelligence LLP

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The Mexico vertical farming market was valued at USD 260.8 million in 2020 and is projected to register a CAGR of 10.0% during the forecast period.

During the lockdown imposed due to COVID-19, larger corporate farming systems with vertical market integration and high level of control or coordination within the supply chain and subsistence farming systems with a focus on production for self-consumption and little external input use were both relatively less impacted and showed greater adaptive capacity. Loss of commercial mobility and lockdowns did not affect them as much as other participants of the market in Mexico.

The increasing water scarcity and reduction in agricultural land area, focus on the food security and the need for alternative farming technique are major drivers who? have paved the way for the development of vertical farming in Mexico. The production structure of agriculture in the country has a heterogeneous landscape, which translates into a low productivity growth across the last years. Thus, vertical farming can provide a sustainable long-term solution to ensure food security. The growth of the market is therefore expected to be positive during the forecast period.

Key Market Trends

Increasing Water Scarcity and Reduction in agricultural land area

The estimated drylands in Mexico according to United Nations Conference on Trade and Development (UNCTADare approximately 101. 5 million hectares or just over half of the total territory. ?Moreover, Water availability in most of the central and northern regions of the country is scarce. The regions that are classified as water stressed are also the places where the economy has developed more extensively compared to the rest of the country, owing to the proximity to the United States. This has also resulted in the stagnation of agricultural area. Consequently, the population in these areas has also grown at a fast rate, further increasing the water demand. Mexico is considered as a water-scarce country, and it is facing numerous technical and administrative challenges. ? Thus the country is looking for alternative sustainable solutions to counter the water and arable land issues.

A vertical farm can use 95% less water since it is recycled and since the plants are stacked vertically, every square meter of the floor space of vertical farming produces approximately the same amount of vegetable crops as 50 square meters of conventionally worked farmland. These benefits are crucial for the country to focus on vertical farming and promote it. ?Hence the demand for vertical farms is expected to grow further in the coming years in Mexico.

Increased Focus on Food Security

In Mexico, the diverse food, nutrition, and public health issues are handled separately by different agencies with highly unequal capacities for action and political power. Fragmentation creates confusion and is likely responsible for the weak state of food security governance in Mexico. However, reforms are being implemented by the government.

Consejo Nacional de Población de México estimates that the average population of Mexico will exceed 145 million people by 2050, up from 121 million in 2015. This will put immense pressure on the agricultural system of the country to provide food for the entire country.

Hence, the increasing demand for food security requires bold and innovative technologies like vertical farming . Since the focus on this issue is only going to increase with the increasing population in the country, the mexico vertical farming market is projected to witness a gradual growth in the coming years.?

Competitive Landscape

The Mexican vertical farming market is highly consolidated with the top players occupying a major share in the market. As vertical farming in Mexico is at a nascent stage, stakeholders, including direct customers, are willing to experiment with products that suit best. The major players in Mexican vertical farming market are Signify Holding, Heliospectra AB, and Verde Compact, among others.

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