Market Size of Agriculture in Uruguay
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.00 % |
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Uruguay Agriculture Market Analysis
The Uruguayan agriculture market is projected to register a CAGR of 4.0% during the forecast period.
- The factors driving the market are the abundant arable land, which accounts for 16.4 million hectares (93% of the country's total land area) in 2021, and favorable government policies like no limitations or restrictions on the export of agro-industrial goods and further driven by increasing income, rapid urbanization, and a shift in consumers' diet preferences toward nutritional food.
- The agricultural sector is a mainstay of the Uruguayan economy. Agriculture and agri-industry account for 12% of the GDP and about 70% of the total exports. Agriculture in Uruguay has witnessed great changes during the last decade. The food consumption rates in the country are rising, especially among the middle-income group.
- Uruguay's major agricultural products are soybeans, rice, wheat, maize, sorghum, citrus fruits (mainly oranges, tangerines, lemons, and grapefruits), and deciduous fruits (mainly apples, pears, peaches, plums, quince, and nectarines). As a result, rising demand for food crops due to the country's growing population, particularly for fruits and vegetables, is expected to drive the market.
