Market Size of Mexico Vertical Farming Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 318.11 Million |
| Market Size (2029) | USD 512.31 Million |
| CAGR (2024 - 2029) | 10.00 % |
| Market Concentration | High |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
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Mexico Vertical Farming Market Analysis
The Mexico Vertical Farming Market size is estimated at USD 318.11 million in 2024, and is expected to reach USD 512.31 million by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).
- The increasing water scarcity and reduction in agricultural land area, focus on food security, and the need for alternative farming techniques are major drivers that have paved the way for the development of vertical farming in Mexico. Major crops produced in the country under vertical farms are lettuce, leafy vegetables, microgreens, tomato, cucumber, etc. Lighting devices and climate control are the major component types in vertical farms. Since farming is done in indoor conditions, providing proper and adequate lighting, along with the right environmental conditions, becomes crucial for the growth of plants.
- In terms of quantity, most indoor farms in Mexico focus on leafy vegetables and microgreens. However, with the increasing R&D on different varieties of produce, the trend is set to change rapidly. Companies are pioneering vertical farming and working on getting systems and knowledge to the new generation of agronomists. The Mexican government is paying attention to new technologies and revising university programs.
- The National Consumer Price (NCP) index saw a dramatic rise in fresh goods in 2022. Inflation and challenges with basic food products are increasing hunger among the poorest people. Vertical farming can promote food security and help reduce food insecurity in the country. Hydroponics is the most adopted vertical farming technique, followed by aeroponics and aquaponics. Compared to other methods, hydroponics has a relatively low investment.
- The country's agriculture production structure has a heterogeneous landscape, translating into low productivity growth over the past few years. Thus, vertical farming can provide a sustainable long-term solution to increasing agriculture productivity in the country. Therefore, market growth is expected to be positive during the forecast period.
