Latin America Smart Agriculture Market - Industry Size, Opportunity, Growth, Demand, & Forecast To 2027

It has been researched that Latin America is associated with the production and export of a diverse range of agricultural products like coffee from Brazil and Colombia, beef from Argentina and bananas from Ecuador. The region accounts for more than 16% of the total global food and agriculture exports, whereas 4% of the same are imports. The Asia-Pacific region is one of the few parts of the world with significant resources of unexploited agricultural land. In recent years many countries in this region have achieved respectable rates of agricultural productivity growth. Therefore, the rising productivity will be essential to meet the domestic food needs or to enhance the export competitiveness. The major crops produced in this region are Cashews, Coffee, Brazil nuts, Cocoa and fruits like avocado, pineapple, papaya and guava. According to the report published by Actual Market Research titled as “Latin America Smart Agriculture Market Outlook, 2027”. Latin America is supposed to grow with a CAGR of 12.83% by the end of the forecast period. The country is expected witness potential rise in the agriculture sector with smart agriculture. As smart agriculture is expanding its growth and reaching out a larger number of farmers, the market value of drones for agricultural use is expected to be growing with huge profits by the forecasted period. One of the major segments of smart agriculture which is most commonly used in Latin America is precision agriculture. In order to protect the crops and prevent using access amount of pesticides and other chemicals has encouraged the farmers to use specialized equipment like drones, sensors. These devices are used for monitoring the field conditions and collecting the real-time data and guide the farmers in making further decisions. This can further result in the productivity. Advanced farming is termed as an IT based farming management to analyze, manage, and identify the variability in the fields for projection, optimum profitability, and sustainability of the land resource. Advanced farming provides advantages for both environment and economic sectors such as decreasing the use of fertilizers, water, pesticides, and herbicides by using the farm equipment. Some of the key drivers are monitoring the plant and soil, saving time and cost in the production of crops, providing better information for management decisions, and reducing the use of excess run-off water. As per research many leading companies are launching new advanced and innovative devices for the smart agriculture sector to grow more efficiently. Moreover, even the government is encouraging the farmers by passing subsidies, taking initiatives and launching agri-tech learning programs. Therefore, these all developments are helping the smart agriculture market to grow widely. The Covid-19 effect on Latin America smart agriculture market: The agriculture sector in Latin America plays a vital role in producing food and ecosystem services that is attributed to impact not alone the region but the entire planet. Today Millions of farmers throughout the region are struggling to overcome the impacts of a global health crisis, slow-down in economy and a crippling migrant crisis. Reformation of the industry through higher technology was needed for the sector to play a significant role in supporting the recovery from the Covid-19 crisis. However, lockdown situations have boosted the demands and awareness about the technology revolution in agriculture industry due to lack of labor force and sustainability. This factor estimates the increasing market growth foe smart agriculture in Latin America during the forecast period. Major Companies present in the market: Raven Industries, Inc, Merck & Co., Inc, Deere & Company, AgJunction Inc., Trimble Inc., Topcon Positioning Systems, Inc., AGCO Corporation, AG Leader Technology, Afimilk Limited, InnovaSea Systems, Inc., Abaco Systems, Inc., GEA Group Aktiengesellschaft (GeaCowScout), Grownetics, Inc., Heliospectra AB, Nedap N.V. Inc, Gamaya SA, Ceres Imaging, Inc, AKVA group, CropX Technologies Considered in this report • Geography: Latin America • Historic Year: 2016 • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Latin America Smart Agriculture Market with its value and forecast along with its segments • Country wise smart agriculture market analysis • Application wise smart agriculture distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • Brazil • Argentina • Columbia Types of smart agriculture in the report: • Precision Agriculture • Aquaculture/Precision Fish Farming • Smart Greenhouse Market • Precision Livestock Monitoring Market • Precision Forestry Market By Offering Type in the report: • Hardware • Software • Services The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.