The Uruguayan fruits and vegetables market is expected to register a CAGR of 6.7% forecast period. Major fruits and vegetables grown in Uruguay are oranges, tangerines, apples, cranberries, pears, melons, grapes, peaches, quinces, sweet potatoes, dry peas, onions, pumpkins and squash, potatoes, and broad beans. Citrus fruit production has a long tradition in the country and much of it has been destined for export. The major factors driving the market are favorable government polices like no restrictions on exports of agro-industrial product, insurance against extreme climate events, resulting in loss of fruits and vegetables production.
Key Market Trends
Adoption Of Strategies To Increase productivity
The agricultural sector is a mainstay of the Uruguayan economy, contributing seventy percent of exports and seven percent of the Gross Domestic Product (GDP). The sector has experienced a period of rapid growth, intensification and modernization over the last decade. Citrus fruit production has a long tradition in the country and much of it has been destined for export.
In the South of Uruguay, the average vegetable cropped area per farm increased, while the average total area per vegetable farm stayed approximately the same. However, the country is not self-sufficient in vegetable production. which necessitates the import driving the growth of the market.
Development Of Climate Change Policies, Strategies & Plans
Uruguay has developed an advanced suite of climate change policies, strategies and plans. The country has committed to ambitious and quantified sectoral mitigation targets to be achieved by 2030. Financial institutions play an important role in sustaining fruit and vegetable production amidst ago-climate changes, through the initiatives that offer insurances against extreme events (like hydrological events, storms, hail, wind, etc.), as well as unconventional insurances, based on weather indices, in order to mitigate the effects of water and drought excesses. This is the another factor that is driving the growth of fruits and vegetables market in Uruguay.
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