Purpose The purpose of this paper is to review and examine the recent investment trends of firms operating in the food, feed and biofuel production and processing sectors in Latin America. The inter-related nature of these three sub-sectors and the great expansion they have gone through in the last decade showcases a series of socioeconomic and environmental policy challenges thus making it relevant to identify their different business models through a typology. Design/methodology/approach The paper first presents an unprecedented literature review based on field observations and media coverage of agri-business strategies of the food, feed and biofuel production in the region. It then moves to an in-depth analysis of investment operations that serve to classify such firms into a business model typology considering degree of internationalization and integration. The typology is a useful mechanism to enhance public policy analysis and uncover market or government incentives behind business decisions. Findings By focusing on investment strategies, the paper illustrates how both market and government incentives shape and affect the performance and consolidation of different players in the food, feed and biofuel sub-sectors in Latin America. The resulting effects have strong economic as well as social and environmental implications because such economic activities have an impact on global food and energy security. Research limitations/implications Limitations include a reliance on largely qualitative evidence and research methods due to unavailability of consistent numerical data in these specific agri-business sub-sectors. Originality/value This paper is unique in its focus on business models in a particularly relevant set of agri-business sub-sectors in Latin America and its implications to promote investment and innovation in value chain development while considering regional-specific challenges.