New York, United States, Jan. 09, 2024 (GLOBE NEWSWIRE) -- Aquaponics is the method of hydroponically cultivating plants while using traditional fish culture. Aquaponic techniques have gained widespread favor among farmers because of the system's unique ability to produce throughout the year. Since employing aquaponics eliminates the need for inorganic fertilizers, fertilizers are ultimately less expensive. In addition, organic aquaponics farming is possible year-round without using additional toxic chemicals. In recent years, unpredictable weather has had a considerable negative impact on the food supply. As a result of these factors, this industry is anticipated to see fantastic growth opportunities in the future years.
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Growing Interest in Organic Fruits and Vegetables to Drive the Global Aquaponics Market
According to Straits Research, “The global aquaponics market size had a revenue worth USD 493 million in 2022. It is expected to reach USD 1,145 million by 2031, growing at a CAGR of 9.82% during the forecast period (2022-2031).” In terms of both quantity and quality, food security is becoming a more significant concern as the world evolves. Because of technology's rapid growth, more populations can now access healthier foods. By giving access to organic foods to communities, growers improve the quality of life in such communities. In past years, the spread of organic farming has been spurred by rising consumer awareness of environmental and food safety concerns. Similarly, the usage of chemical additives in the food and beverage industries has driven the adoption of organic products. An increasing number of health-conscious consumers are driving the market for organic products.
The Growing Consumer Demand to Create Global Aquaponics Market Opportunities
The rising disposable income of the global middle class has altered how people spend their money. There are more restaurants on a global scale because consumers are spending more money on meals. Consumer demand for locally produced food is increasing, and aquaponics helps to support this local and regional consumption model. This is contributing to the market's expansion. The hunt for sustainable farming techniques has emerged in response to the harmful consequences of climate change.
In the beginning, commercial farms are formed as test sites to demonstrate the viability of experimental technology necessary for ecologically challenging or atypical operational environments. These businesses must expand to maximize economies of scale, and they seek finance to do so. The expansion of farms to increase their yields and profitability is increasing market growth.
Regional Insights
North America will command the regional market expanding at a CAGR of 8%. The United States is the region's primary source of revenue. Population growth, a surge in demand for organic foods, a rise in disposable income, technological advancements, inventions, and other reasons are all propelling the aquaponics market in the United States. Significant investments were made to expand the aquaponics business in the United States. In 2017, Superior Fresh LLC established the first indoor recirculating aquaculture system and the world's largest aquaponics facility, both utilized to raise Atlantic salmon. In the 40,000-square-foot fish-rearing facility, salmon and rainbow trout are raised with the same water that sustains eight greens.
Europe will hold the second-largest share of USD 272 million, expanding at a CAGR of 7.5%. The aquaponics business is progressively gaining importance due to its development of a paradigm shift for ethical and sustainable food production in urban areas. The aquaponics market in the region has recently been propelled by urbanization and population growth. Europe's aquaponics agricultural industry has been propelled by technical input. Numerous regional enterprises are creating revolutionary aquaponics technology for the entire country. GrowUp Urban Farms, for example, operates the largest vertical farm in the United Kingdom using a combination of aquaponics and innovative vertical growth techniques.
Key Highlights
- By growing system, the raft or deep-water culture section is projected to have the most significant revenue holding while growing at a CAGR of 8.55%.
- By facility type, the poly or glass greenhouses section is forecasted to hold the largest share, expanding at a CAGR of 8.3%.
- By fish type, the tilapia section will hold the largest share, advancing at a CAGR of 9.32%.
- By regional segmentation, North America will command the regional market, expanding at a CAGR of 8%.
Competitive Players in the Market
- Superior Fresh
- Ouroboros Farms
- Springworks Farm
- BIGH
- Deep Water Farms
- Traders Hill Farm
- ECF Farmsystems
- Pentair Aquatic Eco-System Inc.
Market News
- In 2022, Welbilt, Inc. sold Manitowoc Ice to Pentair, the world's leading water treatment and sustainable solutions provider.
Global Aquaponics Market: Segmentation
By Growing System
- Media Filled Beds
- Constant Flow
- Ebb and Flow (Flood and Drain)
- Nutrient Film Technique (NFT)
- Raft or Deep-Water Culture (DWC)
By Facility Type
- Poly or Glass Greenhouses
- Indoor Vertical Farms
- Other Facility Types
By Fish Type
- Tilapia
- Catfish
- Carp
- Trout
- Ornamental Fish
- Other Fish Types
By Region
- North America
- Asia Pacific
- Europe
- South America
- Africa
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