Newark, May 13, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2.42 Billion aquaponics market will reach USD 12.67 Billion by 2033. Rapidly growing consumer demand in the market, increasing partnership agreements and other strategic initiatives by the private players in the market may fuel the growth of the Aquaponics Market. The rising disposable income of the global middle class has reshaped consumer spending patterns, particularly evident in increased expenditures on food. This trend has led to a proliferation of restaurants worldwide. Locally produced food is experiencing heightened demand from consumers, with aquaponics playing a pivotal role in sustaining this local and regional consumption model. Consequently, the market for aquaponics is further propelled by this growing trend. Additionally, the pursuit of sustainable farming methods has emerged in response to the adverse impacts of climate change.
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Scope of Aquaponics Market
| Report Coverage | Details |
| CAGR | 18% from 2024 to 2033 |
| Market Size in 2023 | USD 2.42 Billion |
| Market Size by 2033 | USD 12.67 Billion |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Type, Application |
Aquaponics Market Size by Type (Media-based Aquaponics Systems, Nutrient Film Technique (NFT) Aquaponics Systems), By Application (Fish, Vegetables, Herbs, Fruits), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2024 to 2033
North America emerged as the largest global Aquaponics market, accounting for 44% of the total market. Owing to sustainable farming practices and increased production of organic food in the region. Whereas Asia Pacific exhibits the highest growth rate in the market owing to rapidly growing population coupled with increased disposable income and rising awareness towards healthy lifestyle.
Media-based aquaponics systems have dominated the market, acquiring 45% of the market share.
Media-based aquaponics systems have dominated the market, acquiring 45% of the market share. These systems are widely regarded as the predominant type in the global aquaponics market. These systems utilize various growth media, such as gravel or clay pellets, to support plant growth and provide a biofiltration environment for bacteria that convert fish waste into plant nutrients. On the other hand, Nutrient Film Technique (NFT) aquaponics systems are emerging as the fastest-growing segment. The surge in interest in sustainable agriculture, urban farming initiatives, and the preference for locally sourced produce are driving the rapid growth of NFT aquaponics systems.
The fish segment has dominated the Aquaponics market. Thereby acquiring 45% in the year 2023.
The fish segment has dominated the Aquaponics market. Thereby acquiring 45% in the year 2023. Further, it is expected to be the fastest-growing in the market. Owing to the rapidly growing global population, changing lifestyles, and preference towards pescetarianism. Additionally, raising awareness towards healthy lifestyle is another major benefit that has fueled up the growth of the Aquaponics Market in the period forecasted.
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Latest Development:
• Aerofarms: In 2019, the company partnered with Dell Technologies, enhancing its technological prowess in artificial intelligence and network systems. This collaboration facilitated increased utilization of machine learning to analyze data related to temperature, airflow, nutrients, humidity, etc.
• Aquaponics Systems: In 2017, the aquaponics source was relocated from Longmont to Boulter, aiming to enhance manufacturing and distribution facilities.
Market Dynamics
Drivers: Increasing demand for organic fruits and vegetables
Food security, encompassing both quantity and quality, has become a growing concern as societal and environmental changes unfold. Technological advancements have facilitated greater access to healthy foods for more populations. By offering communities access to organic foods, growers are contributing to the enhancement of life quality in those areas. The expanding consumer awareness regarding environmental and food safety issues has fueled the growth of organic farming in recent decades. Additionally, the utilization of chemical additives has spurred the adoption of organic products within the food and beverage industries. The increasing demand for organic products is propelled by a growing number of health-conscious consumers. For instance, organic food sales in the US surged by 12.8% in 2020, representing a doubling of the previous year's growth, as reported by the Organic Trade Association.
Restraints: Limited amount of fish and crops in the global market
Aquaponics offers the capability to cultivate various fish species alongside certain types of vegetables, albeit with limitations in selection. While freshwater and saltwater fish such as tilapia and carp thrive in these systems, the range of compatible vegetables is primarily limited to water-intensive plants like cucumbers. Notably, crops requiring insect pollination are typically omitted from aquaponic setups due to the controlled indoor environment that restricts insect presence. This constraint poses a challenge in effectively cultivating such vegetables indoors through aquaponics.
Opportunities: Rapidly growing consumer demand in the market
The rising disposable income of the global middle class has reshaped consumer spending patterns, particularly evident in increased expenditures on food. This trend has led to a proliferation of restaurants worldwide. Locally produced food is experiencing heightened demand from consumers, with aquaponics playing a pivotal role in sustaining this local and regional consumption model. Consequently, the market for aquaponics is further propelled by this growing trend. Additionally, the pursuit of sustainable farming methods has emerged in response to the adverse impacts of climate change.
Challenge: Increasing need to maintain water quality
The use of fertilizers, pesticides, and improper disposal of livestock waste in farming can lead to their infiltration into water bodies, causing nutrient overload, algal blooms, and oxygen depletion, adversely affecting marine life. Likewise, industries often emit untreated pollutants into waterways, releasing toxic substances that harm aquatic habitats and contaminate drinking water.
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Some of the major players operating in the Aquaponics market are:
• Aponic Ltd
• Aquaponic Lynx LLC
• Aquaponics
• Aquaponik Manufactory GmbH
• Backyard Aquaponics Pty Ltd
• Hapa Farms
• Hydrofarm Holdings Group, Inc.
• LivinGreen
• My Aquaponics
• Nelson and Pade Aquaponics
Key Segments cover in the market:
By Type:
• Media-based Aquaponics Systems
• Nutrient Film Technique (NFT) Aquaponics Systems
By Application:
• Fish
• Vegetables
• Herbs
• Fruits
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About the report:
The global Aquaponics market is analysed based on value (USD Billion). All the segments have been analysed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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