New York, US, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Aquaponics Market overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), Aquaponics Market Research Report by Produce, Components, Equipment, Application, and Region - Forecast till 2030, the market is projected to present a 14.1% CAGR to reach USD 2,464.29 Million by 2030.
Market Scope:
Aquaponics, in general, refers to the mutually beneficial relationship between fish and plants. Hydroponics is the cultivation of plants in a soilless environment, whereas aquaculture is the cultivation of fish in a closed environment. Aquaponics culture is where both technologies are used to produce the same composition.
The mechanism that facilitates reproduction is the driving force behind the entire Aquaponics concept. Aquaponics is defined by the fact that fish are raised in a tank while following the notion of soilless plant cultivation. Fishes and plants give each other with numerous benefits during the process. The nutrient-rich water that must have been produced as a result of fish breeding is fully capable of supplying fertilizers to the indoor plants. In addition, the plants assist supply fish with a habitat of freshwater.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 2,464.29 Million |
| CAGR | 14.1% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | by Produce, Components, Equipment, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increasing demand for organic food |
| Reduced technical complexity |
Competitive Dynamics:
The major key players use various strategies to maintain their market position in the aquaponics market in the global market by pursuing mergers and acquisitions, collaborating, establishing a new joint venture, establishing a partnership, developing a new production process, developing a new product line, and innovation in the existing product, among others, in order to expand their customer base in the untapped aquaponics market across the globe. Following is a list of the most significant global aquaponics market participants:
- Japan Aquaponics (Japan)
- Pentair Aquatic Eco-systems Inc. (US)
- NutraPonics Canada Corporation (Canada)
- Lucky Clays Fresh (US)
- Hapa Farms (US)
- My Aquaponics (South Africa)
- ECF Farmsystems GmbH (Germany)
- Red Ewald Inc. (US)
- Aponic Ltd (UK)
- Ichthys Aquaponics (South Africa)
- Nelson & Pade Inc. (US)
- Urban Farms AG (Switzerland)
- Greenlife Aquaponics (US)
- Colorado Aquaponics (US)
- Backyard Aquaponics Pty Ltd (Australia)
Browse In-depth Market Research Report (110 Pages) on Aquaponics:
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Market USP:
Market Drivers
Aquaponics yields are unaffected by noxious fertilizers and pesticides. The Fertilizer Price Index of the World Bank is anticipated to increase. The fish excrement, which thrives in aqueous solvents, is a good natural fertilizer for these crops. This further reduces the costs associated with using fertilizers for large-scale production. In addition, no expensive equipment is utilized; hence, the market has positive future prospects.
Aquaponics-produced organic veggies are on the rise and are anticipated to continue to be fashionable. One of the primary reasons for this is that farmers are increasingly embracing these strategies for the production of these vegetables, and as a result, there is an increase in the market's expansion prospects during the projected period ending in 2030. Additionally, these vegetables are locally farmed and are recognized to have a superior flavor and longer shelf life. Additionally, these items have a longer shelf life. Moreover, transportation costs are not excessively high; hence, innovations are likely to drive market trends.
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Market Restraints
Hydroponics and vertical farming are contributing to an increase in the adoption of sustainable agricultural practices. This is a significant obstacle for the predicted growth of the market over the period ending in 2030.
COVID-19 Analysis:
Since the initial cases of the coronavirus pandemic were announced, businesses, their manufacturing, and production units have been experiencing functional challenges and are thus preparing to cease operations and close their doors. In order to improve their health, customers in many geographical locations are adopting healthier lifestyles and consuming healthier products. Consequently, this tendency is projected to contribute to the growth of the aquaponics market share. This is because the methods employed are eco-friendly and the vegetables are organic, so satisfying the needs of a wider audience.
The government is also implementing measures such as awareness campaigns to encourage the consumption of organic vegetables and the dissemination of corrective information regarding their benefits and nutritional value. In addition, the government is implementing programs to assist startups involved in the production and distribution of organic veggies. Key industry participants are also planning ingeniously for the adoption of tactics that facilitate the manufacture of creative products and their widespread distribution.
Market Segmentation:
Based on the Produce
The fruits and vegetables segment is expected to record the highest growth over the review period.
Based on the Equipment
The aeration systems segment is expected to gain momentum over the review period.
Based on the Component
The bio-filters segment is poised to record substantial growth over the review period.
Based on the Application
The commercial application segment is poised to grow at a notable CAGR over the review period.
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Regional Analysis:
The North American region holds the biggest market share in the global aquaponics market due to the increasing adoption of contemporary agricultural techniques and the rising demand for organic food. The United States made the most contribution to the region, followed by Canada. Aquaponic is a small but quickly expanding industry in the region, supported by partnerships between educational and research institutions and private businesses. This aspect had a crucial influence in the establishment and expansion of aquaponic farms.
Asia-Pacific holds the second-largest market share in the aquaponics industry because to its steady technological advances. In addition, the market is driven by the increasing desire for improved agricultural production in nations such as China and India.
The European region holds the third-largest market share in the aquaponics industry due to its well-established infrastructure. In addition, the adoption of simple technical processes coincided with a rise in per capita income.
In addition to Latin America and the Middle East and Africa, the aquaponics market is growing in Latin America and the Middle East and Africa due to the increased demand for low operating costs and organic food.
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