Aquaponics market is majorly driven owing to rising population & demand for organic fruits & vegetable all over the globe. Also, the market growth can be attributed to the advent of technological development within traditional agri & aqua culture. Low transportation & inventory cost coupled with high productivity & profit margin is another factor boosting the aquaponics market growth. Moreover, the simultaneous cultivation of vegetables & fruits along with fishes, crayfishes, mushrooms and others with better environmental sustainability is expected to fuel the market penetration. Rising demand and consumption of fish is presumed to drive aquaponics market in following years. Furthermore, advantages such as cost-effective, sustainable & organic culture are again anticipated to boost the aquaponics market.
As per the latest market study added by Value Market Research, the Global Aquaponics Market was valued USD 370.5 MN (by revenue) in 2017 and is anticipated to reach USD 1,501.0 MN by 2024 with a CAGR of 22.5%.
VEGETABLES & FRUITS LED THE PRODUCTION TYPE SEGMENT
Vegetable & fruits are anticipated to reach at USD XX.X MN by the end of 2024. Vegetable & fruits dominated the product type segment owing to rising demand for organic food along with a shift of the consumer preference toward vegan diet has driven the demand.
BY EQUIPMENT, GROW LIGHT HAS DOMINATED THE SEGMENT
Grow light is anticipated to reach at USD XX.X MN by the end of 2024. Grow light has led the segment in aquaponics market owing to their rising application since they have high efficiency to emit light & heat for the process of photosynthesis.
HYDROPONICS SUBSYSTEM IS HIGHLY PREFERRED COMPONENT OF AQUAPONIC
The hydroponic subsystem is dominating the segment owing to various advantage offered over conventional cultivation practice and is likely to reach USD XX.X MN by 2024. It is cost-effective, allow a farmer to easy monitor, ensuring optimal real-time nutrients balance and does not require land. This advanced technique help to improve productivity and enhance the quality of the product. Therefore, lack of arable land along with the advancement in cultivation practice is likely to raise the growth of the segment.
COMMERCIAL AQUAPONICS LED THE APPLICATION SEGMENT
Commercial aquaponics is anticipated to reach at USD XX.X MN by the end of 2024. Commercial aquaponics has dominated the application segment owing to better sustainability, profitability, expansion and continuous harvesting.
EUROPE TO GAIN MAXIMUM REGIONAL MARKET
Europe has dominated the regional segment and is presumed to reach USD 574.5 MN by the end of 2024. Europe is the regional market leader for aquaponics market owing to rising demand of organic food along with technological innovation are the factors driving the market growth. Funding by the European Union to promote adaptation of aquaponics technique is also expected to foster the market growth in the region.
As per this study, the Global Aquaponics Market was valued USD XX MN (by revenue) in 2021 and is anticipated to reach USD XX MN by 2028 with a CAGR of XX%.
Aquaponics is a soil-less culture system with the combination of aquaculture and hydroponics water-based system. Aquaponics includes cultivation of the variety of fishes such as carp, goldfish, etc. and plants such as chives and lettuce. Basically, it is a recirculating system in which plants absorb the nutrient rich water and effluents released by aquatic animals, making the water clean and reusable for the aquatic animals. Abundant organic and qualitative food production, minimum loss, high-energy efficiency, water conservation and cost-effective are few advantages offered by aquaponics.
Moreover, aquaponics systems offer numerous benefits including higher control on production, lower losses, organic and qualitative production, water efficiency and limited wastage. Aquaponics is most appropriate where land is expensive, water is scarce, and soil is poor. Additionally, aquaponics can be used in an urban environment where bounded land is available to grow vegetables, fruits, and herbs.
The market of aquaponics is growing mainly due to technological advancement. The major driver of aquaponics market is that it helps in enhancing the ultimate productivity with minimum inputs than traditional agriculture and aquaculture practices. Aquaponics is an advantageous method as it helps in improving ultimate productivity in a cost-effective manner. Moreover, this system helps in the production of herbs with the high market, vegetables, and leafy greens, as well as fish, crayfish, worms, mushrooms, and many other crops. Furthermore, it allows agriculture to take important innovative steps toward environmental sustainability. On the other hand, expensive initial startup costs compared with soil vegetable production or hydroponics is likely to act as a restraint.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter’s five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of aquaponics.
The broad aquaponics market has been sub-grouped into production type, equipment, component, and applications. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Production Type
- Vegetables & Fruits
- Pumps and Valves
- Grow Lights
- Water Heaters
- Water Quality Testing
- Fish Purge Systems
- Aeration Systems
- Rearing Tanks
- Hydroponics Subsystem
- Settling Basin
- Home Food Production
- Education & Research
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for aquaponics in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Aquaponics Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the aquaponics market includes Backyard Aquaponics Pty Ltd., Colorado Aquaponics, ECF Farmsystems GmbH, Greenlife Aquaponics, My Aquaponics, Nelson & Pade Inc. and Urban Farms AG. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
A combination of primary and secondary research has been used to determine the market estimates and forecasts. Sources used for secondary research include (but not limited to) Paid Data Sources, Company Websites, Technical Journals, Annual Reports, SEC Filings and various other industry publications. Specific details on methodology used for this report can be provided on demand.