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.