Aquaponics Market Overview
The Aquaponics Market is expected to register a CAGR of 13.4% from 2022 to 2030 and reach USD 2,464.29 Million by the end of 2030 and the prevailing trends and demand will help the market reach a final valuation worth USD 2,464.29 Million by the end of the forecast period in 2030. Aquaponics overall refers to the mutual relationship between the fish and plants that benefit the environment. Hydroponics is the culture of the plants raised in a soil-less environment, while the culturing of fishes in a closed environment is known as aquaculture. Aquaponics culture is where both methods are merged to create a composition of the same.
The one and foremost main reason that drives the entire concept of Aquaponics is the mechanism that allows the breeding. When the fishes are raised in a tank while following the concept of soil-less plant culture, that defines the entire concept of Aquaponics. The process has so many benefits that the fishes and the plants provide to each other. The nutrient-rich water that must have been developed as a result of the fish breeding is completely capable of providing fertilizers to the plants inside. Along with this, the plants help provide freshwater as a habitat to the fishes. A few examples of aquaponics culture are tomatoes, capsicum, red onions, and shallots.
Covid 19 Analysis of Aquaponics Market
Since the initial cases of the coronavirus pandemic were reported, the businesses, their manufacturing, and production units have been facing functional issues and hence, are moving towards the way of stopping their operations and shutting down the business. The customers spread across various global regions are introducing lifestyle changes and also, opting for healthier means of consumption to improvise their health. Hence, this trend is likely to work in favor of the expansion of the aquaponics market share. This is because the methods undertaken are environment-friendly and also, the vegetables are organic, thus, serving the requirement of a larger audience.
The government is also undertaking steps like awareness campaigns to use organic vegetables and spread correction information like the benefits and nutrient value. The government is also rolling out schemes that will support the startups dealing in the production and delivery of organic vegetables. The key market players are also innovatively planning for the adoption of strategies that help in the production of creative products and launch them on a large scale.
The aquaponics culture produces are free from any interference of harmful fertilizers or pesticides. The Fertilizer Price Index belonging to the World Bank is expecting an increase. The fish waster is an excellent natural fertilizer for these vegetables and grows inside water solvents. This further helps in curbing the expenses incurred to use fertilizers for production on a large scale. Also, there is no employment of any expensive equipment and hence, the market has profitable aspects for the future.
Agricultural practices like hydroponics and vertical farming are leading to an increase in the adoption of sustainable practices. This is posing a major challenge for the expected growth of the market during the forecast period that ends in 2030.
Organic vegetables that are a product of the aquaponics market operations are rising and are likely to stay in trend. One of the main reasons behind this is that the farmers are gradually adopting these tactics for the cultivation of these vegetables and hence, there is a rise in the opportunities that are available to the market for expansion during the forecast period that ends in 2030. Also, these vegetables are locally grown and are known to have a better taste and stay fresh for a longer duration. Also, these products have a longer shelf life. The transportation cost is also not very high and hence, the advancements are likely to lead the market trends.
The aquaponics market has been divided all across the globe based on the produce, equipment, component, application, and region.
Based on the Produce
The market has been divided all across the globe based on the produce into fruits and vegetables, fish, and others.
Based on the Equipment
The market has been divided all across the globe based on the equipment into aeration systems, fish purge systems, water quality testing, water heaters, grow lights, pumps and valves, and others.
Based on the Component
The market has been divided all across the globe based on the component into sump tanks, bio-filters, settling basins, rearing tanks, and others.
Based on the Application
The market has been divided all across the globe based on the application into home food products application, commercial application, and others.
Based on the Region
The market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the aquaponics market is held by the North American region
The most prominent major key players in the aquaponics market all across the globe are mentioned below:
These major key players use various strategies to sustain their market position in the aquaponics market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the aquaponics all across the globe.
Some of the major key players in the Aquaponics Market are Aponic Ltd., Urban Farms AG, and Lucky Clays Fresh. In 2022, two of the major firms in the industry, Greenlife Aquaponics and Red Ewald, created a mini firm to install Aquaponics equipment that will be useful not only for breeding fishes and plants simultaneously but also create a market that will attract a considerable number of consumers. This will enhance the global market and raise the respective regions' economic levels.
This global aquaponics market research report consists of the following elements mentioned below:
|Market Size||USD 2,464.29 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Produce, By Components, By Equipment, By Application and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||Increasing demand for organic food|
|Key Market Drivers||Reduced technical complexity|
The largest market share in the aquaponics market all across the globe is held by the North American region.
The aquaponics market is expected to grow at a higher CAGR of 14.1% in the global market during the forecasted period.