Aquaponics Market - Global Industry Analysis

Industry Prospective:

The global aquaponics market was worth around USD 872.7 million in 2021 and is estimated to grow to about USD 1807.293254 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.9 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Aquaponics Market: Overview

Aquaponics is a food-production method that combines aquaculture (the breeding of aquatic animals in tanks) and hydroponics (the growing of plants in water), in which nutrient-rich aquaculture water is delivered to hydroponically grown plants, where nitrifying bacteria convert ammonia to nitrates. Because all aquaponic systems are based on contemporary hydroponic and aquaculture farming techniques, the size, complexity, and types of foods grown in an aquaponic system can differ just as much as any other system found in a different agricultural field.

Because aquaponics is free of artificial fertilizers and crop protection chemicals, and fish waste serves as the principal nutrition for plants, the demand for organically grown crops has huge potential and an unexplored market for emerging aquaponic farms and aquaponic system vendors. 

COVID-19 Impact:

Businesses, their manufacturing, and production units have been experiencing functional challenges since the first cases of the coronavirus pandemic were identified and are now considering ceasing operations and shutting down the firm. Customers from all around the world are adopting healthier lifestyles and selecting healthier food options in order to improve their health. As a result, this tendency is projected to promote the growth of the aquaponics market share. This is because the methods used are environmentally friendly, and the veggies are organic, therefore meeting the needs of a bigger audience.

The government is also taking initiatives such as launching awareness programs to encourage people to eat organic veggies and disseminating correct information about their benefits and nutritional value. The government is also putting in place programs to help startups that are involved in the production and transportation of organic veggies. The major market participants are also devising novel ways to aid in the manufacturing of innovative products and their widespread distribution.

Aquaponics Market: Growth Drivers

Free from any interference of harmful fertilizers or pesticides

There are no toxic fertilizers or pesticides present in the aquaponics culture's produce. The World Bank's Fertilizer Price Index is forecasting an upward trend. The fish waster, which grows in water solvents, is a wonderful natural fertilizer for these veggies. This also helps to cut down on the costs of using fertilizers in large-scale production. Furthermore, no expensive equipment is used, implying that the market is profitable in the long run.

Aquaponics Market: Restraints

Competition from hydroponics and vertical farming

Agricultural techniques such as hydroponics and vertical farming are causing a surge in the use of sustainable agricultural methods. This is offering a significant hurdle to the market's expected growth over the forecast period, which ends in 2028.

Aquaponics Market: Segmentation

The global aquaponics market is segregated based on type, component, equipment, application, and end-user.

By Application, the global market is classified into Fish, Herbs, Fruits, and Vegetables. Fish has the largest market share and is expected to grow at the fastest rate over the projected period. The need for this segment is being driven by reasons such as rising global population, changing lifestyles, and increasing seafood demand for human consumption.

By Equipment, the global market is classified into Pumps and Valves, Water Heaters, Fish Purge Systems, Aeration Systems, Water Quality Testing, and Others.  During the projected period, the others (grow lights for plants) category will have the biggest market share. The demand for this category is being accelerated by factors such as growing indoor farming and increasing utilization of grow lights in indoor farming.

Recent Developments

• April 2021- France-based indoor farming company Les Nouvelles Fermes raised EUR 2 million (approximately USD 2.4 million) in its first round of funding by the investors from IRDI, the Banque des Territoires, Crédit Agricole Aquitaine and the CIC. The company has plans to build the largest aquaponic farm in Europe, with this funding.
• 2019- Superior Fresh, the Midwest's premier aquaponic produce provider, has increased the size of its greenhouses from 6 to 13 acres and the size of its aquaculture facility from 40,000 to 100,000 square feet.

Regional Landscape

Because of the increasing use of modern farming techniques and the growing demand for organic food, the North American area has the largest market share in the worldwide aquaponics industry. The Asia-Pacific region has the second-largest market share in the aquaponics industry, thanks to ongoing technological advancements. Furthermore, increased demand for improved agricultural productivity in countries such as China and India drives the business. The European region has the third-largest market share in the aquaponics market due to the presence of a well-established infrastructure. Furthermore, easy technical process adoption was followed by an increase in per capita income. Due to rising demand for low operating costs combined with high yields, the aquaponics industry is expanding in Latin America, the Middle East, and Africa.

Report Scope:

Competitive Landscape

Some of the main competitors dominating the global aquaponics market include - Aquaponic Lynx LLC, GreenLife Aquaponics, Nelson & Pade Aquaponics, The Aquaponic Source, ECF Farm systems GmbH, MyAquaponics, Backyard Aquaponics, NutraPonics Canada Corporation, Symbiotic Aquaponic, and Endless Food Systems.

Global aquaponics market is segmented as follows:

By Type

• Media Filled Growbeds (MFG)
• Nutrient Film Technique (NFT)
• Deep Water Culture (DWC)
• Others

By Component

• Bio Filter
• Settling Basins
• Fish tanks
• Soil-free plant bed
• Rearing Tanks
• Aquaponic Produce
• Others

By Equipment

• Pumps and Valves
• Water Heaters
• Fish Purge Systems
• Aeration Systems
• Water Quality Testing
• Others

By Applications

• Fish
• Herbs
• Fruits
• Vegetables

By End-User

• Commercial
• Home Production

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa