Aquaponics refers to a food production system that combines conventional
aquaculture with hydroponics in a symbiotic environment. In aquaponics, the
waste produced by farmed fish or other aquatic animals supplies nutrients for
plants grown hydroponically. Various aspects such as lack of arable land for
conventional agriculture, minimal use of freshwater resources, and maintenance
of organic produce are fueling the growth of the aquaponics market. Key
aquaponics products include equipment, seed products, control systems, and
instrumentation. The rising demand for organic food raises the need for
sustainable food production methods, which is driving the adoption of
aquaponics.
The Global Aquaponics Market is estimated to be valued at US$ 1797.12 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period
2024 to 2030.
Key Takeaways
Key players operating in the Aquaponics market are Allresist GmbH, BASF SE, Dow
Chemical Company, Huntsman International LLC, and Momentive Performance
Materials Inc. These players are focusing on new product launches, expansions,
partnerships, and mergers & acquisitions to gain a competitive advantage in
the market.
Some key opportunities in the Global
Aquaponics Market Size include the introduction of innovative
integrated systems, use of Internet of Things (IoT) for remote monitoring, and
implementation of aquaponics in urban farming. There is immense potential to
use aquaponics for commercial food production across different geographies.
On the global front, countries such as the United States, China, Canada,
Germany, and the United Kingdom are embracing aquaponics at a significant rate.
The favorable government policies and initiatives to promote sustainable
agriculture are encouraging aquaponics adoption worldwide. Countries in the
Asia Pacific region also offer lucrative prospects for market expansion.
Market Drivers
High demand for organic food is one of the major drivers of the aquaponics
market. The growing health concerns have increased inclination toward
chemical-free produce. Aquaponics enables production of pesticide-free fruits
and vegetables through a natural process.
Market Restrain
The high initial capital requirement for setting up aquaponics units acts as a
key market restraint. The farming infrastructure, equipment costs, and operating
expenses involve huge investments. This limits aquaponics adoption, especially
among small-scale farmers in developing nations.
Segment Analysis
The global aquaponics market can be segmented into various types based on the
system, product and component. Based on system, commercial aquaponics system
dominated in 2020 due to rising awareness regarding aquaponics farming across
various commercial sectors. Commercial aquaponics allow farmers to produce a
larger quantity of fishes and vegetables in smaller area to cater rising food
demand.
Based on product, aquaponics fish dominated in 2020. Tilapia is the most common
fish used in commercial and household aquaponics system owing to its
compatibility in recirculating aquaculture systems and ability to thrive in
synergistic aquaponics environment. Vegetable accounted for second largest
segment in 2020 mainly due to growing adoption of aquaponics vegetables across
various sectors.
Based on component, biofilter/solids removal equipment segment held major share
in 2020. High growth can be attributed to crucial role played by biofilters in
balancing nutrients level and removing toxic wastes from recirculating
aquaculture systems. Grow lights is expected to witness highest CAGR during
forecast period owing to increasing adoption of hybrid and vertical farming
practices to enhance production capacity.
Global Analysis
Asia Pacific dominated the global aquaponics market in 2020 and expected to
continue its dominance during forecast period. Countries like China, Thailand
and Vietnam accounted for bulk of market share mainly due to increasing
vegetable demand along with growing adoption of hybrid aquaponics farming.
North America is fastest growing region due to rising consumer preference for
organic and chemical-free produce as well as government support for sustainable
farming practices. Major players are focused on expanding their operations
across Asia Pacific and North America to tap immense growth opportunities.
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