February 25, 2024
Aquaponics Market

Aquaponics Is Expected To Be Flourished By Sustainable Food Production

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 provides a natural fertilizer for plants grown hydroponically. This eliminates the need for chemical fertilizers, saves water, and allows for continuous production of both fish and vegetables on the same footprint. Common aquaponic systems raise varieties of fish such as tilapia, catfish, among others. Plants commonly grown include varieties of lettuce, herbs, peppers and tomatoes.

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 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Sustainable food production is expected to drive growth of the global aquaponics market over the forecast period. Aquaponics provides an eco-friendly method for year-round production of both fish and vegetables without harming the environment. This system utilizes natural waste from fish to fertilize plants grown hydroponically, thereby eliminating the need for chemical fertilizers. Moreover, aquaponics systems consume up to 50% less water than traditional agricultural systems as the water is recycled between the aqueous environment for fish and hydroponic beds for plants. Another driver favoring adoption of aquaponics worldwide is land and water scarcity. Owing to limited availability of agricultural land and freshwater resources, there is increasing focus on developing alternative water-efficient food production systems. Aquaponics technology addresses the global food security issue by producing more food utilizing minimal natural resources.

Segment Analysis

Aquaponics is segmented into by equipment, production, and application. Under equipment, the raft aquaponics systems segment dominates with a share of around 45% due to higher productivity and lower costs as these systems allow easy maintenance and have less material requirements.

PEST Analysis

Political: Governments across many countries are promoting sustainable agricultural practices which is fueling adoption of aquaponics. Some countries offer subsidies for aquaponics projects.

Economic: Rising incomes are increasing demand for organic and fresh foods which aquaponics can efficiently provide. However, high initial investments required for setting up aquaponics farms act as a restraint.

Social: Growing health awareness about chemicals in conventionally grown foods is driving preference for chemical-free foods produced through aquaponics.

Technological: Advancements are being made in aquaponics equipment designs for optimized production. Automation solutions are also being introduced for monitoring and controlling parameters with minimal human intervention.

Key Takeaways

The global Aquaponics Market Size  is expected to witness high growth. North America dominates currently due to growing organic food trend and supportive government initiatives in the US and Canada. Asia Pacific is projected to expand rapidly led by China, India with rising health consciousness.

Key players operating in the aquaponics market are NEC Energy Solutions Inc., Aquaponic Lynx LLC, Backyard Aquaponics Pty Ltd., ECF Farmsystems GmbH, and UrbanFarmers AG. Key players are focusing on partnerships, new product innovations and expansion strategies to strengthen market presence.

The global aquaponics market is segmented by equipment, production, and application. The raft aquaponics systems dominates the equipment segment with around 45% share on account of lower costs and ease of maintenance. Advancements in aquaponics equipment and automation solutions are also being witnessed in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it