Aquaponics Market By Glorious Opportunities, Business Growth, Size, And Statistics Forecasts Up To 2032
The global aquaponics market is projected to reach a value of US$3.3 Billion by 2032, with sales growing at a robust CAGR of 8.3% for the forecast period of 2022-2032. Application of aquaponics provides benefits like a rise in income due to dual growing activities, reduced technical complexity, and limited water consumption. Thus, the aquaponics market- expected to reach an estimated value of US$1.5 Billion in 2022- is showing significant growth.
A closed-loop water-circulation system combining fish aquaculture and vegetable cultivation not only saves a lot of water but also boosts crop productivity during periods of extreme drought. This entire system is aquaponics technology.
Small-scale farmers are now open to including aquaponics as a farming technique. The successful utilization of aquaponics ensures an increase in revenue as well as limited consumption of water. Rising demand for sustainable agricultural approaches also promotes market growth for aquaponics.
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Due to rapid urbanization and a growing population, arable lands are disappearing. Adaptation of the aquaponics system helps combat this issue. Aquaponics requires minimal water for vegetable cultivation and generates almost 8 times more food per land in one-sixth of the area required by traditional agriculture. All these factors aid in the market expansion of aquaponics. Additionally, aquaponics utilizes water bi-products as fertilizers and simultaneously contributes to water recycling. This is also expected to contribute to the rising demand for aquaponics system.
“Rising market demand for organic food coupled with the need for sustainable agricultural approaches will likely boost the global market for aquaponics over the forecast period,” says an FMI analyst.
Key Takeaways:
• Economic and ecological benefits of aquaponics to boost market possibilities.
• Demand for organic food will dominate the market.
• North America aquaponics market will offer lucrative market opportunities over the forecast period.
• The U.S. and Canada will be the biggest contributors to the aquaponics market.
• The Asia Pacific region will exhibit tremendous growth opportunities over the forecast period.
• By application, the fruits and vegetable segment will show significant growth.
• Home delivery of groceries contributed to the increase in sales of the aquaponics-grown plant.
Competitive Landscape
Nelson & Pade Aquaponics, Practical Aquaponics, Aquaponics USA, The Aquaponic Source, and Pentair Aquatic Eco-System, Inc., among others, are some of the major players in the aquaponics market that are profiled in the full version of the report.
Major organizations in the market are focusing on expanding services and employing strategic tactics like partnerships, mergers, and acquisitions to enhance their technological capabilities as well as improve their manufacturing and distribution process.
More Insights into the Aquaponics Market Report
In its latest report, FMI offers an unbiased analysis of the global aquaponics market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on type (media filled growbeds (MFG), nutrient film technique (NFT), deep water culture (DWC), others), component (bio filter, settling basin, fish tanks, soil-free plant bed, rearing tanks, aquaponic produce, others), equipment (pumps and valves, water heaters, fish purge systems, aeration systems, water quality testing, others), applications (fish, herbs, fruits, vegetables), end use (commercial, home production, research), and region.
Aquaponics Market Regional Analysis
According to the latest reports by FMI, North America accounts for the major share of the global aquaponics market. This is primarily due to growing health-conscious trends, and rising demand for naturally and organically produced farm products like fruits and veggies. The market dominance of this region is expected to continue over the forecast period.
Canada and the United States are the primary drivers of the aquaponics market in North America, with the U.S. being in the lead. U.S’s lead is primarily due to the large-scale application of aquaponics in the fruits and vegetable segment.
Apart from North America, the Asia Pacific region displays multiple positive market opportunities for aquaponics technology. The region is anticipated to exhibit impressive growth rates in the global market over the forecast period.
Market Segments Covered in Aquaponics Market Analysis
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
• Research
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