What Is The Scope Of The Global Aquaponics Market?
Aquaponics is a sustainable agricultural system that combines aquaculture (raising fish or other aquatic animals) with hydroponics (cultivating plants in water without soil) in a symbiotic environment. In this system, water from the aquaculture portion is circulated to the hydroponic system, where plants take nutrients from the fish waste as fertilizer. Aquaponics leads to reduced water usage compared to traditional farming, no need for chemical fertilizers, and the ability to produce fish (protein) and vegetables in a single integrated system.
Aquaponics Global Market Report 2024 provides data on the global aquaponics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Aquaponics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Aquaponics Market?
The aquaponics market surged from $1.29 billion in 2023 to $1.42 billion in 2024 at a CAGR of 10.0%. Key drivers include sustainability, urbanization, demand for organic produce, concerns about pesticides, and government incentives. Projected to reach $2.11 billion by 2028 at a CAGR of 10.4%, its growth will be shaped by climate change, population growth, regulatory support, dietary shifts, and food transparency awareness. Trends include commercial system expansion, niche market customization, renewable energy integration, and blockchain-enabled transparency.
What Are The Core Factors Supporting Growth In The Aquaponics Market?
The reduction in arable land areas is expected to drive the growth of the aquaponics market. Arable land, suitable for crop cultivation, is decreasing due to urbanization, soil degradation, and land conversion for non-agricultural purposes. Aquaponics offers a solution by enabling efficient crop cultivation in limited space through vertical farming techniques and integrating aquaculture with hydroponics. For instance, in November 2023, the Department for Environment, Food & Rural Affairs reported a 1.3% decrease in arable crop areas in England between 2022 and 2023, with the total area falling to just under 3.7 million hectares, while cereal crop areas decreased by 3.0% to just under 2.6 million hectares. Thus, the growing reduction in arable land is driving the aquaponics market.
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What Are The Major Segments Within The Global Aquaponics Market?
The aquaponics market covered in this report is segmented –
1) By Component: Bio Filter, Settling Basins, Fish Tanks, Soil-Free Plant Bed, Rearing Tanks, Aquaponic Produce, Other Components
2) By Equipment: Grow Lights, Pump And Valves, Water Heaters, Water Quality Testing, Fish Pump Systems, Aeration System, Other Equipments
3) By Growing Mechanism: Deep Water Culture (DWC), Nutrient Film Technique (NFT), Media Filled Grow Beds, Application Aquaponics
4) By Produce: Fish, Fruits, Vegetables, Herbs
5) By Application: Commercial, Home Production, Research And Education
Which Trends Are Expected To Transform The Aquaponics Market?
Major companies investing in the aquaponics market are targeting the restaurant industry to expand operations. Strategic investments enhance the aquaponics market by providing essential capital for technological advancements, infrastructure development, and scaling operations. For instance, in October 2023, The Circle, an Italy-based aquaponic agricultural firm, announced a $0.0022 billion expansion plan. This investment aims to boost production, develop a cutting-edge technological center, and leverage intellectual property to improve efficiency and scalability while focusing on sustainability. Led by Opes Italia with previous financing from Invitalia, this investment supports the expansion of operations and contributes to the growth of the aquaponics market by increasing the availability of sustainable products and driving technological progress.
What Is The Fastest Growing Region In The Aquaponics Market?
North America was the largest region in the aquaponics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the aquaponics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
