Aquaponics Market Set for USD 2,464.29 Million by 2030"
Aquaponics Market Outlook
The global aquaponics market will touch USD 2,464.29 million at 13.4% CAGR by 2030, as per the latest Market Research Future report. Aquaponics is a new farming method combining a hydroponics setup with an additional fish tank to breed fish. Hydroponics is the plant culture raised in a soil-less environment, while the method of fish hatching in a closed environment is known as aquaculture. The relationship between the fish and plants benefits the environment. It is like imitating the river ecology.
Drivers
Demand for Aquaponics-Produced Organic Veggies to Boost Market Growth
The popularity of aquaponics-grown organic vegetables is increasing and is expected to continue to grow. One of the main reasons is that farmers are adopting aquaponics-based methods to produce these vegetables. As a result, the market’s growth prospects are expected to increase in the forecast year ending in 2030. Not only are these vegetables locally farmed, but they are also known for their high-quality flavour, and longer shelf life.
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Opportunities
Increasing Use for Home Production to offer Robust Opportunities
The growing popularity of home production through aquaponics will provide strong market opportunities for growing backyard fruit and vegetable production in the face of rising health concerns and rising food prices. In addition, the increasing demand for fish and the growth of urban farming also contribute to the global growth of home aquaponics farming.
Restraints and Challenges
High Instalment Prices to act as Market Restraint
The high instalment prices of aquaponics and the lack of social awareness & issues to avoid wasting natural resources may act as market restraints over the forecast period.
Market Segmentation
The aquaponics market is bifurcated based on application, equipment, components, and produce.
By produce, fish will lead the market over the forecast period.
By components, rearing tank will domineer the market over the forecast period.
By equipment, grow lights will spearhead the market over the forecast period.
By application, commercia will command the market over the forecast period.
COVID-19 Analysis
The COVID-19 pandemic has had a major impact on the supply chain of the aquaponics market. The disruption in supply chain amid the disease has led to farmers raising more live fish and other aquatic species, affecting farmers' costs, expenses, and risks.
Regional Analysis
North America to Head Aquaponics Market
North America led the overall market. The region's growth is for the presence of several major companies and the advanced adoption of controlled environment agriculture in North America. Additionally, growing awareness of alternative & sustainable farming techniques & increasing demand for organic food are driving the adoption of aquaponics systems. The U.S. government has implemented a variety of indoor farming initiatives for promoting sustainable agriculture, supporting local food systems, and reducing the environmental impact of agriculture.
APAC to Have Admirable Growth in Aquaponics Market
Asia Pacific has gained the second largest market share for aquaponics systems due to continuous technological advancements. Additionally, the rising demand for increased productivity in the agricultural sector is expected to drive the growth of the aquaponics market in the coming years in countries like Australia, India, China, and Indonesia.
Key Players
Eminent market players profiled in the aquaponics market report include Japan Aquaponics (Japan), Pentair Aquatic Ecosystems Inc. (US), NutraPonics Canada Corporation (Canada), Lucky Clays Fresh (US), Hapa Farms (US), My Aquaponics (South Africa), ECF Farmsystems GmbH (Germany), and Red Ewald Inc. (US).
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