Aquaponics Market Estimated To Witness High Growth Owing To Increasing Demand For Organic Foods
Aquaponics combines conventional aquaculture (raising aquatic animals such as snails, fish, crayfish or prawns in tanks) with hydroponics (cultivating plants in water) in a symbiotic environment. In aquaponics, the waste produced by farmed fish or other aquatic animals supplies nutrients for plants grown hydroponically, which in turn purify the water. With the increasing demand for organic foods and environment friendly urban farming, aquaponics is gaining popularity globally.
The global Aquaponics Market is estimated to be valued at US$ 1560 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the major drivers fueling the growth of the global aquaponics market is the increasing demand for organic foods. Aquaponics provides a sustainable way of producing organic crops and fish as no synthetic fertilizers, pesticides or herbicides are used. With rising health concerns among consumers about the effects of pesticide residues, there is growing demand for chemical-free organic foods. This is encouraging many farmers to adopt aquaponics. Increasing demand for organic foods is thus expected to propel the growth of the aquaponics market over the forecast period.
The other driver is increasing adaptation of aquaponics for urban farming. With rapidly growing urban population, there is rising demand for locally grown foods. However, lack of land and water in cities hinders traditional agriculture. Aquaponics provides a solution for urban agriculture as it uses less land and water compared to traditional farming. Aquaponics systems can be set up on rooftops, basements or backyards to grow fish and plants together. This is helping expand farming into urban areas. Growing trend of urban farming is thus anticipated to boost the aquaponics market growth.
SWOT Analysis
Strength: Aquaponics systems utilize less water and space compared to traditional agriculture. It produces both fish and plants which provides farmers greater economic returns from the same limited resources. Aquaponics also prevents the use of chemical fertilizers, pesticides and herbicides leading to a more environment friendly farming system.
Weakness: Aquaponics requires specialized skills and expertise to design, install and run the system successfully. High initial capital investment for setting up the system also poses a challenge. Disease outbreaks in fish or plants can severely impact overall production.
Opportunity: Increasing demand for organic foods globally offers opportunities for Aquaponics produce. Rising environmental concerns led many consumers and farmers to adopt sustainable farming practices like Aquaponics. Growing urban population also creates scope to set up Aquaponics in cities with scarce land resources.
Threats: Fluctuating fish and vegetable market prices can impact the economic viability of Aquaponics. unreliable electricity and water supply in some regions pose operational challenges. Lack of technical know-how and trained personnel is also a constraint in widespread adoption.
Key Takeaways
The global Aquaponics Market Growth is expected to witness high growth over the forecast period of 2023 to 2030 supported by a CAGR of 10% .
Regional analysis: North America currently dominates the market owing to strong government support and early adoption by farmers in the US and Canada. Europe is another major regional market with countries like the Netherlands and Germany being early adopters. The Asia Pacific region is expected to see the fastest growth on back of large population, rise in organic food demand and government initiatives to promote sustainable farming in countries like China, India and Japan.
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 focused on new product development, partnerships and expanding geographical presence especially in emerging markets of Asia and Latin America to strengthen market share.
Explore more related article on this topic: https://www.ukwebwire.com/aquaponics-market-propelled-by-increased-sustainable-food-production/
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