Aquaponics Market Analysis

Global Aquaponics Market Overview

Aquaponics Market Size was valued at USD1.55 Billion in 2023. The Aquaponics Market industry is projected to grow from USD1.66 Billion in 2024 to USD 3.09 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.23 % during the forecast period (2024 - 2032). By Aquaponics overall refers to the mutual relationship between the fish and plants that benefit the environment. Hydroponics is the culture of the plants raised in a soil-less environment, while the culturing of fishes in a closed environment is known as aquaculture. Aquaponics culture is where both methods are merged to create a composition of the same.

The one and foremost main reason that drives the entire concept of Aquaponics is the mechanism that allows the breeding. When the fishes are raised in a tank while following the concept of soil-less plant culture, that defines the entire concept of Aquaponics. The process has so many benefits that the fishes and the plants provide to each other. The nutrient-rich water that must have been developed as a result of the fish breeding is completely capable of providing fertilizers to the plants inside. Along with this, the plants help provide freshwater as a habitat to the fishes. A few examples of aquaponics culture are tomatoes, capsicum, red onions, and shallots.

Covid 19 Analysis of Aquaponics Market

Since the initial cases of the coronavirus pandemic were reported, the businesses, their manufacturing, and production units have been facing functional issues and hence, are moving towards the way of stopping their operations and shutting down the business. The customers spread across various global regions are introducing lifestyle changes and also, opting for healthier means of consumption to improvise their health. Hence, this trend is likely to work in favor of the expansion of the aquaponics market share. This is because the methods undertaken are environment-friendly and also, the vegetables are organic, thus, serving the requirement of a larger audience.

The government is also undertaking steps like awareness campaigns to use organic vegetables and spread correction information like the benefits and nutrient value. The government is also rolling out schemes that will support the startups dealing in the production and delivery of organic vegetables. The key market players are also innovatively planning for the adoption of strategies that help in the production of creative products and launch them on a large scale.

Aquaponics Market Dynamics

Drivers

The aquaponics culture produces are free from any interference of harmful fertilizers or pesticides. The Fertilizer Price Index belonging to the World Bank is expecting an increase. The fish waster is an excellent natural fertilizer for these vegetables and grows inside water solvents. This further helps in curbing the expenses incurred to use fertilizers for production on a large scale. Also, there is no employment of any expensive equipment and hence, the market has profitable aspects for the future.

Restraints

Agricultural practices like hydroponics and vertical farming are leading to an increase in the adoption of sustainable practices. This is posing a major challenge for the expected growth of the market during the forecast period that ends in 2030.

Technology Analysis

Organic vegetables that are a product of the aquaponics market operations are rising and are likely to stay in trend. One of the main reasons behind this is that the farmers are gradually adopting these tactics for the cultivation of these vegetables and hence, there is a rise in the opportunities that are available to the market for expansion during the forecast period that ends in 2030. Also, these vegetables are locally grown and are known to have a better taste and stay fresh for a longer duration. Also, these products have a longer shelf life. The transportation cost is also not very high and hence, the advancements are likely to lead the market trends.

Aquaponics Market Segmentation

The aquaponics market has been divided all across the globe based on the produce, equipment, component, application, and region.

Based on the Produce

The market has been divided all across the globe based on the produce into fruits and vegetables, fish, and others.

Based on the Equipment

The market has been divided all across the globe based on the equipment into aeration systems, fish purge systems, water quality testing, water heaters, grow lights, pumps and valves, and others.

Based on the Component

The market has been divided all across the globe based on the component into sump tanks, bio-filters, settling basins, rearing tanks, and others.

Based on the Application

The market has been divided all across the globe based on the application into home food products application, commercial application, and others.

Based on the Region

The market has been divided all across the globe based on the region into the North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the aquaponics market is held by the North American region

Regional Analysis

• The aquaponics market has been divided all across the globe based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The largest market share in the aquaponics market all across the globe is held by the North American region owing to the increasing adaption of modern techniques in farming coupled with increasing demand for organic food.


• The second-largest market share in the aquaponics market is held by the Asia-Pacific region owing to constant ongoing technological advancements. Moreover, increasing demand for higher productivity of farming in countries like China and India drives the market.


• The third-largest market share in the aquaponics market is held by the European region owing to the presence of well-established infrastructure. Moreover, the adoption of easy technical operations coupled with an increase in per capita income.


• The Latin American region and the Middle East and African region also show positive market growth towards the aquaponics market owing to increasing demand for low operating costs coupled with increasing demand for organic food.

Competitive Landscape

The most prominent major key players in the aquaponics market all across the globe are mentioned below:

• Japan Aquaponics (Japan)


• Pentair Aquatic Eco-systems Inc. (US)


• NutraPonics Canada Corporation (Canada)


• Lucky Clays Fresh (US)


• Hapa Farms (US)


• My Aquaponics (South Africa)


• ECF Farmsystems GmbH (Germany)


• Red Ewald Inc. (US)


• Aponic Ltd (UK)


• Ichthys Aquaponics (South Africa)


• Nelson & Pade Inc. (US)


• Urban Farms AG (Switzerland)


• Greenlife Aquaponics (US)


• Colorado Aquaponics (US)


• Backyard Aquaponics Pty Ltd (Australia)

These major key players use various strategies to sustain their market position in the aquaponics market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the aquaponics all across the globe.

Recent Developments

Some of the major key players in the Aquaponics Market are Aponic Ltd., Urban Farms AG, and Lucky Clays Fresh. In 2022, two of the major firms in the industry, Greenlife Aquaponics and Red Ewald, created a mini firm to install Aquaponics equipment that will be useful not only for breeding fishes and plants simultaneously but also create a market that will attract a considerable number of consumers. This will enhance the global market and raise the respective regions' economic levels.

Report Overview

This global aquaponics market research report consists of the following elements mentioned below:

• Market Overview


• COVID 19 Analysis


• Market Dynamics


• Technical Analysis


• Market Segmentation


• Regional Analysis


• Competitive Landscape


• Recent Developments