|
Forecast
Period
|
2024-2028
|
|
Market
Size (2022)
|
USD 1.43 Billion
|
|
CAGR
(2023-2028)
|
8.60%
|
|
Fastest
Growing Segment
|
Grow
Lights
|
|
Largest
Market
|
North
America
|
Market Overview
Global Aquaponics Market
has valued at USD 1.43 Billion in 2022 and is
anticipated to project impressive growth in the forecast period with a CAGR of 8.60% through 2028. Aquaponics, in essence,
encompasses the symbiotic relationship between fish and plants. Hydroponics
involves cultivating plants without soil, while aquaculture entails raising
fish in a closed environment. In aquaponics, both methods are combined to achieve
the same outcome. The reproductive mechanism serves as the fundamental
principle behind the entire concept of aquaponics. It is defined by the
cultivation of fish in tanks while adhering to the principles of soilless plant
cultivation. During this process, fish and plants mutually benefit from each
other. The nutrient-rich water generated from fish breeding serves as an
excellent fertilizer for indoor plants. Simultaneously, the plants provide a
freshwater habitat for the fish.
Aquaponics is renowned for its ability to stimulate
natural ecosystems, making it an environmentally friendly approach to food
production. By promoting sustainability and yielding organic vegetables while
significantly reducing waste, aquaponics offers an effective and eco-friendly
solution for growing crops. This capability is expected to play a crucial role
in driving the growth of the aquaponics market.
Key
Market Drivers
Reduction in Arable Land Globally
The escalating concern over the reduction in arable
land globally is anticipated to amplify the demand for aquaponics. Rapid
urbanization and industrialization are leading to an accelerated rate of land
degradation, rendering once-fertile soil unfit for cultivation. Concurrently,
the relentless surge in the global population is escalating the pressure on
agricultural sectors to enhance productivity. In this critical juncture,
aquaponics emerges as a sustainable and productive solution. Aquaponics, a system
integrating aquaculture and hydroponics, enables the conservative use of land
and water, producing both fish and vegetables simultaneously. Its closed-loop
system ensures almost zero waste, and the symbiotic relationship between the
plants and fish in the system substantially lessens the need for chemical
fertilizers and pesticides. This organic nature of production is also
attractive for those concerned with their dietary intake. As such, the adoption
of aquaponics is likely to surge as it addresses multiple issues—land scarcity,
food security, and environmental sustainability—simultaneously, making it a
viable solution for the future of agriculture.
Growing Urban Population Leading to Space
Constraints for Traditional Agriculture
The rapid urbanization of our planet and the
consequent surge in population density are presenting significant challenges
for traditional agriculture. As cities expand and available land diminishes,
the need for alternative, space-efficient farming techniques becomes
increasingly critical. Aquaponics emerges as a sustainable and innovative solution
gaining traction globally. Aquaponics is a unique system that allows for the
symbiotic cultivation of plants and aquatic animals in a recirculating
environment. By leveraging the waste produced by fish to provide nutrients for
plant growth, this method maximizes resource efficiency. Not only does
aquaponics use less than 10% of the water required by traditional agriculture,
but it also reduces the reliance on arable land and external water supply.
What makes aquaponics even more appealing is its
versatility. This system can be implemented in various urban settings,
including rooftops and unused urban spaces. Its space-saving nature makes it a
viable option for densely populated areas. Moreover, the high crop yield
achievable in a small space makes aquaponics an attractive answer to the
escalating global food demand.
In addition to its practical advantages, aquaponics
aligns with the shift towards sustainable practices. By minimizing water usage
and eliminating the need for synthetic fertilizers, it contributes to
conserving resources and promoting ecological balance. As the world
increasingly recognizes the importance of sustainable agriculture, the demand
for aquaponics is expected to grow on a global scale. Aquaponics offers a
promising and sustainable approach to address the challenges posed by
urbanization and population growth. Its ability to produce abundant crops in
limited space, while conserving water and reducing reliance on arable land,
positions it as a viable response to the constraints of traditional
agriculture. As cities continue to expand, the demand for innovative farming
techniques like aquaponics is likely to surge, ensuring a resilient and
food-secure future.
Reduction of Food Miles & Carbon Footprint
Aquaponics has gained considerable attention
worldwide as a sustainable and efficient method of food production. By
integrating aquaculture with hydroponics, it reduces food miles and carbon
footprint significantly, contributing to an anticipated growth in global
demand. Food miles, the distance food travels from its source to the consumer,
are drastically cut down in aquaponics as it enables local production even in
urban settings. This not only ensures fresher produce but also lessens the
reliance on fossil fuels for transportation, thereby reducing carbon emissions.
Furthermore, aquaponics is a closed-loop system that recirculates water,
minimizing wastage and reducing the stress on freshwater resources. It also
eliminates the need for synthetic fertilisers, further decreasing its carbon
footprint. As climate change and sustainability become more pressing issues,
the benefits of aquaponics are increasingly recognized. Consequently, the
demand for aquaponics is expected to rise globally, as it offers a solution
that aligns food security with environmental sustainability. In an era where
conscious consumption is gaining momentum, aquaponics stands as a promising
approach to responsible and sustainable food production.
Increasing investment in R&D
The global landscape of aquaponics, an innovative
system combining aquaculture and hydroponics, is projected to witness
substantial growth fueled by increased investments in research and development
(R&D). Intensified R&D efforts are critical as they foster the
discovery of advanced techniques, innovative system designs, and efficient
resource utilization strategies, enhancing the viability and appeal of
aquaponics for potential adopters worldwide. Furthermore, such investments
facilitate the development of customized solutions tailored to distinctive
regional needs and climatic conditions, allowing for broader global adoption.
Larger R&D investments also underscore the commitment to sustainability,
food security, and responsible resource management, values that resonate with
an increasingly environmentally conscious consumer base. As these values become
more mainstream, the demand for sustainable food production methods like
aquaponics is likely to rise. Besides, extensive R&D could lead to cost reductions,
making aquaponics more accessible and appealing to a wider market segment.
Therefore, escalating investment in R&D is expected to propel the global
demand for aquaponics, establishing it as a key player in the future of
sustainable agriculture.
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Key
Market Challenges
High Cost of Initial Investments
The global demand for aquaponics, a sustainable
method of raising both fish and vegetables, is likely to be negatively impacted
by the high cost of initial investments. The setup of an aquaponic system
involves substantial expenses, including that of purchasing or constructing the
system, sourcing fish and plants, and ensuring a constant power supply for
maintaining water temperature and air circulation. Additionally, the costs are
not only financial but also temporal, as the system requires a significant initial
time investment to learn, set up, and properly maintain. These costs can make
the initial steps towards aquaponics daunting for potential adopters,
particularly in developing nations where resources may be limited. This can
result in a decreased demand for aquaponics on a global scale. However, it's
important to note that while the initial investment may be high, the long-term
benefits, such as reduced water usage, elimination of pesticides, and the
potential for a closed-loop, self-sustaining system, can outweigh the startup
costs. Therefore, initiatives that help reduce the upfront cost and learning
curve of aquaponics could play a crucial role in driving its global adoption.
Lack Of a Specialized Skilled Workforce
The global adoption of aquaponics, a sustainable
farming technique, may face obstacles due to the lack of a specialized skilled
workforce. Aquaponics combines fish farming and plant cultivation, requiring
expertise in both domains. However, many regions around the world lack the
necessary knowledge and resources in these areas. The intricacies involved in
maintaining optimal water quality, pH levels, nutrient balance, and fish health
demand the expertise of trained professionals. Additionally, high-tech aquaponics
systems require proficiency in managing complex machinery and software, skills
that are not universally available in the agricultural workforce.
Furthermore, the relatively new field of aquaponics
lacks educational programs that could foster a new generation of skilled
workers. The scarcity of such programs hinders the development of a specialized
workforce. As a result, the global demand for aquaponics may decrease until
adequate training and education programs are established, and a specialized
workforce is developed. Addressing these challenges and investing in
comprehensive training and educational initiatives will be crucial to the
widespread adoption of aquaponics and its potential to revolutionize
sustainable farming practices worldwide.
Key
Market Trends
Growing Popularity of Home-Based
Aquaponics Systems
Aquaponics, an innovative method of cultivating
plants and rearing fish in a symbiotic environment, has been gaining
substantial traction in recent years, particularly in the realm of home-based
systems. This trend is projected to significantly augment global demand for
aquaponics. The reasons for this upswing in popularity are manifold. Firstly,
home-based aquaponics systems offer an efficient solution for urban dwellers
seeking to practice sustainable agriculture within limited spaces. Secondly,
these systems, characterized by their water efficiency and minimal waste, align
with increasing consumer awareness and commitment to environmental
sustainability. They also present an opportunity for individuals to grow their
food, ensuring it is fresh, organic, and free from harmful pesticides. Thirdly,
the global COVID-19 pandemic has highlighted the vulnerabilities inherent in
traditional food supply chains, bolstering interest in self-sufficiency, of
which home-based aquaponics is an exemplar. As more people adopt these systems
and propagate their advantages, the global demand for aquaponics is predicted
to continue its upward trajectory in the foreseeable future.
High Yield Compared to
Conventional Farming Methods
The global demand for aquaponics is projected to
grow significantly, largely driven by the higher yields it offers compared to
conventional farming methods. Aquaponics, an innovative method that combines
hydroponics and aquaculture, presents an efficient and sustainable solution for
food production. It utilizes a closed, symbiotic environment where plants and
fish coexist, recycling the waste from fish as a nutrient source for plants.
This harmonious relationship results in substantial yield increases, reducing
the space, inputs, and time required for traditional farming. Furthermore, with
an increasing global population and the rising need for sustainable farming
practices, aquaponics provides an answer to food security concerns. Its
environmentally friendly nature, requiring less water and producing fewer
greenhouse gases, has also made it an attractive farming alternative, aligning
with global initiatives toward sustainable development. Lastly, the ability to
cultivate a wide variety of crops and fish species year-round in aquaponics
systems further increases its appeal. In conclusion, the high-yield advantage
of aquaponics over conventional farming methods is expected to stimulate its
demand worldwide as we strive to meet increasing food demands in a sustainable
manner.
Segmental
Insights
Equipment Insights
Based on the Equipment, the
pumps & valves segment held a significant revenue share in 2022 and is
expected to continue its growth trajectory throughout the forecast period.
Pumps play a vital role in the transportation of water within aquaponics
systems, ensuring efficient water circulation, oxygenation, and nutrient supply
to support the growth of plants and fish. The system employs various types of
pumps, including submersible pumps and inline pumps, each tailored to meet
specific requirements. In addition to pumps, valves are strategically installed
within the system to regulate and control the water flow, optimizing the
conditions for the thriving ecosystem. Valves enable precise adjustments and
maintain the ideal balance necessary for the harmonious functioning of the
aquaponics setup.
Shifting focus to the grow
lights segment, it is anticipated to experience the fastest compound annual
growth rate (CAGR) throughout the forecast period. Different plant species and
fish varieties exhibit varying light preferences for optimal growth and development.
Some plants thrive in low light conditions, while others necessitate timely
exposure to specific light wavelengths for their average growth. To cater to
these diverse lighting requirements, aquaponics systems can integrate LED grow
lights, induction lights, high-intensity discharge lights, and fluorescent
lights. These specialized grow lights facilitate year-round production of
plants, ensuring consistent yield and enhanced growth rates of crops. By
leveraging the benefits of a well-optimized pumps & valves system combined
with the appropriate application of advanced grow lights, aquaponics
enthusiasts can create a sustainable and highly productive environment where
plants and fish thrive harmoniously, yielding abundant crops and contributing
to a more sustainable future.
Application Insights
Based on the Application, the
market is segmented into Commercial, Home food Method ion, Education &
Research, and Others. The commercial application segment dominated in 2022, as
commercial growers widely adopted aquaculture to produce a diverse range of
vegetables and different breeds of fish. The dual production of fish and plants
obtained in aquaculture is not only increasing the efficiency but also
improving its adoption among commercial growers. Various types of fish,
including tilapia, bass, trout, carp, catfish, koi, fingerlings, and different
ornamental fishes, can be successfully reared in aquaculture, providing a wide
selection for commercial growers to meet the market demands.
On the other hand, the
Education & Research application segment is anticipated to register the
fastest compound annual growth rate (CAGR) during the forecast period.
Aquaponics systems have proven to be valuable tools for research and
educational institutions in the fields of agriculture, horticulture, and plant
biology. Research institutes rely on aquaponics systems to conduct experiments
by precisely manipulating growing conditions such as temperature, humidity,
light, and nutrient levels. The availability of in-house systems allows
researchers to manipulate these factors and test hypotheses about the impact of
different environmental conditions on plant growth, yield, and quality,
providing valuable insights and knowledge for further advancements in the
field.
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Regional
Insights
North America emerged as the dominant market leader
in 2022, driven by the presence of key industry players and the widespread
adoption of controlled environment agriculture. The region's robust growth can
also be attributed to the increasing awareness of sustainable farming practices
and the growing demand for organic food, which has further fueled the adoption
of aquaponics systems. To promote sustainable agriculture, support local food
systems, and reduce the environmental impact of farming, the U.S. government
has implemented various initiatives in indoor farming.
On the other hand, the Asia Pacific region is
projected to exhibit the highest compound annual growth rate (CAGR) throughout
the forecast period. This growth can be attributed to the strong government
support for sustainable farming in agricultural countries like India, China,
and Southeast Asian nations. The Indian government, for instance, provides
subsidies of up to 50% under schemes such as the National Horticulture Mission
(NHM), which primarily focuses on establishing vertical farms across the
country. Additionally, state governments in India offer additional subsidies of
10-15% to encourage the implementation of modern agricultural technologies.
Recent Developments
- In April 2021, Les Nouvelles Fermes, a France-based indoor farming company,
successfully raised EUR 2 million (approximately USD 2.4 million) in its
inaugural funding round. The investors included IRDI, the Banque des
Territoires, Crédit Agricole Aquitaine, and the CIC. With this funding, the
company aims to establish the largest aquaponic farm in Europe.
- In 2019, Superior Fresh, a leading aquaponic produce supplier in the
Midwest US, expanded its greenhouse footprint from 6 acres to 13 acres and its
aquaculture center from 40,000 square feet to 100,000 square feet.
- In 2019, Aerofarms formed a partnership with Dell Technologies to enhance its
technological capabilities in machine learning and network systems. This
collaboration equips AeroFarms with the necessary tools to implement
data-driven machinery, leveraging insights on temperature, humidity, airflow,
nutrients, light, water, and food safety.
Key Market Players
- Nelson and Pade Inc.
- Pentair Aquatic
Eco-Systems, Inc.
- ECF Farm systems GmbH
- Backyard Aquaponics Pty
Ltd.
- AquaCal AutoPilot, Inc.
- GrowUp Urban Farms Ltd.
- The aquaponic manufaktur
GmbH
- NutraPonics Canada
Corporation
- Aponic Ltd.
- Blueplanet Urban Agro
Services Pvt Ltd.
|
By Equipment
|
By Method
|
By Application
|
By Region
|
- Pumps
& Valves
- Grow
Lights
- Water
Heaters
- Water
Quality Testing
- Fish
Purge Systems
- Aeration
System
|
- Media
Based
- Nutrient
Film Technique [NFT]
- Deep-Water
Culture
|
- Commercial
- Home food
Method ion
- Education
& Research
- Others
|
- North
America
- Europe
- Asia
Pacific
- South
America
- Middle
East & Africa
|
Report Scope:In this report, the Global
Aquaponics Market has been segmented into the following categories, in addition
to the industry trends which have also been detailed below:
- Aquaponics
Market, By Equipment:
o Pumps & Valves
o Grow Lights
o Water Heaters
o Water Quality Testing
o Fish Purge Systems
o Aeration System
- Aquaponics
Market, By Method:
o Media Based
o Nutrient Film Technique [NFT]
o Deep-Water Culture
- Aquaponics
Market, By Application:
o Commercial
o Home food Method ion
o Education & Research
o Others
- Aquaponics
Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Aquaponics
Market.
Available Customizations:
Global Aquaponics market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and profiling of additional
market players (up to five).
Global Aquaponics Market is an upcoming report to
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confirm the date of release, please contact us at [email protected]