Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Global Aquaponics Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The global aquaponics market is projected to reach a market size of US$934.508 million in 2027 from US$632.385 million in 2020, at a CAGR of 5.74%.
Growing demand for organic produce and rising preference for off-season fruits and veggies are projected to drive the demand for aquaponics systems, which in turn is expected to drive the overall market growth during the forecast period. Additionally, Increased income due to dual raising activity, less requirement for water and reduced technical complexity are the major factors that are contributing to the growth of the market.
Moreover, shrinkage of arable lands owing to rapid industrialization and urbanization is expected to increase the adoption of aquaponics system which is anticipated to fuel the market growth in the coming years. Aquaponic agriculture generates 8 times more food per land in one-sixth of the area required by traditional agriculture. Rising demand for exotic fruits and vegetables due to the increased purchasing power of consumers is further expected to boost the overall market growth during the forecast period.
The cost of these exotic fruits and vegetables is quite high because of which many research institutions and universities are focusing on establishing a simplified aquaponic system to increase the production of fruits and vegetables to meet the growing demand of consumers.
Recent partnerships and investments by key players are projected to have a positive impact on the market growth. For instance, Aero farms has partnered with Dell Technologies for the expansion of its technological requirements of machine learning and network systems. With the help of this partnership, the company will implement the right data-driven machinery by using data related to temperature, humidity, airflow, nutrients, light, water, and food safety.
One of the prime reasons which are supporting the growth of the market is the growing demand for organically grown food and crops. Organic food doesn't contain any harmful chemicals and fertilizers because of which their consumption has increased in the last few years. Moreover, growing health concerns due to the rising number of chemical poisoning incidents around the globe are fueling the demand for organic food. Rapid urbanization and less available arable land, and increased preference for locally grown food produced in an environmentally friendly and sustainable way are driving the adoption of aquaponics technology.
It is a potentially useful tool to overcome a few challenges that are faced by traditional agriculture such as freshwater shortages, climate change, and soil degradation. Additionally, the growing affluent middle class, willing to pay more for higher quality food produced with less pesticides, is also fueling the market growth. This rising demand for organic food has forced the countries to adopt the advanced technologies and methods in their agricultural practices to meet the escalating demand.
France-based indoor farming company Les Nouvelles Fermes has invested EUR 2 million in its first round of funding by the investors from IRDI, the Banque des Territoires, Credit Agricole Aquitaine and the CIC. The company is planning to build the largest aquaponic farm in Europe. South Central Connecticut Regional Water Authority (RWA) has invested $500,000 in Trifecta Ecosystems to build a custom-controlled aquaponics system.
Organic veggies grown in aquaponics are becoming more popular, and this trend is likely to continue. One of the key reasons for this is that farmers are gradually adopting these strategies to produce these vegetables, resulting in an increase in the market's expansion prospects during the forecast period. Aquaponics in the media bed method employs containers filled with rocky media such as stones or expanded clay to support plant roots. To provide the plants with the nutrients and oxygen they require, the bed is inundated and drained with nutrient-rich water. To capture and break down waste, the medium used to support the plants serves as both a mechanical and a biofilter. Media-filled bed unit is the most popular design for small-scale aquaponics.
For most developing regions, this strategy is highly recommended. Because of their simplicity, these designs are space-efficient, have a cheap initial cost, and are excellent for novices. The medium is used to support the roots of the plants in media bed units, and it also serves as a mechanical and biological filter. With increased surface area exposed to the light, water evaporation is higher in medium beds. Media beds come in a variety of designs, and this is perhaps the most adaptable method. Owing to its advantages media filled grow beds segment holds a considerable share in the market.
Market Segmentation:
By Types
- Media Filled Growbeds (MFG)
- Nutrient Film Technique (NFT)
- Deep Water Culture (DWC)
- Others
By Component
- Bio Filter
- Settling Basins
- Fish Tanks
- Soil-Free Plant Bed
- Rearing Tanks
- Aquaponic Produce
- Others
By Equipment
- Pumps and Valves
- Water Heaters
- Fish Purge Systems
- Aeration Systems
- Water Quality Testing
- Others
By Application
- Fish
- Herbs
- Fruits
- Vegetables
By End-User
- Commercial
- Home Production
- Research
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- UAE
- Israel
- Saudi Arabia
- Others
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value (USD) in 2020 | $632.39 million |
| Forecasted Market Value (USD) by 2027 | $934.51 million |
| Compound Annual Growth Rate | 5.7% |
| Regions Covered | Global |
Companies Mentioned
- Aquaponic Lynx LLC
- GreenLife Aquaponics
- Nelson & Pade Aquaponics
- The Aquaponic Source
- ECF Farmsystems GmbH
- MyAquaponics
- Backyard Aquaponics
- NutraPonics Canada Corporation
- Symbiotic Aquaponic
- Endless Food Systems
For more information about this report visit https://www.researchandmarkets.com/r/nkgnxq
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