New York, Sept. 22, 2023 (GLOBE NEWSWIRE) -- The global aquaponics market increased at a 7.2% CAGR from 2018 to 2022, reaching US$54.8 million in value in 2023. Aquaponics sales will increase globally at a 7.4% CAGR, reaching a market value of US$ 111.9 million by the end of 2033, according to this study by Persistence Market Research. The Aquaponics Market is a rapidly growing and innovative sector within the broader agricultural and sustainable farming industry.
Aquaponics is an innovative and sustainable agricultural system that combines aquaculture (the cultivation of aquatic organisms) with hydroponics (the cultivation of plants in water). It creates a symbiotic ecosystem where fish or other aquatic creatures provide essential nutrients for plant growth, while the plants filter the water for the animals.
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This holistic approach to farming has garnered increasing attention and investment due to its potential to address food security, water conservation, and environmental sustainability. This report explores the global aquaponics market, its current state, growth drivers, challenges, and future prospects.
Market Segmentation
By Product Type: Fish, Tilapia, Carps, Catfish, Bluegills, Koi, Trouts, Vegetables, Tomato, Peppers, Cucumber, Lettuce, Herbs, Kale, Bok Choy
By Technique: Deep Water Culture, Nutrient Film Technology, Media-filled Growbed
Market Drivers
- Sustainable Agriculture: Aquaponics is hailed as an environmentally friendly farming method as it significantly reduces the need for water compared to traditional soil-based agriculture. It also minimizes the use of synthetic fertilizers and pesticides, contributing to a more sustainable and eco-conscious agricultural industry.
- Food Security: As the global population continues to grow, there is an increasing need for efficient and productive farming methods. Aquaponics allows for year-round cultivation of both fish and vegetables, providing a consistent source of fresh, locally produced food.
- Urban Farming: The rise of urbanization and limited space for traditional agriculture has led to the emergence of urban farming. Aquaponics systems are well-suited for urban environments, making it possible to grow food in places where traditional farming is not feasible.
- Education and Research: Aquaponics systems are increasingly used in educational institutions and research facilities to study sustainable agriculture, water conservation, and the interdependence of aquatic and plant life. This drives demand for aquaponics components and expertise.
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Market Challenges
- High Initial Investment: Setting up an aquaponics system can require a significant initial investment, which can be a barrier for smaller-scale farmers or individuals looking to adopt this technology.
- Technical Expertise: Operating a successful aquaponics system requires a certain level of technical knowledge and expertise, particularly in terms of managing water quality, maintaining fish health, and optimizing plant growth.
- Regulatory Compliance: As aquaponics becomes more widespread, regulatory frameworks may evolve, posing challenges for businesses in terms of compliance and adapting to changing rules and standards.
Regional Analysis
The adoption of aquaponics varies across regions. North America and Europe have been early adopters due to their focus on sustainable agriculture and the presence of a strong consumer market for organic produce. The Asia-Pacific region is also witnessing significant growth, driven by the need for efficient farming methods in densely populated areas.
Competitive Landscape
Aquaponics supply firms are creating systems and offering products and information to help individuals and businesses start aquaponics. Cost and resource efficiency are the main priorities for businesses. The cost of building an aquaponics system is reduced since few companies have developed technology that transforms aquariums or water tubs that were previously installed in locations like homes or businesses into aquaponics systems.
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Key players in the global aquaponics market include:
Nelson and Pade Inc., Pentair Aquatic Eco-Systems, Inc., ECF Farmsystems GmbH, AquaCal AutoPilot, Inc., Japan Aquaponics, Green Life Aquaponics, Backyard Aquaponics Pty Ltd., Hapa Farms, Lucky Clays Fresh, Blueplanet Urban Agro Services Pvt. Ltd., Global Aquaponic Systems Corporation, Ichthys Aquaponics, Aponic Ltd., Red Ewald Inc.
Recent Developments
- In February 2018, Pentair Aquatic Eco-Systems, Inc. announced plans for growth and the construction of a brand-new, state-of-the-art innovation centre in Apex, North Carolina. It intends to occupy a 50,000 square foot research and development centre on Pinnacle Centre Drive.
- In December 2015, NutraPonics Canada Corporation announced that it would bring its aquaponic farming system to communities in the Arctic.
- Lucky Clays Fresh's commercial expansion was planned, constructed, and opened in phases beginning in 2015. It is capable of producing 40,000 pounds of fish, 480,000 units of produce, and 10,000 pounds of prawns annually.
- 2017 saw the introduction of a range of heat pumps from AquaCal AutoPilot, Inc. that had been upgraded with new features and given a sleek, modern appearance.
Future Outlook
The aquaponics market is poised for continued growth as sustainability, food security, and urban farming become increasingly important global concerns. Advances in technology and greater accessibility to training and educational resources are expected to lower barriers to entry, driving adoption among smaller-scale farmers and individuals. Additionally, the integration of automation and data analytics into aquaponics systems may enhance efficiency and productivity, further fueling market growth.
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