Global Aquaponics Market Worth USD 1,145 Million With a CAGR of 9.82%

Introduction

Aquaponics is the method of hydroponically cultivating plants while using traditional fish culture. Aquaponic techniques have gained widespread favor among farmers because of the system's unique ability to produce throughout the year. Since employing aquaponics eliminates the need for inorganic fertilizers, fertilizers are ultimately less expensive. In addition, organic aquaponics farming is possible year-round without using additional toxic chemicals. In recent years, unpredictable weather has had a considerable negative impact on the food supply. As a result of these factors, this industry is anticipated to see fantastic growth opportunities in the future years.

Market Dynamics

Growing Interest in Organic Fruits and Vegetables to Drive the Global Aquaponics Market

In terms of both quantity and quality, food security is becoming a more significant concern as the world evolves. Because of technology's rapid growth, more populations can now access healthier foods. By giving access to organic foods to communities, growers improve the quality of life in such communities. In past years, the spread of organic farming has been spurred by rising consumer awareness of environmental and food safety concerns. Similarly, the usage of chemical additives in the food and beverage industries has driven the adoption of organic products. An increasing number of health-conscious consumers are driving the market for organic products.

According to the Organic Trade Association or OTA, sales of organic food in the US climbed by 12.8% in 2020, double the increase from the previous year. The aquaponics industry's expansion is driven by the global demand for organic fruits and vegetables. Aquaponic systems, which lack artificial fertilizers and crop protection agents, rely on fish feces as their primary supply of plant nutrients. Governments around the globe are promoting aquaponic organic cultivation. Under the Safe Food for Canadians Regulations, vegetables and fruits cultivated in aquaponic systems can be certified organic in Canada beginning in 2018.

In the past few decades, a new generation of organic farmers has developed an interest in intensive food production in a regulated environment. As a result, the aquaponics market is increasing at a faster rate. As a result of expanding family health consciousness, higher demand for organic fruits and vegetables will boost the market for aquaponic farming over the forecast period.

The Growing Consumer Demand to Create Global Aquaponics Market Opportunities

The rising disposable income of the global middle class has altered how people spend their money. There are more restaurants on a global scale because consumers are spending more money on meals. Consumer demand for locally produced food is increasing, and aquaponics helps to support this local and regional consumption model. This is contributing to the market's expansion. The hunt for sustainable farming techniques has emerged in response to the harmful consequences of climate change.

In the beginning, commercial farms are formed as test sites to demonstrate the viability of experimental technology necessary for ecologically challenging or atypical operational environments. These businesses must expand to maximize economies of scale, and they seek finance to do so. The expansion of farms to increase their yields and profitability is increasing market growth.

Regional Insights

North America will command the regional market expanding at a CAGR of 8%. The United States is the region's primary source of revenue. Population growth, a surge in demand for organic foods, a rise in disposable income, technological advancements, inventions, and other reasons are all propelling the aquaponics market in the United States. Significant investments were made to expand the aquaponics business in the United States. In 2017, Superior Fresh LLC established the first indoor recirculating aquaculture system and the world's largest aquaponics facility, both utilized to raise Atlantic salmon. In the 40,000-square-foot fish-rearing facility, salmon and rainbow trout are raised with the same water that sustains eight greens.

Aquaponics is projected to help revive the American aquaculture industry in the future. Over 80 percent of the yearly seafood consumption in the United States is imported. As aquaponic farms proliferate, they will allow the United States to import less seafood in the future. Consequently, it is projected that the aquaponics market in North America will be pushed throughout the forecast period by the increased demand for organic products, investments from large firms, and an increase in disposable incomes.

Europe will hold the second-largest share of USD 272 million, expanding at a CAGR of 7.5%. The aquaponics business is progressively gaining importance due to its development of a paradigm shift for ethical and sustainable food production in urban areas. The aquaponics market in the region has recently been propelled by urbanization and population growth. Europe's aquaponics agricultural industry has been propelled by technical input. Numerous regional enterprises are creating revolutionary aquaponics technology for the entire country. GrowUp Urban Farms, for example, operates the largest vertical farm in the United Kingdom using a combination of aquaponics and innovative vertical growth techniques.

Key Highlights

• The global aquaponics market had a revenue worth USD 493 million in 2022. It is expected to reach USD 1,145 million by 2031, growing at a CAGR of 9.82% during the forecast period (2022-2031).
• By growing system, the raft or deep-water culture section is projected to have the most significant revenue holding while growing at a CAGR of 8.55%.
• By facility type, the poly or glass greenhouses section is forecasted to hold the largest share, expanding at a CAGR of 8.3%.
• By fish type, the tilapia section will hold the largest share, advancing at a CAGR of 9.32%.
• By regional segmentation, North America will command the regional market, expanding at a CAGR of 8%.

Competitive Players

Competitive Players in the Market

• Superior Fresh
• Ouroboros Farms
• Springworks Farm
• BIGH
• Deep Water Farms
• Traders Hill Farm
• ECF Farmsystems
• Pentair Aquatic Eco-System Inc.

Recent Developments

Market News

• In 2022, Welbilt, Inc. sold Manitowoc Ice to Pentair, the world's leading water treatment and sustainable solutions provider.

Segmentation

Global Aquaponics Market: Segmentation

By Growing System

• Media Filled Beds
  • Constant Flow
  • Ebb and Flow (Flood and Drain)
• Nutrient Film Technique (NFT)
• Raft or Deep-Water Culture (DWC)

By Facility Type

• Poly or Glass Greenhouses
• Indoor Vertical Farms
• Other Facility Types

By Fish Type

• Tilapia
• Catfish
• Carp
• Trout
• Ornamental Fish
• Other Fish Types

By Region

• North America
• Asia Pacific
• Europe
• South America
• Africa