Aquaponics is an integrated system that combines conventional aquaculture with hydroponics in a symbiotic environment. By raising fish and plants together, aquaponics provides an eco-friendly means of farming that uses around 70% less water compared to regular agriculture. It relies on the natural waste produced by fish, which provides a nutrient-rich fertilizer for the plants. In turn, the plants help filter the water so the fish can thrive in their waste-free environment. The global aquaponics market has rapidly gained traction as a sustainable alternative to conventional agriculture that does not rely on chemical pesticides and fertilizers.
The global Aquaponics Market is estimated to be valued at US$ 1560 Mn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends
The growing popularity of eco-friendly farming techniques among consumers and regulators has been a major driver for the adoption of aquaponics systems. As environmental concerns around water usage and pollution from fertilizers increase, integrated aquaponics provides farmers and backyard hobbyists with a natural and sustainable solution. Furthermore, aquaponics is suitable for producing organic vegetables, herbs and fish without relying on soil. This appeals to health-conscious consumers who are willing to pay a premium for chemical-free food. The market growth is expected to be further accelerated by ongoing innovation in aquaponic system designs for both commercial and residential settings.
Segment Analysis
Aquaponics is classified into two main segments: media filled systems and nutrient film technique (NFT) systems. Media filled systems dominate the aquaponics market as they are more stable and suitable for growing a wide variety of plants. These systems use an inert growing media like gravel or clay pellets to support the plant’s root structure. This allows for better aeration of the roots and helps maintain stable biochemical conditions for plant growth.
Key Takeaways
The global Aquaponics Market Growth is expected to witness high growth in the coming years supported by increasing organic food demand and sustainable agricultural practices. North America currently dominates the market due to high awareness about aquaponics and presence of key players. The region is expected to continue its dominance supported by rising demand for organic foods.
Regional analysis: North America is the fastest growing region in the global aquaponics market driven by high awareness about sustainable foods and presence of established players. The US accounts for the major share and is expected to grow at a CAGR of over 12% during the forecast period on account of booming organic food industry and supportive government regulations.
Key players operating in the aquaponics market are Allresist GmbH, BASF SE, Dow Chemical Company, Huntsman International LLC, and Momentive Performance Materials Inc. Allresist GmbH is one of the leading manufacturers of medias and equipment for aquaponics worldwide. BASF SE provides various raw materials like fertilizers for aquaponics.
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