Aquaponics refers to a combination of aquaculture and hydroponics in which the nitrate-rich water from farmed fish is used to grow plants. The aquaponics system cultivates both hydroponic plants as well as aquatic animals like fish in a symbiotic environment. Fish waste which includes ammonia converts into nitrates and nitrates through a natural bacterial cycle which acts as a food source for the plants. The plants then help to filter and oxygenate the water for the fish. Aquaponics provides an eco-friendly and sustainable method for year-round production of both fish and vegetables without the use of chemical fertilizers or pesticides. It uses around 70% less water than traditional agriculture and yields are typically higher using aquaponics.
The Global Aquaponics Market is estimated to be valued at US$ 1797.12 Bn in 2024 and is expected to exhibit a CAGR of 10.% over the forecast period 2024 to 2030.
Key Takeaways
Key players operating in the aquaponics market are Allresist GmbH, BASF SE, Dow Chemical Company, Huntsman International LLC, and Momentive Performance Materials Inc. Aquaponics is gaining increasing popularity due to the growing demand for organic meat and vegetables produced without the use of synthetic fertilizers, pesticides and other chemicals. The aquaponics space has witnessed various technological advancements such as implementation of IoT sensors, computerized monitoring and automatic feeding systems to optimize various parameters like pH levels, temperature, sunlight and nutrients in the water. This has made aquaponics systems integrated, efficient and suitable for commercial production.
Market trends
One of the key trends in the Global Aquaponics Market Size is adoption of aquaponics technology integrated with artificial intelligence and IoT. Various players are developing aquaponics systems integrated with sensors, automation and AI capabilities to monitor critical parameters, automate feeding and provide remote oversight of farms. Another important trend is growing commercialization of aquaponics with many startups venturing into commercial scale productions of fish and vegetables year-round to meet the rising demands of organic foods and meet sustainability goals.
Market Opportunities
One of the major opportunities for aquaponics market is in urban areas where land availability is scarce. Aquaponics provides scope for multi-level indoor vertical farming incorporated with Rooftop farms or backyard production. Secondly, due to increasing popularity of organic foods, there is significant growth opportunity for large scale commercial aquaponics farms producing organic vegetables, fruits, fish and other products and catering to demands of supermarkets and hypermarkets.
Impact of COVID-19 on Aquaponics Market Growth
The outbreak of COVID-19 pandemic has impacted the aquaponics market in several ways. During the initial lockdowns imposed across various countries, the market experienced volatility in terms of supply and demand disruptions. Travel restrictions and temporary closure of restaurants impacted the consumption of aquaponics products. However, with more people adopting home aquaponics systems as a way of sustainable food production during lockdowns, the demand witnessed some recovery later in 2020.
The post-COVID scenario has brought opportunities as well as challenges. The rising awareness about healthy and nutritious food has boosted demand for aquaponically grown produce. However, disrupted supply chains continue to pose problems in terms of pricing and availability of aquaponics systems and essential components. High freight charges also pushed up overall costs. Labor shortage issues affected operations of larger commercial farms. Further, sluggish economic conditions decreased overall discretionary spending on aquaponics setups to some extent.
Going forward, market players need to focus on strengthening domestic supply networks, digitalizing operations, and expanding to new geographies. Adopting innovative aquaponics techniques can help boost yields while minimizing costs. Promoting home-based and community-based aquaponics models can spur demand and make the concept more accessible.
Concentration of Aquaponics Market by Geographical Regions
In terms of value, North America accounts for the largest share of the global aquaponics market currently. The US dominates the regional market owing to high awareness levels and growing adoption rates over the recent years. The region is estimated to remain at the forefront through the forecast period as well due to ongoing initiatives to develop commercial aquaponics farms.
Asia Pacific is emerging as the fastest growing regional market for aquaponics. Developing countries like China, India, and several Southeast Asian nations are witnessing a surge in adoption of aquaponics driven by factors like rising health consciousness, growing millennial population, and increasing focus on sustainable food production methods. With supportive government policies as well, the Asia Pacific market is projected to outpace others in the coming years.
Fastest Growing Geographical Region in the Aquaponics Market
Among individual countries/geographical regions, China is poised to register the highest CAGR in the global aquaponics market during the forecast timeline. Key growth determinants include rapid urbanization, increasing disposable incomes, expanding middle-class consumer base, growing millennial population, and government initiatives to popularize advanced aquaculture techniques.
Several major players have entered strategic partnerships with local firms in China to tap the vast potential offered by the aquaponics sector. Rising environmental concerns and shortage of cultivable land are also steering more Chinese farmers towards aquaponics. Overall, China's ambitious modernization plans for its agriculture industry present an ideal ground for the aquaponics concept to flourish, making it the fastest emerging regional market globally.
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