Market Outlook
Aquaponics Market is predicted to exhibit 13.4% CAGR from 2019 to 2024 (forecast period) to touch a size of USD 1.34 billion. The increased income from the technique of aquaponics as well as low wastage of water is likely to drive the market demand. Immense demand for organic food by the global populace is deemed to drive the market growth over the forecast period.
Cultivation of vegetables via organic methods as well as minimization of waste can foster the adoption of aquaponics. The demand for locally grown vegetables with a longer shelf life and nominal transportation costs can bode well for the market. The partnership with domestic retail stores is likely to lead to high profit margins for farmers as well as the economy. Moreover, initiatives by governments to promote pollution-less methods of farming which is viable to the environment can work in favor of the market. This is exemplified by the setup of a aquaponics facility in Ethiopia by the College of Natural Sciences.
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Competitive Analysis
Major industry participants in the Global Aquaponics Market include NutraPonics Canada Corporation, Ichthys Aquaponics, Hapa Farms, Red Ewald Inc., My Aquaponics, Colorado Aquaponics, Greenlife Aquaponics, Japan Aquaponics, Lucky Clays Fresh, ECF Farmsystems GmbH, Backyard Aquaponics Pty Ltd, Urban Farms AG, Nelson & Pade Inc., Aponic Ltd, Pentair Aquatic Eco-Systems Inc., and others.
Investments in large aquaponic farms due to the wide scope in organic and natural foods is expected to be the main focus of these players. The vast opportunities in urban farming due to the paucity of land can drive their prospects. Agriculture equipment exchange programs deemed to exchange farming technology between farming communities of different countries are a space for companies to showcase their products.
Segmentation Analysis
The global aquaponics market is segmented by produce, component, equipment, and application.
By produce, it is segmented into fruits & vegetables, fish, and others.
By component, it is segmented into bio-filters, settling basins, sump tanks, rearing tank, and others.
By equipment, it is segmented into water heater, water quality testing, pumps and valves, grow lights, fish purge systems, aeration systems, and others.
By application, it is segmented into home food products, commercial, and others.
Regional Analysis
Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW) are regions taken into consideration in the compilation of the global aquaponics market report.
The region of North Americas is expected to dominate in the market due to the adoption of modern farming methods and increasing demand for organic food. Technological breakthroughs in the form of aquafeed can drive the regional growth. For instance, internet of things (IoT) has been used in controlling the farming environment for ensuring high yields. The use of sensors to monitor the various parameters and reduce farming costs can drive the interest of farmers and propel the global aquaponics market growth.
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The APAC region is deemed to be highly lucrative and predicted to exhibit a stellar CAGR during the forecast period due to the growing population in two of the biggest economies. The inclination of farmers in India and China towards aquaponics due to easy operating conditions and probability of raising income can bode well for the market. Emergence of aquaponic based farms in suburbs of India are predicted to bolster the demand for aquaponics equipment.
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