Commercial Aquaponics Market Share, Growth & Forecast [2030]

Report Description

The global commercial aquaponics market size was valued at USD 663.54 Million in 2019 and is projected to register a robust CAGR during the forecast period, between 2021 and 2028. Aquaponics is an artificial eco-system made up of fishes and plants that can benefit each other from the system. It is a combination of aquaculture and hydroponics, which results in developing eco-friendly and allowing recycling. It represents a healthy relationship between aquatic life and vegetation.

This process begins as fishes eat and excrete ammonia in a controlled environment. The beneficial bacteria in the environment converts ammonia into nutrients. This ammonia is then used by plants as a natural fertiliser to help them grow. Aquaponics is a feasible way to grow fishes and plants simultaneously while saving costs of manure or fertiliser and water. Moreover, it also offers several benefits such as speedy plant growth, minimised chemicals used, and reduce in pollution.

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Market Trends, Drivers, Restraints and Opportunities:

• Increasing urban farming and subsequent rising in demand for organic food due to shift in consumers’ preferences present key drivers of the market.
• Rising demand for aquaponics due to the growing number of the global population and increasing consumption of fruits and vegetables is expected to boost the market growth in the coming years.
• COVID-19 has negatively impacted this market as it resulted in untimely and irregular functioning of supply chain of agriculture sector. This acts as a key restraint of the market expansion.
• Increasing adoption of other sustainable practices such as hydroponics, vertical farming, and organic arable farming poses a major threat to aquaponics market. This is projected to hamper the market growth during the forecast period.
• Low transportation costs and growing attraction of farmers to cultivate organic vegetables present new opportunities of the market.

Scope of the report:

The report on the global commercial aquaponics market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Commercial Aquaponics Market Segment Insights:

Ability of mass production of crops drives the raft system or deep water culture segment

On the basis of growing systems, the global commercial aquaponics market is segmented into media filled grow beds (MFG), nutrient film technique (NFT), raft or deep water culture, and others. The raft system or deep water culture segment is anticipated to expand at a substantial growth rate during the projected period owing to wide adoption of the system and used commercially due to its ability of mass production. In this system, the water solvent flows through lengthy canals, at a depth of 20 cm while rafts float on top.

On this raft, plants are then grown while roots of the plants dangle in the nutrient-rich water, which provides it with oxygen and nutrients. The water solvent circulates through the fish tank for the filtration process then goes to the raft where plants are present and in the end flows back to the fish tank. Some benefits of this system include high productivity of crops with cost-effective labour as the roots help the plant in extracting more nutrients resulting in a healthy crop. Moreover, raft boards are easy to wash and allows for a large fish stock.

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Grow bed segment is expected to account for a key market share

Based on components, the market is divided into bio-filter, settling basins, fish tanks, soil-free plant bed, rearing tanks, aquaponics produce, and sump tank. The grow bed segment is expected to account for a key market share as it represents a key component of the place where plants are actually grown. The grow bed is basically made of food-grade substances that prevents chemical leak and helps in the developing of the nutrient-rich water as this can affect the pH of the water. On the other hand, the fish tanks segment is anticipated to grow at a rapid pace since this tank indicates the overall health of the ecosystem.

Grow lights segment to hold significant market share

In terms of equipment, the global commercial aquaponics market is fragmented into pumps and valves, water heaters, fish purge systems, aeration systems, water quality testing, grow lights and others. The grow lights segment is expected to hold significant market share in the coming years owing to rising indoor farming and increasing adoption of grow lights in indoor farming. Grow light is a substitute for natural sunlight, which provides light to stimulate the growth of plants as it replaces sunlight and is used for photosynthesis in plants.

Rise in demand for fish produce boosts the fish segment

On the basis of produce, the market is segregated into fish, herbs, fruits, vegetables, and microgreens. The fish segment is projected to constitute a key market share during the analysis period. The segment growth is attributed to increasing demand for fish due to rising population, changing lifestyle, and increasing consumption of fish as a staple food. Fish is rich in calcium, protein, and omega 3 fatty acids besides offering many vitamins and minerals such as vitamin D, vitamin B2, iron, zinc, and iodine.

Commercial segment to expand substantially

Based on end-users, the global aquaponics market is divided into commercial, community, home production, research centres, and agriculture & farming. The commercial segment is expected to expand substantially in the near future owing to wide provision of offering a diverse variety of goods and services to aid customers and their needs. Owing to changes in lifestyle, consumers are shifting towards organic produce as it is healthier and stays fresh for a longer period of time.

North America to dominate the global market

In terms of regions, the market is categorized as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to dominate the market during the projected period due to rapid growth in use of aquaponics in the region. Furthermore, several initiatives have been taken by major players in the region to promote aquaponics presents another key driver of the regional market growth. One such initiative is the Public Private Partnership (PPP), formed in 2014 by Stevens Point, Nelson and Pade of the University of Wisconsin for establishing Aquaponics Innovation Centre. Such initiatives have aided in consumer awareness and investments in the region.

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