by Aquaponics combines conventional aquaculture (raising fish) with hydroponics (cultivating plants in water) in a symbiotic environment. In an aquaponics system, the waste produced by farmed fish or other aquatic animals supplies natural fertilizer for plants grown hydroponically, which in turn purify the water. Aquaponics is increasingly being adopted as a sustainable method of local food production.
The global Aquaponics Market is estimated to be valued at US$ 1560 Mn in 2024 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
Increased sustainable food production is driving the growth of the aquaponics market. As the world population continues to grow exponentially, there is an increasing need for sustainable methods of local food production that optimize resource use. Aquaponics provides a closed-loop system for integrated fish farming and vegetable cultivation without soil. It uses around 70% less water compared to traditional agriculture methods and enables year-round production irrespective of weather conditions. With environmental concerns rising, aquaponics is gaining prominence among urban farmers and commercial producers looking for sustainable alternatives to meet the rising demand for chemical-free foods. Major companies are also investing in aquaponics technology to develop efficient and commercially viable systems.
SWOT Analysis
Strength: Aquaponics combines aquaculture and hydroponics which allows for efficient use of resources as fish waste provides nutrients for plant growth. Consumers are attracted by fresh and pesticide-free food grown in aquaponics.
Weakness: High initial setup and maintenance costs of aquaponics system makes it less attractive for small scale use. Limited land and water availability can hamper large scale aquaponics farming.
Opportunity: Growing demand for organic and sustainable food offers huge market potential for aquaponically grown products. Advances in IoT and sensor technologies can further optimize aquaponics operations.
Threats: Lack of technical knowhow and skilled workforce limits widespread adoption of aquaponics. Climatic changes and outbreak of diseases can negatively impact aquaponics yield.
Key Takeaways
The global Aquaponics Market Growth is expected to witness high growth.
Regional Analysis: North America currently dominates the market owing to rising consumption of organic foods and government support for innovative urban farming techniques in the region. The North America aquaponics market is projected to reach US$ 633 million by 2030.
Key players operating in the aquaponics market are Aquaponic Lynx LLC, Urban Farmers AG, ECF Farmsystems GmbH, Nelson and Pade Inc., Ultra Aquaponics, and Backyard Aquaponics. These players are focusing on technological advancements such as automated feeding systems, water testing kits, and mobile apps for aquaponics operations to gain a competitive edge.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
