Meticulous Research®—a leading global market research company, published a research report titled, ‘Aquaponics Market by System (Media Based Aquaponics, Raft System), Equipment (Grow Lights, Pumps & Valves), Facility Type (Glass Greenhouses, Indoor Vertical Farms), Product Type (Fish, Vegetables, Herbs, Fruits), Application - Global Forecast to 2030.’
The aquaponics market is expected to reach $2.36 billion by 2030, at a CAGR of 13% from 2023 to 2030. The growth of this market is driven by the improvement in urban farming methods, increasing fish consumption, rising demand for organic fruits and vegetables, growing reduction in arable land areas, and changing climate conditions.
Furthermore, the growing use of aquaponic systems in offices and restaurants and reducing water use and discharge to the environment are expected to provide significant growth opportunities for players operating in this market. However, high initial start-up costs and critical management requirements hinder the growth of this market.
The aquaponics market is segmented by system, equipment, facility type, product type, application, and geography.
Based on system, the aquaponics market is segmented into media based aquaponics system, nutrient film technique, raft system, and other systems. In 2023, the media based aquaponics system segment is expected to account for the largest share of the aquaponics market. The large market share of this segment is attributed to their versatility, ease of implementation, and ability to support a wide variety of plant species. In addition, it offers a balanced approach that combines aquaculture and hydroponics, making them popular among commercial practitioners.
Based on equipment, the aquaponics market is segmented into grow lights, pumps and valves, fish purge systems, in-line water heaters, aeration systems, and other equipment. In 2023, the grow lights segment is expected to account for the largest share of the aquaponics market. The large market share of this segment is attributed to the growing indoor farming & rising adoption of grow lights in indoor farming and an increase in environment-friendly production of fruits & vegetables. Additionally, in indoor farming, the grow lights play a vital role in plant photosynthesis as it emits essential light required by plants for photosynthesis. In addition, the growing awareness of alternative farming, owing to the less availability of fertile agricultural land and rising population, are the key factors anticipated to boost the grow lights demand.
Based on facility type, the aquaponics market is segmented into poly or glass greenhouses, indoor vertical farms, and other facility types. In 2023, the poly or glass greenhouses segment is expected to account for the largest share of the aquaponics market. The large market share of this segment is attributed to its ability to maintain a controlled environment, offer excellent insulation, reduce heat loss, and provide more stability & durability in extreme weather conditions.
Based on product type, the aquaponics market is segmented into fish, vegetables, herbs, and fruits. In 2023, the fish segment is expected to account for the largest share of the aquaponics market. The large market share of this segment is attributed to the rising global population, changing lifestyle, growing consumer inclination toward pescetarianism, and increasing awareness about the health benefits associated with seafood. In addition, the growing demand for protein-rich diets as an alternative to high-calorie food products increases the demand for fish.
Based on application, the aquaponics market is segmented into commercial, home production, and other applications. In 2023, the commercial segment is expected to account for the largest share of the aquaponics market. The large market share of this segment is attributed to the growing demand for organic food products in the local market and the need to reduce production costs with the increase in the profitability of farming.
The home production segment is also expected to grow significantly during the forecast period. The rapid growth of this segment is mainly driven by the increasing backyard production of fruits and vegetables due to rising health awareness and increasing food prices. Moreover, rising demand for fish and growing urban farming further support the growth of aquaponics farming for home production across the globe.
Based on geography, in 2023, North America is expected to account for the largest share of the aquaponics market. North America’s major market share is attributed to several factors, including the rapid growth in population, increasing demand for organic products, improvement in urban farming methods, increasing health awareness among consumers, and technological advancement and innovations in agriculture.
The key players operating in the aquaponics market are Pentair Aquatic Eco-System, Inc. (U.S.), Nelson and Pade, Inc. (U.S.), Aquaponics USA (U.S.), Greenlife Aquaponics (U.S.), The Aquaponic Source, Inc. (U.S.), Symbiotic Aquaponic LLC (U.S.), Practical Aquaponics (Australia), ECF Farmsystems GmbH (Germany), MyAquaponics PTY Ltd (South Africa), AquaCal AutoPilot, Inc (U.S.), and Ichthys Aquaponics (South Africa).
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