Aquaponics Market (2024-2031)
The Aquaponics Market is expected to reach $2.74 billion by 2031, at a CAGR of 13.7% from 2024 to 2031.
- Published
- Jul 2024
- Pages
- 250
- Format
- PDF + Excel
- Report ID
- MR-317
- Base year
- 2023
- 2031 · FORECAST
- $2.74B
- 2031
- $2.74B
- CAGR 2024–2031
- 13.7%
2023 baseline · 2024–2031 forecast at 13.7% CAGR · hover a bar for the value
Key highlights
By System: The Media-based Aquaponics Segment to Dominate the Aquaponics Market in 2024
By Equipment: The Grow Lights Segment to Dominate the Aquaponics Market in 2024
By Facility Type: The Poly or Glass Greenhouses Segment to Dominate the Aquaponics Market in 2024
By Product Type: The Fish Segment to Dominate the Aquaponics Market in 2024
By Application: The Home Production Segment to Dominate the Aquaponics Market in 2024
Report summary
| Particulars | Details |
|---|---|
| Number of Pages | 250 |
| Format | |
| Forecast Period | 2024–2031 |
| Base Year | 2023 |
| CAGR (Value) | 13.7% |
| Market Size (Value) | $2.74 Billion by 2031 |
| Segments Covered | By System · Media-based Aquaponics System · Nutrient Film Technique · Raft System · Other Aquaponics Systems · By Equipment · Grow Lights · Pumps & Valves · Fish Purge Systems · In-line Water Heaters · Aeration System · Other Equipment · By Facility Type · Poly or Glass Greenhouses · Indoor Vertical Farms · Other Facility Types · By Product Type · Fish · Tilapia · Catfish · Carp · Trout · Ornamental Fish · Other Fish Types · Vegetables · Herbs · Fruits · By Application · Commercial · Home Production · Other Applications |
| Countries Covered | North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, Australia, South Korea, and Rest of Asia-Pacific), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa |
| Key Companies Profiled | 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 Afraponix ltd (South Africa) |
Report overview
Segments covered: system, equipment, facility type, product type, application. Regions: North America, Europe, Asia-Pacific, Latin America.
The growth of this market is driven by advancements in urban farming methods, a surge in fish consumption, increasing demand for organic fruits & vegetables, decreasing arable land, and changing climatic conditions. Moreover, the increasing adoption of aquaponic systems in offices and restaurants and the rising need for sustainable agricultural practices are expected to create market growth opportunities.
Market dynamics
4 factors across 2 forcesChanging Climatic Conditions
Climate change has introduced new challenges to agricultural production worldwide, making sustainable vegetation increasingly difficult in many regions. As a result, there is a growing global demand for alternative agricultural practices like aquaponics farming that offer long-term sustainability. Moreover, the environmental impact of conventional food production has adversely affected biodiversity, soil carbon levels, and air quality. Issues such as soil erosion, groundwater salinization from fertilizers and pesticides, and water scarcity further drive the need for sustainable agricultural practices.
Unlike traditional farming methods, aquaponics farming eliminates the need for synthetic fertilizers, pesticides, or herbicides. This method requires approximately 90% less water than conventional farming and achieves six times greater yield per square foot. These advantages are expected to drive increased demand for aquaponics in the coming years.
Rising Demand for Organic Fruits and Vegetables
The growing health awareness, rising fitness trends, and shift toward healthy products are driving the demand for organic fruits and vegetables. The global population is expected to reach 9.7 billion by 2050, a 24% increase over 2021 (Source: Population Reference Bureau). As the global population expands, the demand for organic fruits and vegetables is projected to rise, prompting the adoption of modern systems like aquaponics to meet this need.
Aquaponics systems do not rely on soil, consume minimal water and land area, and can cultivate fresh produce in any climate. They also have significantly lower energy consumption compared to traditional agriculture and do not require chemicals or fertilizers. Therefore, aquaponics is expected to emerge as a leading choice for sustainable farming systems in the future.
Moreover, increasing disposable incomes worldwide have led people to prioritize healthier diets, including more organic fruits and vegetables. Additionally, the rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular, and infectious diseases, coupled with rising healthcare costs, are motivating consumers to seek out nutritious and high-quality foods & beverages. Furthermore, there has been a surge in interest in wellness and immunity in recent years, further boosting the demand for organic fruits and vegetables. This trend is expected to influence the market’s growth.
Table of contents
13 chapters · 125 sections · 250 pages · click to expandSegmental analysis
| Segment | Largest share (2024) | Fastest growth (2024–2031) |
|---|---|---|
| By System | Media-based Aquaponics | — |
| By Equipment | Grow Lights | — |
| By Facility Type | Poly or Glass Greenhouses | — |
| By Product Type | Fish | — |
| By Application | Home Production | Home production |
By System
- The Media-based Aquaponics Segment to Dominate the Aquaponics Market in 2024
- The media-based aquaponics system segment is expected to account for the largest share of 39.9% of the aquaponics market.
- The large market share of this segment can be attributed to their versatility, ease of implementation, and capability to support a wide variety of plant species.
- These systems offer a balanced approach by integrating aquaculture and hydroponics, making them highly popular among commercial practitioners.
By Equipment
- The Grow Lights Segment to Dominate the Aquaponics Market in 2024
- The grow lights segment is expected to account for the largest share of the aquaponics market.
- This segment’s large market share can be attributed to the growing adoption of grow lights in indoor farming and the increasing trend towards environmentally friendly production of fruits and vegetables.
- Grow lights play a crucial role in indoor farming by providing essential light for plant photosynthesis.
- Moreover, increasing awareness of alternative farming methods, driven by declining arable land and a growing population, is expected to drive the demand for grow lights.
By Facility Type
- The poly or glass greenhouses segment is expected to account for the larger share of the aquaponics market.
- The large market share of this segment can be attributed to the benefits offered by poly or glass greenhouses, such as maintaining a controlled environment, providing excellent insulation, reducing heat loss, and offering enhanced stability & durability in extreme weather conditions.
By Product Type
- The Fish Segment to Dominate the Aquaponics Market in 2024
- The fish segment is expected to account for the largest share of the aquaponics market.
- The large market share of this segment can be attributed to rapid population growth, a growing consumer preference for pescetarianism, and increasing awareness about the health benefits associated with seafood consumption.
- Additionally, the increasing demand for protein-rich diets as an alternative to high-calorie food products further drives the demand for fish in aquaponics systems.
By Application
- The Home Production Segment to Dominate the Aquaponics Market in 2024
- The commercial segment is expected to account for the largest share of 46.0% of the aquaponics market.
- This segment’s large market share can be attributed to the increasing demand for organic food products within local markets and the need to reduce production costs while enhancing farming profitability.
- However, the home production segment is projected to record the highest growth rate during the forecast period 2024–2031.
- This growth is driven by the increasing backyard production of fruits & vegetables, driven by rising health awareness & food prices.
- Furthermore, the growing demand for fish and the increasing popularity of urban farming drive the growth of this segment.
Geographic analysis
North America
Largest shareIn 2024, North America is expected to account for the largest share of 41.4% of the aquaponics market, followed by Europe and Latin America. The aquaponics market in North America is expected to reach $459.0 million in 2024. North America’s significant market share can be attributed to rapid population growth, rising demand for organic products, advancements in urban farming methods, increasing consumer health awareness, and technological innovations in agricultural practices. North America to Dominate the Aquaponics Market in 2024
Asia-Pacific
Fastest growthHowever, the market in Asia-Pacific is projected to register the highest growth rate of 16.3% during the forecast. Technological advancements and the growing demand for increased agricultural productivity in countries like China and India drive the growth of this regional market.
Competitive landscape
- November 2023
Himalaya Technologies, Inc. (U.S.) established a subsidiary, INFOOD TECHNOLOGIES, to provide indoor agriculture products and services to K12 and collegiate education, municipal government, and enterprise customers. As a part of this initiatives, Himalaya Technologies has formed a strategic partnership with Nelson and Pade, Inc. (U.S.), a provider of aquaponics systems and services, and Vertical Crop Consultants, Inc. (U.S.), a provider of vertical farming products and services.
- October 2023
The Circle Sarl. (Italy), an aquaponic agricultural company, secured USD 2.3 million (EUR 2.1 million) in funding from Opes Italia and Sparviero Holding to construct two new aquaponic salad and herb production facilities for the restaurant industry.
- December 2021
Three Japan-based companies, METAWATER Co., Ltd., TETSUGEN Corporation, and Plant form Inc., established a joint venture named Tetsugen Metawater Aqua Agri to engage in aquaponics business.
- Pentair Aquatic Eco-System, Inc. (U.S.)
- Nelson and Pade, Inc. (U.S.)
- Aquaponics USA (U.S.)
- Greenlife Aquaponics (U.S.)
- 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.)
- Afraponix ltd · South Africa
Frequently asked questions
This study focuses on market assessment and opportunity analysis by analyzing the sales of aquaponics systems & equipment across various regions and countries. This study also offers a competitive analysis of the aquaponics market based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies.
The aquaponics market study provides value-based insights, market sizes, and forecasts for the system, equipment, facility type, product type, application, and geography market segments.
Cite this report
Meticulous Research. (2024). Aquaponics Market - Global Opportunity Analysis and Industry Forecast (2024-2031) (Report No. MR-317). Meticulous Market Research Pvt. Ltd. https://www.meticulousresearch.com/product/aquaponics-market-5018