The Aquaponics Market is expected to reach $2.36 billion by 2030, at a CAGR of 13% during the forecast period of 2023 to 2030. Improving urban farming methods, increasing fish consumption, rising demand for organic fruits and vegetables, growing reduction in arable land areas, and changing climate conditions are the key factors driving the growth of the aquaponics market.
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.
Changing Climatic Conditions Fuel the Growth of the Aquaponics Market
Nowadays, changing the earth’s energy balance leads to changes in global climatic conditions. The current climate conditions bring new stresses to agricultural production and prevent sustainable vegetation production in many areas. As a result, demand for alternative agricultural practices that will be sustainable in the long term, such as aquaponics market or aquaponics farming, is increasing throughout the globe. Moreover, strains on the environment from food production have caused declines in biodiversity, soil carbon, and air quality. Issues such as soil erosion, high groundwater salinization from fertilizer/pesticides, and decreased water availability further increase global demand for sustainable agricultural production practices.
In addition to the aquaponics market, aquaponics farming eliminates the additional requirement of fertilizers, pesticides, or herbicides compared to the other agricultural production techniques. It is considered that aquaponic uses around 90% less water than traditional farming and can grow six times more per square foot than traditional farming. All these environmental benefits are likely to boost the demand for aquaponics in the near future.
Click here to: Get a Free Sample Copy of this Report
Rising Demand for Organic Fruits and Vegetables to Drive the Growth of the Aquaponics Market
The growing health awareness, rising fitness trends, and shift toward healthy products are expected to boost 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 grows, the demand for organic fruits and vegetables is also expected to increase, meaning that various modern systems, such as aquaponics, are expected to fulfill the growing population’s organic food requirements.
The aquaponics system does not require soil, uses very little water and land area, can produce fresh vegetables and fruits under any climatic conditions, and has energy consumption far less than general traditional agriculture. No chemicals or fertilizers are required to help the plant grow in aquaponics systems. Therefore, the aquaponics system is expected to be one of the priority choices for future sustainable farming systems.
Further, due to the rising disposable incomes, people around the globe are presently more focused on healthier diets, with more organic fruit and vegetable inclusion. In addition, the rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular & infectious disease, the burden of healthcare expenditure, and the health-consciousness trend is driving consumers to adopt healthy and high-quality foods and beverages.
Moreover, the interest in wellness and immunity has spiked in recent years, leading to a higher demand for organic fruits and vegetables. This factor is likely to have a significant impact on market growth.
Key Findings in the Aquaponics Market Study:
In 2023, the Media Based Aquaponics System Segment to Dominate the Aquaponics Market
Based on system, 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.
In 2023, the Grow Lights Segment to Dominate the Aquaponics Market
Based on 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 rising adoption of grow lights in indoor farming and the 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.
In 2023, the Poly or Glass Greenhouses Segment to Dominate the Aquaponics Market
Based on facility type, 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.
In 2023, the Fish Segment to Dominate the Aquaponics Market
Based on product type, 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.
The Home Production Segment to Witness Highest Growth Rate During the Forecast Period
Based on application, in 2023, the home production segment is projected to witness significant growth during the forecast period of 2023–2030. 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.
Asia-Pacific: Fastest-growing Regional Market
Based on geography, in 2023, North America is expected to account for the largest share of the aquaponics market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. 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.
However, the Asia-Pacific market is slated to register the fastest growth rate during the forecast period. The growth of this market is driven by increasing technological advancement in the region. Additionally, the rising demand in the farming sector for higher productivity in countries such as China and India is likely to drive the growth of the aquaponics market in the upcoming years.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last three to four years. The key players profiled in this aquaponics market study 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).
Scope of the Report:
Aquaponics Market Assessment, by System
- Media Based Aquaponics System
- Nutrient Film Technique
- Raft System
- Other Systems
Aquaponics Market Assessment, by Equipment
- Grow Lights
- Pumps and Valves
- Fish Purge Systems
- In-line Water Heaters
- Aeration System
- Other Equipment
Aquaponics Market Assessment, by Facility Type
- Poly or Glass Greenhouses
- Indoor Vertical Farms
- Other Facility Types
Aquaponics Market Assessment, by Product Type
- Fish
- Tilapia
- Catfish
- Carp
- Trout
- Ornamental Fish
- Other Fish Types
- Vegetables
- Herbs
- Fruits
- Others
Aquaponics Market Assessment, by Application
- Commercial
- Home Production
- Other Application
Aquaponics Market Assessment, by Geography
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
- Middle East & Africa (MEA)
Key Questions Answered in the Report: