Industry: Food and Beverages
Published Date: June-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 193
Report ID: PMRREP27652
The global aquaponics market expanded at 7.2% CAGR between 2018 and 2022 and ended up with a valuation of US$ 54.8 million in 2023. As per this study by Persistence Market Research, the sales of aquaponics across the world are expected to increase at 7.4% CAGR to reach a market size of US$ 111.9 million by the end of 2033.
Aquaponics is the integration of aquaculture and hydroponics in a reciprocally beneficial water-based system. This arrangement encompasses the growth of a variety of fishes such as goldfish, carp, crappie, tilapia, brim, koi, and bass, as well as plants such as chives and lettuce. The waste from fish litters turn into nitrates and ammonia that are harmful to the fish but are beneficial for plant growth as they help in supplementing essential required nutrients. This creates an extremely maintainable natural system as natural food is available to aquaculture and plants for growth and productivity.
| Attribute | Key Insights |
|---|---|
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Aquaponics Market Size (2023E) |
US$ 54.8 Million |
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Projected Market Value (2033F) |
US$ 111.9 Million |
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Global Market Growth Rate (2023 to 2033) |
7.4% CAGR |
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Historical Growth Rate (2018 to 2022) |
7.2% CAGR |
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Revenue Share of Top 4 Countries (2022E) |
60% |
“Local Foods - Decentralizing Supply Chains and Reducing In-store Losses”
Increasing consumer demand for local or regionally produced vegetables is a major driver for growth of the global aquaponics vegetables market, as farms mainly cater to regional consumers due to logistics issues and small land holdings
Consumer demand for local foods is growing at par with that of organic and natural foods, as locally grown foods inspire a sense of freshness, makes it feel like a community effort, and enables transparency among consumers. Trust building between food manufacturers and consumers in domestic and regional markets is the prominent trend with regard to clean label products and raw material traceability, which is driving demand for aquaponics vegetables to a significant extent.
Growth of farmers’ markets, increasing number of community-sponsored agriculture initiatives, and adoption of other direct-to-consumer distribution channels is resulting from rising popularity and demand for locally produced vegetables. Such distribution channels also benefit small farmers or new farms that might not have proper access to distributors and suppliers.
Retailers are also increasingly sourcing locally-grown vegetables owing to better taste, longer shelf life, and negligible transportation costs, which results in consumers being able to procure these products at lower cost. In addition, vegetables transported over long distances results in spoilage and damage such as shrinkage, thus making the products unappealing.
“Food Security Challenges - Enabling Diversification of Agri-technologies”
Globally increasing population and rising urbanization trend have been posing significant challenges to the conventional model of food cultivation and distribution. These factors are expected to cause complex issues with regard to food security and safety in the future.
For instance, it has been estimated that over 80% of the world’s population will reside in urban areas by 2050. It is estimated that the global population will increase by at least 3 billion people during the interim period, requiring around 109 hectares of additional arable land to feed them.
To counter such challenges, several countries are currently granting funds and actively promoting aquaponics cultivation, with vertical aquaponics farms and use of cost-effective building materials being major focus areas. These are major factors driving the growth of the global aquaponics vegetables market in developing economies.
“Reduced Exposure to Pathogens & Ensuring Food Safety and Traceability”
Soil-borne diseases are diseases caused by microorganisms that survive in the soil matrix and on the ground surface. These pathogens are often widely distributed across the soil, but at times become localized in certain areas and cause damage to root and crown tissues of plants. These diseases often go unnoticed until the above-ground parts of the plant are affected, or cause wilting, stunting, and death of the plant.
Consumption of diseased or contaminated plants can lead to E.coli and Salmonella poisoning etc. Increasing awareness regarding these risks is driving demand for crops and vegetables that are cultivated in a safe and controlled environment. Aquaponics plants are an ideal choice in this scenario as lack of soil in aquaponics systems eliminates the need for soil, which is where pathogens incubate.
Aquaponics facilities also have the advantage of complete traceability in case of food contamination, wherein individual plants that are responsible for contamination can be quickly identified and isolated. This is not possible in conventional soil cultivation methods because the plant growth cycle is not mapped and isolation of affected plants is nearly impossible.
“Year-round Supply - Disrupting Traditional Market Structure”
Aquaponics techniques enable the distinct ability to produce any kind of crop at any time of year, irrespective of season. Erratic weather conditions in the recent past is placing significant strain on the global food supply chain. Increasing adoption of aquaponics among some farmers in various parts of the world to ensure year-round produce and to alleviate food shortage at regional levels is expected to drive growth of the overall market over the forecast period. In addition, consistent and yearlong supply of aquaponics vegetables ensures stability of food prices, irrespective of erratic climatic conditions.
“High Capital Costs - Negatively Impacting Developing Markets”
High cost of establishing an indoor or outdoor aquaponics cultivation system is a major barrier for new entrants in the market. Depending on the level of technology used, a greenhouse can cost around two to 20-times more than that required for a conventional soil-based growing system. The additional costs of aquaponics cultivation are due to the requirement of control and automation systems along with the necessity of expert advice and consultations.
What Makes India a Lucrative Market for the Aquaponics Market?
“Prominence of Aquaponics in Vegetable Product Cultivation”
India accounts for over 30% consumption of aquaponics in the South Asia and Pacific region with the major share being contributed by the cultivators of vegetable products. However, the fastest growth is expected by tomatoes based on the estimated value CAGR of 7.6%.
What is the Demand Outlook for Aquaponics in the United States?
“High Demand for Aquaponics Products in in the Country”
North America holds almost 40% of the market share in the global market whereas U.S. holds around 95% of the North American market.
Out of these, the maximum consumption is expected of tilapia fish with a valuation of approximately US$ 3.0 million in 2022 and will continue to grow at a rate of roughly 9.2% CAGR.
Aquaponics Market of Which Produce Type are Being Widely Utilized?
“Vegetable Product Type Contributing to Market Growth”
Based on the product type, vegetables dominates the market with roughly 67% share in the market and is expected to grow with a CAGR of 7.3%. Out of vegetables, cucumber further was valued at US$ 1.8 million in 2022 and is expected to grow at the fastest rate with a CAGR of 7.7%.
The companies involved in Aquaponics Market supplies are improving systems and offering tools and education to help individuals and companies get started in aquaponics. Companies are focusing on optimum utilization of resources and optimizing costs. Few companies developed devices, which transforms the aquarium, or water tub previously installed in settings such as homes or offices into an aquaponics system, and can reduce the installation costs in the realization of an aquaponics system.
| Attribute | Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ Million for Value |
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Key Regions Covered |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
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The global aquaponics market is valued at US$ 54.8 million in 2023.
Consumption of aquaponics increased at a CAGR of 7.2% from 2018 to 2022.
Worldwide demand for aquaponics is estimated to reach US$ 111.9 million by 2033.
Global demand for aquaponics is projected to increase at 7.4% CAGR from 2023 to 2033.
The market for aquaponics in Europe is estimated to reach US$ 14.6 million in 2023.
