Market Overview
The global aquaponics market size was valued at USD 1,048.32 million in 2023. The market is projected to grow from USD 1,145.71 million in 2024 to USD 2,399.96 million by 2032, exhibiting a CAGR of 9.68% during the forecast period. North America dominated the aquaponics market with a market share of 42.38% in 2023.
The aquaponics industry refers to the combination of aquaculture and hydroponics in a sustainable, symbiotic system. Fish waste offers vital nutrients for plants, while plants filter and purify the water for fish, generating a closed-loop environment. The growing popularity of aquaponics in urban areas, rising concerns about food security, and increased aquaponics' feasibility due to rapid innovations in water filtration, nutrient management, and monitoring systems are propelling market expansion.
List of Key Players Profiled in the Market Report
Symbiotic Aquaponic (U.S.)
Nelson & Pade Aquaponics (U.S.)
Springworks Farm (U.S.)
The Aquaponics Greenhouse at De Ceuvel (Netherlands)
Aquaculture ID (Netherlands)
AquaSprouts Inc. (U.S.)
AquaBiotech Group (Malta)
Ecolicious (Australia)
AHAS Foundation (Thailand)
OCS Overhead Conveyor System Ltd (U.K.)
Segments
Deep Water Culture Takes the Lead in the Market Owing to Its Easy Upkeep
By type, the market is divided into media-based aquaponics system, deep water culture (DWC), and nutrient film technique (NFT), and others. Deep water culture (DWC) accounts for the largest aquaponics market share as it assists in quick growth and easy upkeep. In this type, plants are put up in floating rafts over nutrient-rich water.
Research Studies Dominate the Market Due to Rising Government Investments in the Creation of Aquaponic Systems
In terms of application, the market is classified into commercial, home produce, and research studies. Research studies dominate the market due to increased government investments in the creation of aquaponic systems and analyzing different parameters to decrease system costs.
Fruits & Vegetables to Command the Market as They Don’t Need Gentle Care
On the basis of produce, the market is bifurcated into fruits & vegetables and fish. Fruits & vegetables are set to lead the market in the coming years as they don’t need gentle care in the aquaponic systems. Variabilities of lettuce, including romaine and butterhead, flourish in aquaponics due to their quick growth.
From the regional ground, the market is classified into Europe, North America, Asia Pacific, South America, and the Middle East & Africa.
Source: https://www.fortunebusinessinsights.com/aquaponics-market-111468
Report Coverage
The market research report presents a complete market examination, highlighting essential elements, including the competitive environment and noticeable product categories. Furthermore, the report provides valuable insights on market trends and significant industry developments. Apart from the factors above, the report includes several aspects that have fostered market expansion in recent times.
Drivers and Restraints
Surging Adoption of Sustainable Agriculture Practices to Propel Market Growth
Sustainable agriculture practices are a perfect solution for future food production difficulties due to their effective use of resources, waste recycling, biodiversity upgrade, and decreased environmental impact. Aquaponics utilizes less water than conventional farming by recirculating water between fish and plants. This efficacy aids in preserving valuable water resources. Fish waste works as a natural fertilizer for plants in aquaponics. This closed-loop system decreases waste and decreases the requirement for synthetic fertilizers, plummeting environmental pollution and enhancing soil health. By positioning aquaponic sources closer to urban areas, transportation releases are reduced, further strengthening sustainable practices. All these factors are fostering the aquaponics market growth.
On the other hand, substantial initial costs are hindering market growth.
Regional Insights
Rising Consumer Need for Sustainable and Locally Sourced Food Boosted Market Growth in North America
North America registered 42.38% of the global market owing to the rapid expansion of the aquaponics industry due to the rising consumer need for sustainable, locally sourced food. Increased concerns about food security are also fueling market expansion in the region. A rise in environmental consciousness, technological innovations, and changing consumer preferences are boosting market expansion in the U.S.
The market in Europe is witnessing prominent growth due to rising consumer requests for sustainable food production and advanced agricultural practices. The surging requirement for effective food systems that can work in restricted spaces is fueling market growth in the region.
Competitive Landscape
Top Players Focus on Reducing the Gap Between the Food Supply and Demand
The existence of numerous small-scale commercial farms and research farms is boosting market expansion. Some of the top commercial aquaponic farm-setting participants are AquaSprouts, Ecolicious, Urban Organics, and AquaBiotech. They take many development projects and invest to assess the feasibility of the aquaponic system and to reduce the gap between the food supply and demand. For instance, Green Spirit Farms has been investing in automated systems for checking water quality and nutrient levels.
Key Industry Development
June 2024: After unveiling the first experimental farm in 2019, Les Nouvelles Fermes, a France-based startup, formed an advanced and local aquaponics farm. The company raised USD 2.5 million in 2021 to construct one of the biggest farms in Europe.