Newly released data by FMI shows Aquaponics Market size to reach USD 1,560 million in 2023. By the end of 2033, the market is projected to attain USD 3,415.5 million. Meanwhile, the industry is expected to prominently expand at 8% CAGR.
Small-scale farming is expanding to include aquaponics, which is a crucial breakthrough. Farmers can successfully use aquaponics technology in a business model as a cost-cutting and revenue-generating technique. In hot, humid summer months, especially, this technology is deployed.
Aquaponics finds ample usage during extreme droughts. This can be attributed to its closed-loop water-circulation system that combines fish aquaculture and vegetable cultivation. This not only saves a lot of water but also boosts crop productivity during periods of extreme drought.
Factors Leading the Global Aquaponics Market to Grow
The rising market for organic food is expected to propel the global industry forward. Sustainable agriculture approaches such as hydroponics, a vertical technique of farming, and arable farming, are extensively deployed.
Aquaponics requires the least amount of water for the cultivation of vegetables that contribute significantly to marketplace circulation. Due to increased urbanisation and industrialisation, arable lands are disappearing, which is a critical feature of aquaponic system adaptability. As per research, aquaponic agriculture generates 8 times greater food per land in one-sixth of the area required by conventional agriculture.
The aquaponics business is expected to grow due to its economic and ecological benefits. Growing awareness regarding purity of natural produce as it is devoid of pesticides and fertilisers is pushing the market growth. Expenditures in aquaponic operations, particularly on a commercially huge scale, are expanding due to increased urban agriculture and growth in the organic food market.
Aqua species waste functions as fertilisers for the plants that grow within the watery solution, reducing fertiliser costs, farm implements, and costly farm equipment. As a result of these characteristics, the aquaponic system is extremely beneficial due to its economic performance and environmental friendliness.
The increasing population and growing preference for off-season fruits and veggies are increasing the utilization of aquaponics systems. These systems help nurture the plant sustainably and organically without using toxic pesticides. Due to cost advantages of the aquaponic system and rising fish consumption, the industry is expected to rise in the following years.
Wastewater Bi-products Usage to Boost the Aquaponics Market
Aquaponics is the combination of rearing fish and growing plants inside a controlled environment. The hydroponic system takes freshwater from the aquaculture system in an aquaponic system; hence aquaponics mixes conventional hydroponics and aquaculture. When aquatic organisms' excrement mixes with water, it can kill fish. On the other side, wastewater by-products are being used as fertilisers; by-products include ammonia, which is broken into nitrites.
Aquaponics makes use of this phenomenon by using organic wastes by-products as fertilisers. Simultaneously, water that contains organic wastes is cleansed as nitrates are absorbed by plants. After which the water is recycled back into the system.
| Attribute | Details |
|---|---|
| Market Size Value in 2018 | USD 1,335.2 million |
| Market Size Value in 2023 | USD 1,560 million |
| Market Forecast Value in 2033 | USD 3,415.5 million |
| Global Growth Rate | 8% |
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Market Share Data
| Countries | Market Share (2022) |
|---|---|
| The United States | 26.8% |
| Germany | 5.5% |
| Japan | 3.2% |
| Australia | 3.2% |
CAGR Data
| Countries | CAGR |
|---|---|
| China | 4.7% |
| India | 16% |
| The United Kingdom | 5.1% |
North America currently holds the major share of the market. The region is expected to continue its dominance during the forecast timeframe.
Rising demand for naturally produced veggies and fruits, technology advances, and increased investments by various stakeholders are pushing market growth. Growing health consciousness is also propelling market growth.
The United States was indeed the market's top contributor, followed by Canada. The United States amassed a market share of 26.8% in 2022.
Trade Associations released market statistics for fruits and vegetable exports. According to the estimates, exports of these items increased by 7% to USD 18.2 billion in 2012, up over USD 16.15 billion in 2019.
Consequently, making the United States is one of the leading markets for organically cultivated fruits and veggies.
The aquaponics market is projected to expand at a significant estimated CAGR in India over the forecast period. FMI has predicted a 16% CAGR for India from 2023 to 2033. The country holds tremendous possibilities for growth throughout the anticipated period.
Due to its cost-effective approach to producing crops, the market is expected to gain traction. Aquaponics discards the dependency on any inorganic fertilizer, consequently reducing the fertilizers’ cost.
India suffers from a lot of issues in crop production like pests, rain scarcity, and chemical treatment. These factors underscore the significance of aquaponics farming in India, as far as profitability is concerned. In the country, Cherai has gained a distinction for being the first aquaponics village in India.
Increasing popularity of aquaponics as a way to produce food is pushing market growth. Eco-friendliness, efficiency, low-cost maintenance, and less consumption of water, are all augmenting the sales of this system.
Growing demand for alternative agricultural applications that promote sustainability is projected to favor market growth.
Farming is currently suffering from several issues like high groundwater salinization from pesticides/ fertilizers, reduced water availability, and soil erosion. Such a state of farming calls for better and more sustainable practices for agricultural production.
On the basis of applications, the fish segment is projected to grab a significant share over the forecast period. The fish segment is also supposed to grow at a robust pace over the following years. Changes in lifestyle and incremental gains in the global population are fueling the market growth.
In addition to this, increasing fish requirements for human consumption is propelling market growth. Increasing number of pescatarians due to numerous health benefits of consuming fish and other seafood is pushing the segment growth.
Aquaponics is considered a smart way to produce fish. To support this, fish produced in an aquaponic system is 75% and 29% more effective than static and recirculatory aquaculture systems, respectively. Based on similar relevant studies, the growers are shifting to this method to raise fish.
The media filled grow beds enjoy significant popularity among small-scale farmers for their efficient design. These types of aquaponics are especially being considered in developing regions.
This aquaponics cost is relatively low and is ideal for first-timers owing to its simplicity. As a result, increasing their adoption. The media bed technique can, however, become relatively expensive when executed on a larger scale.
In Indonesia, Bumina is used, which is an aquaponic technique. This strategy utilizes several small media beds linked with an in-ground fish tank. In addition to this, recycled materials can conveniently be repurposed to grab the fish and the media using this technique. Increasing adoption of media filled grow beds is projected to boost segment growth over the forecast period.
Businesses can employ any marketing strategy for aquaponics from the following to generate greater market revenue. FMI has analyzed several tactics that might suit the key players.
Superior Fresh, a family farm producing certified-organic veggies and seafood: In the year 2020, the company expanded its footprint in the greenhouse from 7 acres to 14 acres. This resulted in the aquaculture area from 50,000 to 120,000 sq feet.
Aerofarms: In the year 2019, the company came into a partnership with Dell Technologies. This led to the expansion of its technological capabilities of artificial intelligence and network systems. This partnership led to an increase in the implementation of machine learning and using it to relate data like temperature, airflow, nutrients, humidity, etc.
Aquaponics Systems: In the year 2017, the aquaponics source was shifted to Boulter from Longmont. This was done to improve the manufacturing and distribution process facilities.
The company established a reputation on its own in the aquaponics sector by providing an education system in a related field. The 60 Gallon Portable Aquaponics System is one of the most popular classroom systems, with options to showcase on wheels for portability and simpler public displays.
Key players in the global aquaponics market are:
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| Attribute | Details |
|---|---|
| Market Size Value in 2022 | USD 1,560 million |
| Market Forecast Value in 2032 | USD 3,415.5 million |
| Global Growth Rate | 8% |
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD million/ billion for Value |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Chile, Peru, Argentina, Rest of LATAM, EU-4, UK, BENELUX, Nordic, Russia, Poland, Rest of Europe, China, Japan, South Korea, India, Thailand, Indonesia, Singapore, Rest of South Asia. |
| Key Market Segments Covered | Type, Component, Equipment, Application, End-user, Region |
| Key Companies Profiled | Nelson & Pade Aquaponics; Practical Aquaponics; Aquaponics USA; The Aquaponic Source; Pentair Aquatic Eco-System, Inc. |
| Pricing | Available upon Request |
The growth potential of the market is 8% through 2033.
Rising demand for high-quality, locally-produced food boosts the market growth.
Growing demand for sustainable practices.
Aquaponics is the preferred industry with a market share of 75%.
High profitable scope in emerging economies is a lucrative opportunity.
| Estimated Industry Size in 2024 | USD 3.79 billion |
|---|---|
| Projected Industry Value in 2034 | USD 6.75 billion |
| Value-based CAGR from 2024 to 2034 | 6% |
| Market Size (2023) | USD 46.8 billion |
|---|---|
| Market Size (2033) | USD 90.9 billion |
| Market CAGR (2023 to 2033) | 6.8% |
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