Aquaponics Market

Aquaponics Market Insight (2023 to 2033)

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%

A Geographical Analysis of Aquaponics Market

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 Aquaponics Industry to Enjoy Lion’s Share

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.

How Profitable is Aquaponics Market in India?

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.

Segment-wise Analysis

Aquaponics, a Smart Way to Raise Fish: Growers Turning to Aquaponics to Produce Fishes

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.

Growing Popularity of Media-filled Grow Beds to Lead to Segment Growth

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.

How can Service Providers Scale their Businesses in the Aquaponics Market?

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.

• The profitability of the aquaponics business depends on various factors. These include the use of extremely profitable plant species and candidate fish species and optimal system design. On the basis of the target market for aquaponics and their preferences, aquaponics businesses can decide which one to consider.
• Producers can also revise their prices, taking into account the costs incurred on production. In addition to this, producers should also bear in mind the prices consumers are willing to pay. This makes it a win-win situation for both.
• In the business plan of aquaponics, prospective producers should also consider a differentiating element in their products (both vegetables and fish). This would help them make a case for their higher costs in the marketplace. Businesses can target the urban population, which is generally willing to pay for fresh, high-quality, locally-grown products.
• Producers can market their products by promoting different attributes of an aquaponic product. These include sustainably farmed, fresh never frozen, locally grown, and, in some instances, organically grown. This tactic can help overcome the price differences upon comparison with commodity-based products found in local supermarkets.
• Aquaponic facilities can locate themselves in peri-urban areas or urban food deserts. By doing so, they can capture affluent clientele and tap into lucrative marketing opportunities.
• The commercial aquaponics startup can begin its operation where fish and fresh produce is in limited supply. This provides a better chance at profitability. Alternatively, they can be situated at a place where a large section of the population can easily pay a premium to buy high-cost produce and fish.
• Since business-scale clients are likely to exhort on gaining product liability insurance, having one gives a marketing edge over others.
• Producers can also sell their products to many smaller buyers. This elevates distribution and marketing costs but significantly lowers the risks related to the loss of any one client.

Recent Trends and Developments in Aquaponics to Boost the Overall Market

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:

• Nelson & Pade Aquaponics
• Practical Aquaponics
• Aquaponics USA
• The Aquaponic Source
• Pentair Aquatic Eco-System, Inc.

Scope of Report

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

Market Segments Covered in Global Aquaponics Market Analysis

By Type:

• Media Filled Grow Beds (MFG)
• Nutrient Film Technique (NFT)
• Deep Water Culture (DWC)
• Others

By Component:

• Bio Filter
• Settling Basins
• Fish tanks
• Soil-free plant bed
• Rearing Tanks
• Aquaponic Produce
• Others

By Equipment:

• Pumps and Valves
• Water Heaters
• Fish Purge Systems
• Aeration Systems
• Water Quality Testing
• Others

By Applications:

• Fish
• Herbs
• Fruits
• Vegetables

By End User:

• Commercial
• Home Production
• Research

By Regions:

• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

Frequently Asked Questions

What is the Growth Potential of the Market?

The growth potential of the market is 8% through 2033.

What Boosts the Market Growth?

Rising demand for high-quality, locally-produced food boosts the market growth.

What is the Top Trend of the Market?

Growing demand for sustainable practices.

Which Component is Preferred in the Industry?

Aquaponics is the preferred industry with a market share of 75%.

What can be the Lucrative Opportunity of the Market?

High profitable scope in emerging economies is a lucrative opportunity.