by Equipment (Fish Purge Systems, Aerators, Sensors, In-Line Water Heaters, Pumps and Valves, Grow Lights, Others); by Components (Rearing Tank, Settling Basin, Filtration unit, Consumables, Others); by Application (Commercial, Home Food Production, Others); by Production Type (Plants, Fruits and Vegetables, Fish) - Global Future Outlook (2018-2027) Demand Analysis & Opportunity Evaluation
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Aquaponics requires very less amount of land to set up in comparison to traditional farming. On an average, if traditional broad acre agricultural farmland takes up 42,000 sq. ft then the same produce could be harvested from roughly 3,000 sq. ft of greenhouse set up of aquaponics. Since, the arable land areas across the globe is continuously declining due to urbanization and industrialization, the demand for aquaponics is anticipated to rise in upcoming years.
Apart from this, with aquaponics the same type of produce could be harvested 3-12 times a year as compared to 1-3 times using traditional agriculture. This is primarily due to shorter growth cycles for aquaponics that fall within 25-110 days in comparison to 50-230 days cycle for traditional agriculture. Further, high growth yields of aquaponics are also a key factor that is likely to drive the growth of market across all regions.
The aquaponics also offers some environmental benefits as compared to traditional farming methods. Aquaponics uses 90% less water than traditional methods. This low water usage advantage of aquaponics is expected to emerge as a driving factor for the aquaponics market over the forecast period.
Apart from this, fish is one of the primary sources of protein in 17% of the world's population and their population size is drastically depleting from natural water bodies, thereby creating a demand for alternative harvest methods. Thus, increasing demand for fish across the globe is a key factor that may drive the growth of market over the forecast period.
Aquaponics is an efficient way to handle the world hunger crisis. Current world population of 7.3 billion—1 billion more than 12 years ago—is projected to grow to 8.5 billion by 2030, establishing need for greatly increased food production capacity.
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In addition to this, since 1998, food production costs have increased 57% and purchased input costs have increased 74%, but there has been no significant change in aggregate value of net farm income in the last 40 years. The aquaponics is expected to emerge as a key solution to such problems in future.
However, it could be expensive to setup the aquaponics system as the system requires pumps, tubing, and tanks/beds. In order to set up the basic backyard aquaponics system the cost could range from US$2000 to US$11000 depending on what kind of set up it is.
Aquaponics market is expected to thrive at a notable CAGR over the forecast period. In this era, where the world is facing problems such as pollution, risk for food & water scarcity, solutions such as aquaponics are expected to witness extraordinary demand in future due to their environmental benefits. The market of aquaponics is likely to grow on the back of its advantages over traditional methods of farming such as no use of pesticide and artificial nutrient, less amount of water required, easy methods and others.
The market is segmented in five major regions including North America, Asia Pacific, Europe, Middle East & Africa and Latin America regions. Among these regions, North America and Europe grabbed lion shares of global aquaponics market in 2017 and is expected to maintain this lead over the forecast period owing to rising demand for organically grown fruits and vegetables. Further, Asia Pacific and Latin America regions are showcasing significant potential for future growth of Aquaponics market in this region. Commercial segment by applications is projected to capture major shares of market over the forecast period. Production of fish and other food products through aquaponics for business purposes is a major factor that is expected to propel the growth of market in upcoming years.
Our in-depth analysis has segmented global Aquaponics market into the following segments:
Global aquaponics market is further classified on the basis of region as follows:
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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