Aquaponics Market Overview
Aquaponics is a combination of aquaculture and hydroponics which is done to grow fish and plants together in one integrated system. The complete process of aquaponics comprises of three steps including waste production from fish, conversion of waste into fertilizers for plants through microbes and worms, and filtration of water through plants and then supply to fish.
Market Size and Forecast
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:
By Production Type
Global aquaponics market is further classified on the basis of region as follows:
Growth Drivers & Challenges
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.
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.
Scope and Context
Overview of the Parent Market
The global aquaponics market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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