Aquaponics Market - Forecasts from 2023 to 2028

The global aquaponics market is predicted to grow at a CAGR of 5.86%, from US$685.822 million in 2021 to US$1,021.442 million by 2028.

The market for aquaponics systems is anticipated to increase along with the demand for organic products and the preference for off-season fruits and vegetables throughout the forecast period. Additionally, lower water requirements lessened technical complexity, and increased income from dual-raising activities are the main drivers of industry expansion.

Additionally, the fast industrialization and urbanization likely to result in the loss of arable land are anticipated to promote aquaponics systems, which is expected to spur market expansion in the next years. Increased consumer spending power will also likely raise demand for exotic fruits and vegetables, which would help the market develop throughout the forecast period. Further, the use of organic food has surged in recent years since it doesn't include any hazardous fertilizers or chemicals.

Drivers:

Increase in aquaponics technology.

The spread of aquaponics technology is being fueled by rapid urbanization, a decrease in the amount of arable land accessible, and a rise in demand for food that is locally produced in an eco-friendly and sustainable manner. It is a possible tool to help conventional agriculture handle difficulties such as soil deterioration, freshwater scarcity, and climatic change. Further, the expanding middle-class affluence, which is ready to spend more for food of a higher quality and produced with fewer pesticides, is boosting investments in the sector. To meet the growing demand for organic food, nations have been pushed to embrace cutting-edge technologies and processes in their agricultural practices.

Government Initiatives

By 2029, the Aquaculture Development Fund (ADF) wants to raise aquaculture production to 970,000 tons annually. The Saudi government has announced plans to build 70 million fish farms for fingerlings to help achieve this goal. The project, which has a $346.612 million budget, was approved by the Ministry of Environment, Water, and Agriculture, NEOM Company, and Tabuk Fish Company. Its goal is to increase local aquaculture production by implementing cutting-edge technologies like aquaponics, hydroponics, and others.

As a result, the demand for organically farmed produce has increased the sales of organic fruits and vegetables. For instance, per the Organic Trade Association's 2023 Organic Industry Survey, sales increased from US$60 billion in 2022 to US$67.6 billion in 2023 in the United States. Further, The USDA granted $7.5 million through the Office of Urban Agriculture and Innovative Production. Moreover, USDA released guidelines for household aquaponics operations and provided auditing through the USDA GAP audit program.

Market Developments:

• Aqua Sprouts provides a low-maintenance, self-contained aquaponics farming system that takes up minimal space in homes and offices. Back to the Roots seeks to bring sustainable farming into households with its aquaponics system tank, "The Water Garden 2.0", a compact self-cleaning fish tank with microgreens and herbs growing on top. Nelson & Pade Aquaponics offers high-yielding home aquaponics systems that allow continuous harvesting to provide fresh, high-quality fish and vegetable produce.

Media bed type is one of the major segments.

By type, the global aquaponics market is segmented into media-filled grow beds (MFG), nutrient film technique (NFT), deep water culture (DWC), and others. Aquaponics in the media bed method employs containers filled with rocky media such as stones or expanded clay to support plant roots and uses less water. The media-filled bed unit is the most popular design for small-scale aquaponics with indoor or homegrown products.

For most developing regions, this strategy is highly recommended. The world population is growing, and as per the estimates of the UN, food consumption will rise by 50% by 2050, developing a need for increased vegetable production and other agricultural products. The number of undernourished people has increased by 118 million in 2020 compared to 2019. To meet the demands, small-scale indoor aquaponics farming technique is encouraged to be adopted. Ginger, carrots, and turnips are the most commonly grown crops through media-produce bed aquaponic systems. The consumption of these crops is constantly rising.

Aquaponics production at home

The aquaponics market has been classified into commercial, home production, and research by end-user. Aquaponics production at home is convenient as it requires a minimal amount of water compared to other methods, as the water may be recirculated continually. Hence, this technique can be used in places with low water and without nutrient-rich soils. The growth of home production of aquaponics is attributable to increased backyard production of fruits and vegetables due to increased health consciousness. Aquaponics systems can be created vertically, horizontally, or layered on top of one another to save space.

Further, the significant initial expenditure required to set up a greenhouse in the aquaponics industry for commercial use makes home production more appealing. Due to specialized filtering systems for home aquaponics systems, home aquaponics environments can cultivate healthy, nutrient-rich crops and fish. For instance, AST filters offer safe water quality for fish while converting soluble fish waste into usable nutrients for plants.

Regional Insights.

Geographically, the global aquaponics market has been classified into North America, Europe, the Middle East and Africa, South America, and Asia Pacific.

Indian Market Insight:

Aquaculture in India has increased in recent years by 18% in India. 94,08,300 metric tons of produce is available in India. Due to the rise in urban farming and growing demand for fish and food, the aquaponics market for home production is anticipated to grow over the forecast period. In addition, the presence of major companies and new start-ups that provide aquaponics systems for households will aid growth over the projected period.

Market Segmentation:

By Type

• Media Filled Growbeds (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 Application

• Fish
• Herbs
• Fruits
• Vegetables

By End-User

• Commercial
• Home Production
• Research

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• UAE
• Israel
• Saudi Arabia
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others