Aquaponics Market to Hit US$ 2,151.97 Million By 2031 | Analysis Reports
Consegic Business Intelligence analyzes that the aquaponics market is growing with a CAGR of 10.8% during the forecast period (2023-2031), boosted by the increasing demand for high-quality, locally produced food, and major participants includes are Pentair Aquatic Eco-System, Inc., The Aquaponic Source, Hydrofarm Holdings Group, Inc., Practical Aquaponics, Greenlife Aquaponics, Backyard Aquaponics
New York, Oct. 11, 2023 (GLOBE NEWSWIRE) — The global Aquaponics Market is expected to witness significant growth at a CAGR of 10.8% during the forecast period of 2023-2031. Factors such as the increasing demand for high-quality, locally produced food drive the market growth. Moreover, innovative technology introduced in the field of aquaponics system are also acting as a driver for the market.
According to a recent report by Consegic Business Intelligence, the aquaponics market is poised for strong expansion and is expected to reach USD 2,151.97 million by 2031 and USD 949.73 million by 2023. The market which was valued at USD 870.60 million in 2022, is predicted to grow at a compound annual growth rate of 10.8% during the period 2023-2031. The report highlights the significant growth in growing demand for aquaponics in various applications. Consegic Business Intelligence study also provides insights into the market’s competitive landscape, market segmentation, regional outlook, and emerging technologies in the aquaponics market.
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Aquaponics is the cultivation of plants and aquatic animals in a recirculating environment. All aquaponic systems share several common and essential components. These include a fish tank, a mechanical filter, a biofilter, and hydroponic containers. All systems use energy to circulate water through pipes and plumbing while aerating the water.
Market players focus on developing innovative products to stay relevant in the market. Companies are engaging in research and development activities and acquiring patents for their products. For instance, in 2021, Nelson and Pade received the Wisconsin Innovation Awards (WIA) in the manufacturing category. In 2021, Nelson and Pade were also announced as the winners of the ‘We’re All Innovating’ contest by the Wisconsin Economic Development Corporation (WEDC).
Global Aquaponics Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2031 (USD Million)||USD 2,151.97 Million|
|By Produce||Fish, Fruits, Vegetables, and Others|
|By System Type||Deep Water Culture, Nutrient Film Technique, and Media-based|
|By Component||Rearing Tank, Settling Basin, Bio-filters, Sump Tank, and Others|
|By Application||Commercial, Home Production, Research Centre, and Others|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||Nelson and Pade Aquaponics, Pentair Aquatic Eco-System, Inc., The Aquaponic Source, Hydrofarm Holdings Group, Inc., Practical Aquaponics (Pty) Ltd., Greenlife Aquaponics, Backyard Aquaponics Pty Ltd., My Aquaponics, Aquaponic Lynx LLC, and Aquaponik Manufactory GmbH|
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Global Aquaponics Market Segmentation Details:
Based on Produce, the fish segment contributed the largest shares to the market growth in 2022. Increasing the usage of fish species in the aquaponics system is the key factor responsible for the growth of the market. The aquaponics system involves cultivating plants in water in a symbiotic environment.
Based on System Type, the media-based segment accounted for the largest market share in the year 2022. The media-filled grow beds are a simple and inexpensive type of aquaponics system. Media-filled bed units are the most popular design for small-scale aquaponics.
Based on Components, the rearing tank segment accounted for the largest market share in the year 2022. Various types of rearing tanks can be used in aquaponics systems. Even a small aquarium can be used for home-based units. glass tanks, plastic tanks, rubber maid stock tanks, plastic tanks, and intermediate bulk container totes are several types of rearing tanks or fish tanks.
Based on Application, the commercial segment accounted for the largest market share in the year 2022. Commercial growers widely adopt aquaculture to produce vegetables and different breeds of fish. The dual production of fish and plants obtained in aquaculture is improving its adoption among commercial growers.
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Based on Region, in the year 2022, North America accounted for the largest share contribution to the market growth. Mass-scale manufacturing of aquaponic crops is yet to take form in the region, although farms such as superior fresh and ouroboros farms are at the forefront of commercial aquaponics production.
Nelson and Pade Aquaponics, Pentair Aquatic Eco-System, Inc., The Aquaponic Source, and Hydrofarm Holdings Group, Inc. are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of aquaponics. Further, the aquaponics market is expected to grow steadily due to the Increasing demand for high-quality, locally-produced food drives the market growth. Additionally, the trend toward increasing expansion of aquaponics players in the international market is expected to increase the competition in the industry.
- In 2022, Greenlife Aquaponics and Red Ewald, created a mini firm to install Aquaponics equipment that will be useful not only for breeding fishes and plants simultaneously but also create a market that will attract a considerable number of consumers.
- In April 2021, France-based indoor farming company Les Nouvelles Fermes raised approximately USD 2.4 million in its first round of funding from investors from IRDI, the Banque des Territoires, Crédit Agricole Aquitaine, and the CIC. With this funding, the company plans to build the largest aquaponic farm in Europe.
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Key Market Takeaways
- North America accounted for the highest market share at 32.31% valued at USD 281.29 million in 2022 and USD 303.34 million in 2023 and is expected to reach USD 664.74 million in 2031. Moreover, in North America, the U.S. accounted for the highest market share of 88.30% during the base year of 2022.
- Based on Produce, the fish segment accounted for the highest market share contribution to the aquaponics market statistics in 2022.
- In the system type, the media-based segment is expected to contribute significant shares to the growth of aquaponics market statistics during the forecast period.
- Based on component, the rearing tank segment accounted for the highest share contribution to the aquaponics market statistics in 2022.
- In the application, the research center segment is expected to contribute significant shares to the growth of aquaponics market statistics during the forecast period.
- Asia Pacific is expected to boost the market demand for aquaponics due to increasing health awareness among consumers in the region.
List of Major Global Aquaponics Market:
- Nelson and Pade Aquaponics
- Pentair Aquatic Eco-System, Inc.
- The Aquaponic Source
- Hydrofarm Holdings Group, Inc.
- Practical Aquaponics (Pty) Ltd.
- Greenlife Aquaponics
- Backyard Aquaponics Pty Ltd.
- My Aquaponics
- Aquaponic Lynx LLC
- Aquaponik Manufactory GmbH
Global Aquaponics Market Segmentation:
- By Produce
- By System Type
- Deep Water Culture
- Nutrient Film Technique
- By Component
- Rearing Tank
- Settling Basin
- Sump Tank
- By Application
- Home Production
- Research Centre
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Frequently Asked Questions in the Aquaponics Market Report
- What was the market size of the aquaponics industry in 2022?
- In 2022, the market size of aquaponics was USD 870.60 million.
- What will be the potential market valuation for the aquaponics industry by 2031?
- In 2031, the market size of aquaponics will be expected to reach USD 2,151.97 million.
- What are the key factors restraining the growth of the aquaponics market?
- High cost of initial investment and maintenance are major restraining factors for the market.
- What is the dominating segment in the aquaponics market by Produce?
- In 2022, fish segment accounted for the highest market share in the overall aquaponics market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the aquaponics market?
- Asia Pacific accounted for the highest market share in the overall aquaponics market.
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