As per FMI’s analysis, the global aquaponics market is predicted to surge from US$ 1,560 million in 2023 to US$ 3,415.5 Million by 2033. The aquaponics industry is set to observe significant growth in the assessment period. Aquaponics proponents frequently quote plenty of advantages that result from this form of farming.
A potent benefit is its environmental friendliness. Aquaponics systems utilize a mere 10% of water otherwise used to produce traditional crops. Upon proper management of resources, the use of pesticides, chemicals, and synthetic fertilizers can be significantly diminished or entirely discarded.
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Rapid global warming has certainly made consumers quite cautious about their day-to-day choices. As a result, the global population has become discerning, and consequently, interested in sustainable ways and methods.
With enough space, the aquaponics systems can be scaled, with little to no effort, to meet market demands. This is why, producers and growers are at an advantage here. All the above-mentioned benefits are projected to fuel business prospects in the coming years.
The market growth, however, may be marred by a few restraints involved in aquaponics. The practice of aquaponics is generally categorized as management and labour-intensive. This can be blamed on the daily monitoring of fish health, water quality, and plant pathogens.
Apart from this, regulation of temperature can be heavy on the pocket and time-consuming. This is especially so when operations go on for a year and through the winter. System components are costly, either to construct or to purchase. Additionally, some fish species are challenging to raise to market size in the aquaponics system. Also, the treatment of pests and diseases can lead to toxicity issues and deferred harvests.
These are but a few challenges that stand in front of farmers and involved companies. A vast array of opportunities for aquaponics is forecast to catalyze market growth.
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Top Highlights from the FMI’s Analysis of the Aquaponics Market:
- The United States market is projected to attain a lion’s share over the forecast period. The country has been estimated for a 26.8% market share in 2022.
- In Europe, Germany grabbed a 5.5% market share. Alongside this, the United Kingdom is projected to register a CAGR of 5.1%.
- The intensely growing market for aquaponics is assessed to be India in the forecast period. The country is anticipated to assume a pace of 16% CAGR.
- Based on application, the fish segment is projected to be at the forefront.
- Based on application, fruits, and vegetables are expected to be the top segments in the coming years.
Competitive Landscape of Aquaponics Market: A Closer Look at Market Whereabouts:
Key players in the market are working on promotional activities to capture users at a wider scale and increase their revenue. Manufacturers are also providing and practising quality certifications to raise their market presence. This also creates awareness among people and unfolds substantial opportunities for key companies.
Presently, Nelson & Pade Aquaponics provides a patented Clear Flow Aquaponics System, equipped with ZDEP from Nelson Pade. These are fully-developed comprehensive system packages that are suitable for those planning to produce aquaponics food on a substantial scale.
Key Companies Profiled:
Nelson & Pade Aquaponics, Practical Aquaponics, Aquaponics USA, The Aquaponic Source, Pentair Aquatic Eco-System, Inc.
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Key Segments
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
- Aquaponics 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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