Aquaponics Market to Reach $2.74 Billion by 2031 - Exclusive Report by Meticulous Research®

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Aug 05, 2024, 10:01 ET

REDDING, Calif., Aug. 5, 2024 /PRNewswire/ -- According to a new market research report titled, 'Aquaponics Market Size, Share, Forecast, & Trends Analysis by System (Nutrient Film Technique, Raft System), Equipment (Grow Lights, Pumps), Facility Type (Glass Greenhouses), Product Type (Fish, Vegetables, Fruits), Application - Global Forecast to 2031,' the aquaponics market is expected to reach $2.74 billion by 2031, at a CAGR of 13.7% from 2024 to 2031.

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Aquaponics is an integrated closed-loop multi-trophic food production system that combines elements of a recirculating aquaculture system (RAS) and hydroponics. Aquaponics is a sustainable method to grow food, using less water and land than traditional methods. Aquaponics has recently generated significant attention for recovering resources (vegetables/fruits) from aquaculture effluent. Aquaponics produces organic vegetables by recycling nutrients in aquaculture effluent under a symbiotic environment among fish, plants, and bacteria. Additionally, the increasing requirement for organic food is expected to boost the demand for aquaponics.

The growth of this market is driven by advancements in urban farming methods, a surge in fish consumption, increasing demand for organic fruits & vegetables, decreasing arable land, and changing climatic conditions.

Moreover, the increasing adoption of aquaponic systems in offices and restaurants and the rising need for sustainable agricultural practices are expected to create market growth opportunities. However, the high initial costs and demanding management requirements are some of the challenges impacting the market's growth.

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The aquaponics market study presents historical market data in terms of value (2022 and 2023), estimated current data (2024), and forecasts for 2031. This market is segmented by system, equipment, facility type, product type, application, and geography.

Based on system, the aquaponics market is segmented into media-based aquaponics system, nutrient film technique, raft system, and other aquaponics systems. In 2024, the media-based aquaponics system segment is expected to account for the largest share of 39.9% of the aquaponics market. The large market share of this segment can be attributed to their versatility, ease of implementation, and capability to support a wide variety of plant species. These systems offer a balanced approach by integrating aquaculture and hydroponics, making them highly popular among commercial practitioners.

Based on equipment, the aquaponics market is segmented into grow lights, pumps and valves, fish purge systems, in-line water heaters, aeration systems, and other equipment. In 2024, the grow lights segment is expected to account for the largest share of the aquaponics market. This segment's large market share can be attributed to the growing adoption of grow lights in indoor farming and the increasing trend towards environmentally friendly production of fruits and vegetables. Grow lights play a crucial role in indoor farming by providing essential light for plant photosynthesis. Moreover, increasing awareness of alternative farming methods, driven by declining arable land and a growing population, is expected to drive the demand for grow lights.

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Based on facility type, the aquaponics market is segmented into poly or glass greenhouses, indoor vertical farms, and other facility types. In 2024, the poly or glass greenhouses segment is expected to account for the largest share of the aquaponics market. The large market share of this segment can be attributed to the benefits offered by poly or glass greenhouses, such as maintaining a controlled environment, providing excellent insulation, reducing heat loss, and offering enhanced stability & durability in extreme weather conditions.

Based on product type, the aquaponics market is segmented into fish, vegetables, herbs, and fruits. In 2024, the fish segment is expected to account for the largest share of the aquaponics market. The large market share of this segment can be attributed to rapid population growth, a growing consumer preference for pescetarianism, and increasing awareness about the health benefits associated with seafood consumption. Additionally, the increasing demand for protein-rich diets as an alternative to high-calorie food products further drives the demand for fish in aquaponics systems.

Based on application, the aquaponics market is segmented into commercial, home production, and other applications. In 2024, the commercial segment is expected to account for the largest share of 46.0% of the aquaponics market. This segment's large market share can be attributed to the increasing demand for organic food products within local markets and the need to reduce production costs while enhancing farming profitability.

Based on geography, in 2024, North America is expected to account for the largest share of 41.1% of the aquaponics market, followed by Europe and Asia-Pacific. The aquaponics market in North America is expected to reach $459.0 million in 2024. North America's significant market share can be attributed to rapid population growth, rising demand for organic products, advancements in urban farming methods, increasing consumer health awareness, and technological innovations in agricultural practices.

However, the market in Asia-Pacific is projected to register the highest growth rate of 16.3% during the forecast period. Technological advancements and the growing demand for increased agricultural productivity in countries like China and India drive the growth of this regional market.

The key players operating in the aquaponics market are Pentair Aquatic Eco-System, Inc. (U.S.), Nelson and Pade, Inc. (U.S.), Aquaponics USA (U.S.), Greenlife Aquaponics (U.S.), The Aquaponic Source, Inc. (U.S.), Symbiotic Aquaponic LLC (U.S.), Practical Aquaponics (Australia), ECF Farmsystems GmbH (Germany), MyAquaponics PTY Ltd (South Africa), AquaCal AutoPilot, Inc (U.S.), and Afraponix ltd (South Africa).

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Scope of the Report:

Aquaponics Market Assessment—by System

Media-based Aquaponics System
Nutrient Film Technique
Raft System
Other Aquaponics Systems

Aquaponics Market Assessment—by Equipment

Grow Lights
Pumps and Valves
Fish Purge Systems
In-line Water Heaters
Aeration System
Other Equipment

Aquaponics Market Assessment—by Facility Type

Poly or Glass Greenhouses
Indoor Vertical Farms
Other Facility Types

Aquaponics Market Assessment—by Product Type

Fish
- Tilapia
- Catfish
- Carp
- Trout
- Ornamental Fish
- Other Fish Types
Vegetables
Herbs
Fruits

Aquaponics Market Assessment—by Application

Commercial
Home Production
Other Applications

Aquaponics Market Assessment—by Geography

North America
- U.S.
- Canada
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
Asia-Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific (RoAPAC)
Latin America (LATAM)
- Brazil
- Mexico
- Argentina
- Rest of Latin America (RoLATAM)
Middle East & Africa (MEA)

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Related Reports:

Aquaponics Market by Equipment (Grow Lights, Pumps, and Valves, Fish Purge Systems, Aeration System), Product Type (Fish, Vegetables, Herbs, Fruit), Application (Commercial, Home Production), and Geography - Global Forecast to 2025

Hydroponics Market by Type (Aggregate System, Non-aggregate System), Equipment (HVAC System, LED Grow Lights, Irrigation System, Control System, Material Handling), Input (Nutrients, Growth Media), Crop Type (Vegetables, Fruits)—Global Forecast to 2030

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