The Saudi Arabia aquaponics market is expected to grow at a CAGR of 10.01% from a starting value of US$4.269 million in 2019 and is estimated to reach the market size of US$8.324 million in 2026. The market is expected to surge in the country because of its limited water supplies, excellent environmental conditions. The kingdom is also a major importer of fresh herbs and salads. With the adoption of aquaponic technology, the kingdom is expected to produce a chunk or percentage of its aquaponic product. The government has been investing a significant sum of capital into the market, in the last few years. With the crown prince vision 2030, the kingdom had been aiming to diversify its economy from oil and gas and become a major player in the agriculture sector. Various companies have been making significant developments in the market, in the past few years. For instance, Balwara Technology Company has been offering solutions and services in aquaponic technology. Other players are also making significant developments in the market. HEBCO has become one of the major players in aquaponics in the kingdom. The company has been providing aquaponic solutions to its customers. The company aims to adopt sophisticated materials and technology and to provide game-changing solutions to its customers in the country. These trends are expected to have positive developments in the market, during the forecast period.
By application, Saudi Arabia aquaponics has been segmented as fish, herbs, fruits, and vegetables. The prime reason supporting the growth of the market is the water shortage problem in the country. Saudi Arabia has a desert climate and has very low annual rainfall. This creates water scarcity in the region. The aquaponics technology enables the conversion of aquatic by-products into manure for herbs, fruits, and vegetables. Since the fish farming segment of the market supports the others, it is anticipated to grow at a rapid pace. Further, owing to increasing health concerns, the Ministry of Health, Saudi Arabia, has been encouraging the consumption of 2 to 4 portions of fruits and 3 to 5 portions of vegetables in the diet, particularly, organically produced fruits and vegetables. Moreover, the country is increasing expenditure to develop the agriculture sector, with help of modern technology and advanced methods, which will significantly increase the application of aquaponics technology in the fruits and vegetable sector. Under the Saudi Vision 2030, the country aims to reduce its dependency on oil and gas by developing agriculture, tourism, aquatic production, and other sectors, which will support the market growth.
By end-user industry, the Saudi Arabia aquaponics market is segmented into commercial, home production, and research. The commercial industry is expected to hold a significant market share owing to the increasing demand for organic food, the cost-effectiveness, and the profitability of the aquaponics farming method for commercial farmers. The home production industry is projected to show tremendous growth during the forecast period as the people of Saudi Arabia are increasing the backyard production of vegetables and fruits due to increasing health awareness and rising food prices. Furthermore, the research industry is estimated to expand in the years to come, as several in-depth research studies are underway to determine innovative technological and agriculture-related solutions, which will further fuel the market growth.