The aquaponics market is expected to grow to a market size worth US$1,291.874 million in 2026. This market was worth US$662.498 million in 2019. The prime reasons driving the growth of the market are the booming aquaculture industry and the growing adoption of sustainable, environment-friendly technology to reduce the alarming carbon footprint of humans. Aquaponics is an advanced method of aqua cultivation that incorporates fish raising and plant cultivation under a controlled environment. This method involves two benefits for the user. The excreta and other waste produced by the aquatic animals are used in the form of nutrients for the plants that are cultivated.
Further, by consuming these wastes, the plant purifies the water and removes the excreta which are harmful to the aquatic ecosystem. The bacteria present in the roost of plants break this waste into consumable matter hence helping in the growth of the plants. This mutually benefitting relationship enables a better aquatic ecosystem and growth in plants enabling better growth at a lower price. Booming demand for fish and other products owing to growing protein-based diet adoption is supporting the market growth.
Growing health consciousness has also resulted in a surge in demand for organic food products which will increase the market prospectus of aquaponics technology. However, other sustainable agriculture practices such as vertical farming, hydroponics, organic arable farming, and others pose constrain to the emerging market opportunities for this market.
Rising Demand for Fish and Other Products Will Increase the Demand in the Market
One of the prime reasons driving the growth of the market is the surging demand for fish and fish products for better health and nutrients. Fish is a vital source of nutrients such as protein and vitamin D and also contains Omega 3 which is important for the human body and brain. A shift in eating trends has resulted in a shift to a protein-based diet from a carbohydrate-based diet and plays a significant role in the market demand for fish and other products. Furthermore, growing fitness trends and availability of cheap and accessible fitness alternatives such yoga, Zumba, gym, and aerobics has increased demand for protein diet for better muscular growth has notably led to such changing trends in the diet. Moreover, the growing population and surging demand for food products also help in the market demand for fish, which in turn increases demand for the aquaponics industry.
Rising infrastructure development and goring investment in major countries to increase their aquaculture also support the market growth during the forecasted period. In Saudi Arabia, for instance, under its Saudi Vision 2030, the country has set a target to become a prime producer of aquatic products in the region. Following this vision, the Agriculture Development Fund (ADF) of Saudi Arabia announced, in 2019, the launch of a Fish Farming support Program, that will provide 70% funds to the fish farming projects that are developed in the country. The ADF also aims to increase aquaculture production to 970,000 tons per year by 2029. Hence, to support this target, the Saudi authorities, in April 2021 announced plans to set up 70 million fingerlings fish farms in the country. A budget of US $346.612 million is allotted for the project and the MoU signed between the Ministry of Environment, Water, and Agriculture, NEOM Company and Tabuk Fish Company aims to expand local aquaculture production using by adopting modern technology such as aquaponics, hydroponics, and others.
Furthermore, the booming demand for organic food products owing to their health benefits will provide a huge growth prospectus for the market. Data provided by the Food and Agriculture Organization (FAO) states that worldwide sales of organic food have increased from US$18 billion in 2020 to US$95 billion in 2018, while 2.8 million farmers produced organic food in 2018. Due to minimum or no chemical involvement and use of bio-products, organic food has greater nutrients components and hence is healthy for humans begins, therefore driving its demand. Looking at the emerging market opportunities, farmers, globally, are producing organic food, driving the growth of the aquaponics market. However, the lower shelf life of organic products has the potential to hinder the market growth.
Fish Tanks and Biofilters Will Have a Significant Market Share
Based on components, the global aquaponics market is segmented into Bio Filter, Settling Basins, Fish Tank, Soil-free Plant bed, Rearing tanks, Aquaponic produce, and others. during the forecasted period, biofilter and fish tanks are anticipated to have a large share in the market growth owing to increasing aqua cultivation to meet the booming demand for fish and fish products.
Based on geography, the global aquaponics market is divided into the following regions: North America, South America, Europe, the Middle East, and Africa, and the Asia Pacific region. The North American region will have a major share in the aquaponics market owing to the region’s states of art infrastructure and adaptability of emerging technologies. The Asia Pacific and the Middle East and Africa region is projected to grow at a promising rate owing to the increasing adaptability of organic farming and the rising growing aqua cultivation industry. Infrastructure development in countries such as Saudi Arabia, UAE, India, China, and others will play a vital role in the growth of the market during the study period.
The analysis report on the global aquaponics market covers, in detail, the impact of coronavirus pandemic on the aquaponics industry, globally and regionally. Containment measures involved nationwide lockdown and a halt in the construction industry. This resulted in a delay in the construction process, affecting the market growth significantly. However, rising cases and fear of viruses embedded the importance of healthy eating and a healthy diet, which significantly boosted the market demand for organic food, increasing the growth prospects of the industry.