Global Aquaponics Market accounted for USD 687.50 USD Million billion in 2021
Aquaponics is a food production system that couples aquaculture with hydroponics whereby the nutrient-rich aquaculture water is fed to hydroponically-grown plants, where nitrifying bacteria convert ammonia into nitrates. The commercial and scientific application of aquaponics is growing, however, there is yet to be a review that holistically analyses scientific literature to indicate which types of systems perform optimally, and which will be the most dominant horticultural challenges as the commercial sector expands.
Aquaponic systems on the other hand are increasing in popularity as more studies are revealing the multiple environmental benefits and opportunities offered by aquaponic systems besides the simultaneous production of fish and vegetables. However, at the same time, the commercial adoption of organic aquaponic systems is limited by the many challenges these integrated food production systems pose even if managed using conventional production methods. This is the major challenge currently faced by aquaponics production.
The market is mainly driven by owing to the rise in demand for organic produce. Another factor boosting the Aquaponics Market is it adoption in developing countries like India and China. These countries are currently having the potential to manufacture and cultivate the majority of aquaponics products at low cost and at minor technical complexity.
The outbreak of coronavirus (COVID-19) in early 2020 led to the steepest decline in aquaponics demand. The implementation of the lockdown in China in January, followed by subsequent months in countries across the world, as well as stringent regulations passed by government bodies on the movement of people and goods that were necessary to limit the spread of COVID-19, led to a downfall in sales.
Asia Pacific is expected to grow at the fastest CAGR in the coming years due to the high demand for aquaponics products in cities. Additionally, this region contains the world’s best organic cultivation facilities and R&D for aquaponics products. These are a few of the reasons is expected to grow in the coming years.
Developing economies like India, China, and the Middle East are considered to gain huge opportunities in the growth of aquaponics products. North America held the largest share of the Aquaponics Market in 2021, followed by Europe and the Asia Pacific. In major parts of the world, the market is still growing owing to insufficient funds, lack of awareness, minimum availability of R&D facilities, underdeveloped IT infrastructure, and social constraints.
Major players of the Aquaponics Market such as VPL Chemicals Pvt. Ltd., ASEH Licorice MFG & Exp. Co. Zelang Group, Maruzen Pharmaceutical Co. Ltd, Ransom Naturals Limited, CEMAY, Glycyrrhiza Glabra, Licorice Kazakhstan, Monterey Bay Spice Company, Inc, Shadian C.E. Roeper GmbH, Grove Labs, Portable Farms Aquaponics Systems, Greenlife Aquaponics, Aquaponic Lynx LLC , Endless Food Systems, and Others..
Browse the full Report - Aquaponics Market Size, Share & Trends Analysis Report by Type (Fruits and Vegetables, Herbs, Fish, Others), by Equipment (Grow Lights, Pump and Valves, Water Heaters, Water Quality Testing), by Components (Rearing Tanks, Settling Besin, Bio-filters, Sump Tank), by Application (Commercial, Home Food Production, Others), by Region (North America, Europe, Asia Pacific, Latin America and Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)