In terms of revenue, the Global Aquaponics Market is expected to reach 1,364.29 USD Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.00% from 2022 to 2028. The Aquaponics Market is in traction owing to its cost-effective way to crop production. It reduces the fish waste filtration costs as compared to traditional methods. Additionally, this method eradicates the need for any fertilizer which is inorganic, thereby decreasing the cost of the fertilizer. Furthermore, organic farming with respect to aquaponics doesn’t require harmful chemicals and hence fuels its demand in the Aquaponics Market.
- Grow lights for plants segment is anticipated to hold a significant share for Aquaponics Market. The determinants that can be attributed to the increasing adoption of grow lights in indoor farming and increasing indoor farming are facilitating the segmental demand.
- The fish segment is anticipated to hold a significant share for Aquaponics Market. The determinants that can be attributed to the increasing global population, increasing fish demand for human consumption, and changing lifestyles are fueling the demand for this segment.
- North America is the largest regional segment. The swift growth in population, rising demand for organic goods, enhancement in methods related to urban farming, raising awareness with respect to health among consumers, and innovations & technological advancement in the area of agriculture will drive the market in the region.
Some of key players in Aquaponics Market includes, 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..
As aquaponics are free from crop protection chemicals and chemical fertilizers, with fish waste serving as the key nutrients for plants, organically grown crops demand holds huge potential and an unexplored field for developing aquaponic system providers and aquaponic farms. Additionally, Europe holds large organic farmland.
However, high installment costs in addition to lack of issues to avoid wasting natural resources and social awareness hinder the growth of the market. Moreover, the utilization of data technologies and remote sensing promotes the exercise of mechanical device irrigation in order to cut back the loss of water at farm levels, and each system gifts beneficial opportunities for players in the market throughout the forecast period.