Aquaponics Market

Aquaponics Market- By Types, Equipment, Components, application, and region

Market Synopsys:

Global Aquaponics market is valued at USD 769.44 Million in 2022 and is projected to reach a value of USD 1905.11 Million by 2030 at a CAGR of 12.00% over the forecast period. The Aquaponics market is the fastest developing industry as there are many educational analyses and innovations are in-process. Aquaponics is produced in the agricultural sector by farmers and can be known as a combination of aquaculture and hydroponics. The increasing requirement for organic food is predicted to boost the growth of the Aquaponics market. Aquaponics are crop protection chemicals free and also free from chemical fertilizers this boosts the demand for the market growth during the forecast period. The innovative technologies introduced in the field of an Aquaponics systems are also a major factor for the growth of organic fruits and vegetables in upcoming years. Moreover, Aquaponics reduces the production of waste and promotes sustainability, and also provides organic vegetables which substantially increase the demand for Aquaponics in the years to come. The demand for Aquaponics systems across industry verticals such as commercial, home food production, and others are the other factors driving the growth of the market in the years to come. As the demand for organic food such as fruits and vegetables continue to grow the Aquaponics market will also continue to grow. Further, farmers are also adopting Aquaponics on a large scale for the cultivation of fresh organic fruits and vegetables which is predicted to drive the Aquaponics market growth in the upcoming years. The sustainable solution ability of Aquaponics system is further increasing its demand in the coming years.

Market Segmentation

The Aquaponics market is segmented on the basis of types, equipment, components, application. Based on types, the market is segmented as fruits and vegetables, herbs, fish, and others. By equipment type, the market is segmented as grow lights, pump and valves, water heaters, water quality testing, fish pump systems, aeration, and others. On the basis of components, the market is segmented as rearing tanks, settling besin, bio-filters, sump tanks, and others. Based on application the market is divided into commercial, home food production, and others.

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Fish segment acquires the largest market share during the forecast period

In 2021, the fish category had a major share in the global Aquaponics market. The changing lifestyle, increasing population, and growth in the demand for fish are the factors attributed to the growth of the Aquaponics market. The use of fish species in the Aquaponics system is the other factor responsible for the growth of the market. The Aquaponics system involves cultivating plants in water in a symbiotic environment. In this organic setting evacuation of aquatic animals such as fish, snails, prawns, or crayfish are manufactured by hydroponic system benefits the market by reducing the production cost with low wastage which increases its demand in years to come.

The home production sector witnesses the highest growth of the market during the forecast period

The growth in the demand for organic food with lower production cost increases the demand for the home production segment. Besides growth in the backyard production of fruits and vegetables owing to the rise in health awareness is the other factor for the growth of the Aquaponics market. Increasing food prices in everyday life are generating the opportunity for the growth of home production in the Aquaponics market. Besides, the food production segment is predicted to grow at the lucrative CAGR during the forecast period owing to growth in urban farming and increasing demand for fish is further driving the growth of the Aquaponics market for home production all over the world.

North America Dominates the Market during the forecast period

In 2021, North America acquires the largest market share and is predicted to sustain its dominance throughout the forecast period owing to the growing awareness among people and increasing demand for organically produced fruits and vegetables. The growing technological innovations and rise in investments by the prime shareholders are driving the Aquaponics demand in the years to come. The rise in advanced technology in the United States, Canada, and Mexico in the field of Aquaponics is increasing its demand in upcoming years.

In 2021, Asia -Pacific acquires the second largest market share in the Aquaponics system due to the continuous technological advancements. Moreover, increasing demand in the farming sector for gaining higher productivity in countries such as Australia, India, China, and Indonesia are likely to drive the growth of the Aquaponics market in the upcoming years.

In 2021, Europe owns the third-largest market share in the Aquaponics market due to the presence of secured infrastructure in the region. Moreover, the growth in the adoption of simple technical procedures along with an increase in income. The growth in awareness of health care food products and cost-effective procedures of the aquaponic system is boosting the growth of the Aquaponics market globally.