Jan 10, 2024
10-year growth cycle set to double aquaponics market
The global aquaponics market size was $493 million in 2022 and is expected to reach $1.1 billion by 2031, growing at a CAGR (Compound annual growth rate) of 9.8% during the 2022-2031 forecast period, according to a report by Straits Research.
“In terms of both quantity and quality, food security is becoming a more significant concern as the world evolves,” according to a news release. “Because of technology’s rapid growth, more populations can now access healthier foods. By giving access to organic foods to communities, growers improve the quality of life in such communities. In past years, the spread of organic farming has been spurred by rising consumer awareness of environmental and food safety concerns. Similarly, the usage of chemical additives in the food and beverage industries has driven the adoption of organic products. An increasing number of health-conscious consumers are driving the market for organic products.”
Aquaponics is the method of hydroponically cultivating plants while using traditional fish culture. Aquaponic techniques have gained widespread favor among farmers because of the system’s unique ability to produce throughout the year. Since employing aquaponics eliminates the need for inorganic fertilizers, fertilizers are ultimately less expensive. In addition, organic aquaponics farming is possible year-round without using additional toxic chemicals. In recent years, unpredictable weather has had a considerable negative impact on the food supply. As a result of these factors, this industry is anticipated to see fantastic growth opportunities in the future years, according to the release.
North America will command the regional market expanding at a CAGR of 8%. The U.S. is the region’s primary source of revenue. Population growth, a surge in demand for organic foods, a rise in disposable income, technological advancements, inventions, and other reasons are all propelling the aquaponics market in the U.S., where significant investments were made to expand the aquaponics business. In 2017, Superior Fresh LLC established the first indoor recirculating aquaculture system and the world’s largest aquaponics facility, both utilized to raise Atlantic salmon. In the 40,000-square-foot fish-rearing facility, salmon and rainbow trout are raised with the same water that sustains eight greens.
- By regional segmentation, North America will command the regional market, expanding at a CAGR of 8%.
- By facility type, the poly or glass greenhouses section is forecasted to hold the largest share, expanding at a CAGR of 8.3%.
Straits Research is a market intelligence company providing global business information reports and services. Based in New York, it provides quantitative forecasting and trends analysis.
A sample of the report can be accessed here.