Aquaponics Market: Overview
IndustryARC experts have researched on the aquaponics market and estimated the market size in 2018 to be between $580 million to $630 million. The market is poised to grow at a robust CAGR of 14.5% to 15.5% during the forecast period of 2019-2025.
As per the Food and Agriculture Organization of the United Nations, the State of World Fisheries and Aquaculture 2018 reported 171 million tonnes of global fish production in 2016. Aquaculture is credited with 47% of the total production owing to its sustainability and dynamic nature. Due to its contemporary success in helping attain fruitful fish production, aquaculture is now being paired with hydroponics under a new system named Aquaponics.
Aquaponics is essentially a marriage between aquaculture and hydroponics, in which a symbiotic relationship exists inside the water solvents. The plants procure their nutrients through the discharges released by aquatic animals. In return, vegetables consistently clean the water solvent like a settling basin, thus cultivating an uncontaminated environment for the aquatic animals. The aquaponics market drives on this aquatic alliance owing to cost-effectiveness, and procurement of both vegetables, and animals through a single process.
Global Aquaponics Market: Competitive Landscape
North America leads regionally in the global aquaponics market due to increase in preference for organic produce according to the analyst at IndustryARC. It holds nearly half of the aquaponics market share at around 42%-45%. The topmost companies in the aquaponics market are The Aquaponic Source, Nutraponics Canada Corporation, Nelson and Pade, Inc., My Aquaponics, Greenlife Aquaponics, ECF Farmsystems GMBH, Aquaponic Lynx LLC, Aqua Allotments, and Backyard Aquaponics
- The Aquaponics Source-
The Aquaponics Source is a Colorado-based company which specializes in the growth of aquaponics culture. They raise plants, and animals in a ‘recirculating ecosystem’ that helps them achieve perpetual aquatic symbiosis and earn maximum profitability. In 2016, the company relocated from Longmont to Boulder in Colorado to maximize production and distribution. After analyzing their sales, the company reported that over 98% of its market revenue was being earned through e-commerce platforms. This company has made a name for itself in the aquaponics market by also offering education in a similar domain to the general public. One of their most popular school systems is the 60 Gallon Mobile Aquaponics System which has settings to display on wheels for mobility, making public demonstrations easier.
Global Aquaponics Market: Key Trends and Drivers
Aquaponics market is becoming increasingly popular because of the profitability it offers in minimal cost, and equipment. This system’s market growth is driven by several factors, some of which are listed below.
- Less Utilization of Space with Maximum Produce
Aquaponics requires minimal aquatic space for farming of vegetables, which contributes highly towards market growth. This is a major aspect for aquaponics salability as arable lands are consistently reducing due to urbanization and industrialization. According to Nelson and Pade, a Montello, USA based company, aquaponics produces eight times more food per acre in 1/6th of the space required by traditional agriculture. Market revenue can also be earned all year round if this process is combined with Controlled Environment Agriculture.
- Produce Free from Any Contamination
Organic produce acquired from aquaponics culture is free from any pesticides or fertilizers. Fish waste acts as natural fertilizers for the vegetables that grow inside the water solvent thus curbing fertilizers expense. Fish is never subjected to any hormonal therapy and is completely free from any additional antibiotics. These characteristics make the aquaponics market highly profitable owing to the economic efficiency and environment sustainability that it offers.
Aquaponics market will continue to make strides, and grow with a consistent magnitude. The never-ending symbiosis that occurs inside the water between plants and aquatic organisms will continue to boost the growth of aquaponics market. Gradually, with a decrease in traditional agriculture methods, and lack of farming space, a process like aquaponics will completely overpower the global agriculture market.
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