iCrowdNewswire Jan 14, 2021 11:32 AM ET
The Global Aquaponics Market is expected to register a CAGR of 13.4% from 2019 to 2024 and reach USD 1.34 billion by the end of 2024. Aquaponics is incorporation of raising fish and cultivating plants together in a controlled system. If waste by-products of fishes get mixed in water, they can be harmful to fishes. On the other hand, these waste by-products of fishes are used as nutrients for plants, when converted into nitrate by nitrifying bacteria.
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Aquaponics exploits the above phenomena and uses waste by-products of fishes as nutrients to plants. At the same time, the water containing waste of fishes gets filtered as plants absorbs the nitrates. This water is than again recirculated into the system. Increased income due to dual raising activity, low water usage, and reduced technical complexity are the major factors driving the growth of global market. Moreover, increasing demand for organic food, is anticipated to fuel the growth of global market.
The Global Aquaponics Market has been segmented based on produce, components, equipment, application, and region.
The global market has been classified, based on produce, as fish, fruits & vegetables, and others.
The global market has been bifurcated, based on components, into rearing tank, settling basins, bio-filters, sump tanks, and others.
Based on equipment, the global market has been divided into pumps and valves, grow lights, water heaters, water quality testing, fish purge systems, aeration systems, and others.
Based on application, the global aquaponics industry has been categorized as commercial, home food products, and others.
The global market has been analyzed for four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American aquaponics market has further been segmented into the US, Canada, and Mexico.
The European aquaponics market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe.
The aquaponics market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific.
The aquaponics industry, in the rest of the world, has been segmented into South America, the Middle East, and Africa.
Backyard Aquaponics Pty Ltd (Australia), Colorado Aquaponics (US), Greenlife Aquaponics (US), Urban Farms AG (Switzerland), Nelson & Pade Inc. (US), Ichthys Aquaponics (South Africa), Aponic Ltd (UK), Red Ewald Inc. (US), ECF Farmsystems GmbH (Germany), My Aquaponics (South Africa), Hapa Farms (US), Lucky Clays Fresh (US), NutraPonics Canada Corporation (Canada), Pentair Aquatic Eco-Systems Inc. (US), and Japan Aquaponics (Japan), are some of the key players in the global aquaponics market.
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The market in North America is expected to dominate the global aquaponics market during the forecast period due to the increasing demand of organic food and adaptation of modern techniques in farming.
Moreover, the continuous technological innovations to increase efficiency of aquaponics is anticipated to fuel the growth of aquaponics market. Asia-Pacific is projected to grow at highest CAGR due to the increase in population leading to increased food demand. Additionally, the farmers in developing countries like India and China are now moving towards aquaponics due to increased income with dual raising activity and easy technical operations.
The market in the rest of the world is expected to gain a significant share as the South American countries are now adapting aquaponics due to lower operating cost and increase in demand of organic food.
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