March 1, 2024
Aquaponics Market

The Aquaponics Market Is Driven By Sustainable Food Production Methods

Aquaponics involves growing fish and plants together in one integrated system. This sustainable food production method combines conventional aquaculture with hydroponics in a symbiotic environment. Aquaponics uses the natural fish wastes as a natural fertilizer for plants grown hydroponically, with no use of chemical fertilizers. The nutrient-rich water from the fish tanks is then fed to plants for absorption and growth. The plants act as a natural water filter as they uptake nitrates and nutrient for growth before the water is recirculated back to the fish. This sustainable system provides an environmentally friendly source of both fish and vegetables.

The global Aquaponics Market is estimated to be valued at US$ 1560 Mn  in 2024 and is expected to exhibit a CAGR of 10%  over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The growing popularity of organic and pesticide-free foods is one of the key trends driving growth of the aquaponics market. With increasing health awareness, consumers are shifting preference towards fresh and chemical-free vegetables and fish produced through sustainable agriculture. The closed-loop aquaponics system eliminates use of synthetic fertilizers, pesticides, fungicides or herbicides. It also conserves water resources as up to 90% of water is recycled within the system. Moreover, aquaponics offers a locally produced, year-round supply of vegetables and fish with lesser water requirement compared to conventional agriculture. It is suitable for producing food in urban areas with water scarcity or limited land availability. Hence, aquaponics is emerging as a viable solution for sustainable urban farming.

Porter’s Analysis

Threat of new entrants: Low barriers to entry, however, established players hold strong distribution networks and brands.

Bargaining power of buyers: Large buyers can negotiate lower prices due to bulk purchasing. However, buyers have limited influence due to differentiated products.

Bargaining power of suppliers: A few large suppliers exist for key materials. Suppliers possess some bargaining power due to differentiated inputs required and capital requirements.

Threat of new substitutes: Potential threat from alternate production methods. However, aquaponics system provides unique organic output without use of pesticides.

Competitive rivalry: Intense competition among existing players to gain market share through product innovation, brand building and customer acquisition.

Key Takeaways

The global Aquaponics Market Growth is expected to witness high growth.

Regional Analysis: North America dominates the market Currently due to rising demand for organic foods and strong government support for sustainable farming. Europe and Asia Pacific are anticipated to lucrative growth in the forecast period with increasing adoption of aquaponics systems across countries.

Key players operating in the aquaponics market are Allresist GmbH, BASF SE, Dow Chemical Company, Huntsman International LLC, and Momentive Performance Materials Inc. Allresist GmbH is one of the leading players focusing on new product launches catering to diverse applications. BASF SE follows strategies like acquisitions and partnerships to strengthen its distributor network in emerging markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it