Technological Advancements Steeing Industry Growth
Aquaponics is considered as an integrated technology of farming and aquaculture. The technique is widely gaining popularity around the urban centers of the world. The technique encompasses use fish produced waste as a nutrient medium to grow vegetables and fruits. With arrival of automation and internet of things (IoT), the industry is expected to gain larger share in the global food supply chain over the coming years.
Use of smart sensors to monitor various aspects of the technique including pH levels, temperature, humidity, and water is likely to enhance productivity and thereby providing greater efficiency in terms of output. These sensors interact with one another to provide real time measures. The use of IoT is likely to gain prominence over the coming years in order to cater rising demand for fresh food across the urban centers around the globe. Thus, continuous development of technology to enhance productivity is projected to assist market growth over the forecast period.
Awareness Related to Eating Nutritious Vegetables is Positively Influencing Market Growth
The growing veganism around the globe is expected to propel the market growth of aquaponics industry. The rise in awareness related to eating vegan food with high nutrient contents is pushing the market growth. For instance, in the U.S., the growth in vegan consumers increased by nearly 5% from 2014 to 2018. Similar trends are observed across European continent. With more consumers of vegetables, the demand for nutritious vegetables is expected to surge over the coming years.
Another key factor propelling the growth of market is due to the rising awareness related to the bad effects caused by eating pesticides enriched vegetables. This is anticipated to push the market growth of aquaponics as the suitable alternative for traditional farming.
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On the basis of source, market is bifurcated into media filled beds, nutrient film technique, and deep water culture. Among this segment, nutrient film technique is projected to observe strong growth over the forecast period. This technique offers numerous advantage over its counterparts. The technique is considered as an effective way to grow leafy vegetables. The growing veganism around the globe is likely to positively influence the segments growth over the forecast period.
The market is segmented into the basis components include rearing tanks, biofilter, settling basin, and others. Within this category, rearing tanks are projected to dominate the market share. Rearing tanks are the medium which is used to breed and feed fishes. The waste produced by these fishes act as a nutrient for plants. The rising need to limit carbon footprint and enhance sustainability is projected to drive the segments growth over the coming years.
The market is bifurcated on the basis of equipment includes pumps and valves, water heaters, grow lights, and aeration system. Among this category, aeration system and pumps & valves are projected to account for majority of the market share. Both the aforementioned equipment categories are vital components for aquaponics system. As majority of global population moves into urban centers, the demand for fresh food is anticipated to grow significantly. Thereby, offering strong support for the growth of the segment over the predicted timeline.
On the basis of produce, market is segmented into fish, fruits, and vegetables & herbs. Among this, vegetables & herbs segment is projected to observe swift growth over the coming years. The growing demand for fresh food is considered as the key driver for the growth of this category. Urban centers of the world often lack the availability of fresh food and thus, to cater this need more aquaponics farms are coming online. The trends such as mentioned above are likely to act as a key driver in fueling the demand for fresh vegetables & herbs. Thus, increasing number of aquaponics setups in urban centers is expected to assist the market growth over the near future.
The key vendors of the industry are Backyard Awuaponics, Aqua Allotments, Aquaponics Lynx LLC, ECF Farmsystems GmbH, Greenlife Aquaponics, My Aquaponics, Nelson and Pade Inc., Nutraponics Canada Corporation, and The Aquaponics Source.
The industry participants are intensively focused on merging automation and smart technologies in order to enhance productivity and cater to growing demand for fresh food from the urban centers around the globe.
Aquaponics is defined as the modern method of farming which includes growing of vegetables while promoting aquaculture. It is considered as an integrated technique which creates a sustainabile ecosystem for growing vegetables and breeding of fishes.
Global Aquaponics Market Segmentation
- Media Filled Beds
- Nutrient Film Technique (NFT)
- Deep Water Culture
- Rearing Tanks
- Settling Basin
- Pumps & Valves
- Aeration System
- Water Heater
- Grow Lights
- Vegetables & Herbs