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Aquaponics Market Size, Future Trends, Key Growth Drivers, Share Analysis And Forecast To 2033
Aquaponics Market Size
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According to The Business Research Company's, The aquaponics market size has grown rapidly in recent years. It will grow from $1.29 billion in 2023 to $1.42 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to environmental sustainability, rising urbanization, consumer demand for organic produce, rising concerns about chemical pesticide use, government subsidies and incentives.
The aquaponics market size is expected to see rapid growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%. The growth in the forecast period can be attributed to climate change impacts, increasing global population, regulatory support for sustainable farming practices, shifting dietary preferences towards healthier options, rising awareness of food miles and carbon footprint. Major trends in the forecast period include expansion of aquaponic systems in commercial agriculture, development of integrated aquaponics-fisheries systems, customization of aquaponic systems for niche markets, integration of renewable energy sources in aquaponic setups, utilization of blockchain technology for traceability and transparency.
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Market Drivers and Trends:
The growing reduction in arable land areas is expected to drive the growth of the aquaponics market going forward. Arable land areas refer to expanses of land suitable for growing crops, typically characterized by fertile soil and favorable environmental conditions. The reduction in arable land areas is due to urbanization, soil degradation, and land conversion for non-agricultural purposes. Aquaponics plays a role in mitigating arable land areas by enabling efficient cultivation of crops in limited space, utilizing vertical farming techniques, and integrating aquaculture with hydroponics for sustainable agriculture practices. For instance, in November 2023, according to the statistics published by the Department for Environment, Food & Rural Affairs, a UK-based government ministerial department, the total area of arable crops in England decreased by 1.3% decrease between 2022 and 2023, falling to just under 3.7 million hectares, while the total area of cereal crops decreased by 3.0% to just under 2.6 million hectares. Therefore, the growing reduction in arable land areas drives the aquaponics market.
Major companies are investing in the companies operating in the aquaponics market to grow operations targeting the restaurant industry. Strategic investments help the aquaponics market by providing essential capital for technological advancements, infrastructure development, and scaling operations, thereby enhancing efficiency and market reach. For instance, in October 2023, The Circle, an Italy-based aquaponic agricultural company, launched a $0.0022 billion expansion plan. This investment will increase production and processing, develop a cutting-edge technological transformation center, and leverage intellectual property for enhanced efficiency and scalability, all while focusing on sustainability. Led by Opes Italia with previous financing from Invitalia, this investment supports the expansion of operations and contributes to the growth of the aquaponics market by increasing the availability of sustainable products and driving technological advancements.
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Major Key Players of the Market:
Hydrofarm, AquaCal, Stuppy Greenhouse, Greenlife Crop Protection Africa, AquaBioTech Group, Red Ewald, Portable Farms Aquaponics Systems, Lucky Clays Fresh, Practical Aquaponics, FUTURE FARMING, Pentair Aquatic Eco-System Inc., Aquatic Network, Nelson & Pade Aquaponics, AquaSprouts, ECF Farmsystems GmbH, Ichthys Aquaponics, Symbiotic Aquaponic LLC, The Aquaponic Source, Endless Food Systems, The Urban Farming Guys, Aponic Ltd., NutraPonics, Gothic Arch Greenhouses, FriendlyAquaponics, ECOLIFE Conservation
Aquaponics Market 2024 Key Insights:
• The aquaponics market size is expected to see rapid growth in the next few years. It will grow to $2.11 billion in 2028 at a compound annual growth rate (CAGR) of 10.4%.
• Growing Reduction In Arable Land Drives Aquaponics Market For Sustainability
• Major Companies Are Expanding The Aquaponics Market For Restaurants Through Strategic Investments
• North America was the largest region in the aquaponics market in 2023
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