According to the report, the global aquaponics market was valued at around USD 0.49 billion in 2017 and is expected to reach approximately USD 1.3 billion by 2024, growing at a CAGR of around 10% between 2018 and 2024.
New York, NY, July 18, 2018 (GLOBE NEWSWIRE) — Zion Market Research has published a new report titled “Aquaponics Market by Product (Fish, Herbs, Fruits, and Vegetables), by Components (Bio Filter, Rearing Tanks, Settling Basins, Hydroponics subsystem, and Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2015-2024”. According to the report, the global aquaponics market was valued at around USD 0.49 billion in 2017 and is expected to reach approximately USD 1.3 billion by 2024, growing at a CAGR of around 10% between 2018 and 2024.
Aquaponics is used for growing vegetables, fruits, herbs, and fishes together in one system. The material required for building the aquaponics is a big fish tank, grow bed, plumbing pipe and fittings, standpipes, water pump, aerator, airline and air stones, liner, grow lights heating elements, filtration system, etc. The technical instruments required to maintain system are water quality test kit, cycling kit, pH adjuster, and testing and monitoring equipment. In addition, the system requires fish food, fish care products, gardening supplies, pest management supplies, and seeds and seed starting supplies.
Browse through 27 Tables & 19 Figures spread over 110 Pages and in-depth TOC on “Global Aquaponics Market Size & Share Report 2017: Industry Growth, Trends, Analysis, and Forecast to 2024”.
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The aquaponics market is expected to witness substantial growth within the forecast period. The market is mainly driven by increasing demand for organic fruit and vegetables. Rising technological innovation and investment in aquaponics market in developed countries is expected to surge the market growth. Moreover, growth in the global population has increased the pressure to boost the yield of crops owing to the increasing demand for aquaponics market. However, high electricity consumption and high initial setup cost are expected to be restraining factors for the aquaponics market.
On the basis of the product, the market can be classified into fish, herbs, fruits, and vegetables. In terms of revenue, vegetable had the highest growth in 2017 and is expected to increase further in the near future.
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The market can be segmented on the basis of components into biofilter, rearing tanks, settling basins, hydroponics subsystem, and others. Increasing demand for aquaponics solution in order to cultivate the crop in a sustainable and organic manner without the use of harmful chemical fertilizer and pesticides is affecting the aquaponics market positively. Hydroponics subsystem is expected to witness noticeable growth on account of increasing demand for hydroponics crop.
North America and Europe are expected to experience the fastest growth in aquaponics market during the forecast period. Key factors being increased awareness about the health and benefits of organic food. Increasing investment and technological innovations, increasing disposable income and demand for organic and off-seasonal fruits are some of the key drivers encouraging global companies to invest in these industries in North America and Europe. This, in turn, is expected to surge the growth of aquaponics market in this region.
Browse the full “Aquaponics Market by Product (Fish, Herbs, Fruits, and Vegetables), by Components (Bio Filter, Rearing Tanks, Settling Basins, Hydroponics subsystem, and Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2015-2024” report at https://www.zionmarketresearch.com/report/aquaponics-market
Asia Pacific was a major regional market and is projected to show significant market growth till 2024. This is mainly due to the developing nature of various countries in the region such as India, China, Japan, etc. Increasing urbanization, increasing population and food demand, constantly depleting food and natural resources are increasing the demand for the aquaponics market.
The Middle East and Africa region are expected to show considerable growth in the near future. This growth is mainly due to the presence of meager land because of geographical factors is the major driving force for aquaponics market in the Middle East. Enhanced yield, high growth rate, and less dependence of the aquaponics on weather are other key reasons to boost the market in this region. Latin America is another important regional market and is expected to experience noticeable growth over the forecast period. This growth is mainly attributed to the growing economy due to tourism growth. Thus, all aforementioned parameters are expected to propel the market growth globally.
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The global aquaponics market is consolidated with some leading players accounting for a significant share of aquaponics market in 2017. Some of the major companies have been investing in product innovation, technology advancements and maintaining the quality of standards in order to retain their dominance in the market. Some of the key players in the aquaponics market are Aquaponic Lynx LLC, Greenlife Aquaponics, Aqua Allotments, Backyard Aquaponics Pty Ltd., The Aquaponic Source, UrbanFarmers AG, ECF Farmsystems GmbH, Nelson and Pade Inc., My Aquaponics, and Ultrasonics Canada Corporation.
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This report segments the global aquaponics market as follows:
Global Aquaponics Market: Product Segment Analysis
- Fish
- Herbs
- Fruits
- Vegetables
Global Aquaponics Market: Component Segment Analysis
- Bio Filter
- Rearing Tanks
- Settling Basins
- Hydroponics subsystem
- Others
Global Aquaponics Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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