According to a new report published by FastMR titled, “Aquaponics Market by System, Component, Equipment, and Produce: Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global aquaponics market was estimated at around USD 592 million in 2019 and is expected to grow with the CAGR of 14.5% during the forecast period 2023-2027. The rising prominence of eating nutritious vegetables is driving the market growth.
Eating vegetables offer huge incentives in terms of health benefits and due to this reason, the rise of veganism is widely observed across the globe. Vegetables offer numerous advantage over its counterparts meat and poultry. Vegetables are considered as a rich source of nutrients such as vitamins, folate, dietary fibres, potassium, and many more. Thus, numerous advantages of eating vegetables coupled with healthy growth in vegan eating population are projected to boost the market growth over the coming years.
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One of the prominent drivers for the growth of aquaponics is rising consumer awareness towards pesticides free food. As the global population increased, the demand for food products including vegetables and fruits also increased. To sustain ever-growing demand for food products, farmers around the globe intensified the usage of pesticides to uphold productivity. However, over the last few years, risk related to eating pesticides infused food products came under the limelight as more cases related to health risk became more prominent. This caused a sudden burst for pesticides free food as consumers demanded for a greater level of transparency.
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North America region especially the U.S. is the front-runner in adopting aquaponics culture. The country observed the emergence of many start-ups focused on developing healthy food items including vegetables and fruits using aquaponics technique.
Key vendors of the industry are Backyard Aquaponics, Aqua Allotments, Aquaponics Lynx LLC, ECF Farm systems GmbH, Greenlife Aquaponics, My Aquaponics, Nelson and Pade Inc., Nutraponics Canada Corporation, and The Aquaponics Source. Industry participants are focusing on integrating smart technology and automation to enhance productivity.
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