The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Aquaponics Market.
Market Overview
According to a new report published by Fast.MR 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 forecast period 2024-2027. Rising prominence of eating nutritious vegetables is driving 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 the rich source of nutrients such as vitamins, folate, dietary fibers, potassium, and many more. Thus, numerous advantages of eating vegetables coupled with healthy growth in vegan eating population is projected to boost the market growth over the coming years.
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One of the prominent driver 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 limelight as more cases related to health risk became more prominent. This caused a sudden burst for pesticides free food as consumers demanded for greater level of transparency.
North America region especially the U.S. is the front-runner in adopting awuaponics culture. The country observed 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 Awuaponics, Aqua Allotments, Aquaponics Lynx LLC, ECF Farmsystems 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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