Study: Aquaponics market to increase 7.4% CAGR by 2028
The report opines that the numerous advantages of producing aquaponics vegetables over traditional farming production in terms of fertilizer use, land usage, water requirement and climatic constraints are expected to drive aquaponics market growth.
The aquaponics market is anticipated to increase at a rigorous 7.4% CAGR by produce type during the 2018-2028 period, according to analysis by Persistence Market Research, New York. Steady growth is due to increasing adoption of aquaponics techniques by farmers in various parts of the world to ensure year-round produce and curb accelerating food shortage concerns at regional levels.
In recent years, unpredictable weather conditions have considerably strained the global food supply chain, badly impacting the food produce. The year-long and consistent supply of aquaponic vegetables ensures food prices stability and irrespective of erratic climatic conditions, which according to the report, will bring traction to aquaponics market during the study period.
The report opines that the numerous advantages of producing aquaponics vegetables over traditional farming production in terms of fertilizer use, land usage, water requirement and climatic constraints are expected to drive aquaponics market growth. The rising prevalence of food scarcity in tandem with myriad benefits of aquaponics techniques have spurred demand.
According to the analysis, the surging consumer gravitation for locally or regionally grown vegetables is driving the adoption of aquaponics techniques, as farms primarily supply to regional consumers owing to small land holdings and varied logistics issues. Consumers are also seeking local foods apart from natural and organic produce, as locally produced food is fresh and validates transparency among consumers.
The growing popularity and demand for locally produced vegetables have been proliferating farmers' markets, community funded agriculture programs or initiatives and the adoption of various direct-to-consumer distribution channels. These distribution channels are benefitting amateur farmers or farming entrants who lack accessibility to suppliers and distributors.
Likewise, trust building between manufacturers and consumers in regional as well as domestic food markets has become a key trend to ensure raw material traceability and clean label products. This growing trend will trigger adoption of aquaponics production, which is expected to significantly drive the demand for aquaponics vegetables during the forecast period, according to the analysis.
On the other hand, the high cost of aquaponics farming system will propel some farmers, especially entrants to opt for traditional ways of agro-food production. Further, the additional costs related to aquaponics cultivation, which is attributed to the need for expert supervision as well as control and automation systems, is projected to hamper aquaponics market growth.
North America is expected to lead and retain its dominance in the global aquaponics market with a 41.4% value share by the end of 2028, as per the analysis. This region will be closely trailed by Western Europe, which is likely to hold 25.8% market share by the end of forecast period.