Aquaponics system is the combination of aquaculture and hydroponics together in an ideal environment. Aquaculture is the growth of aquatic animals like fish, prawns and other aquatic animals. Hydroponics is cultivating plants in water without soil. The aquaculture waste provides organic food for the plants. plants naturally clean the water that goes back to fish. The third participant is microbes which provide nutrition for the plants. The microbes convert ammonia from the fish waste into nitrites and then into nitrates which is the form of nitrogen that plants can uptake and use to grow. The result is a perfect collaboration between aquaculture and hydroponics. In the year 2018, the Global Aquaponics System Market was worth USD 613.97 million and estimated to grow at a CAGR of 14.5%, to reach USD 1208.3 million by 2023.
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Drivers and Restraints:
The Rise in population, increasing demand for organic fruits and vegetables, rise in disposable income, improvement in urban farming methods and off-season availability of fruits & vegetables, growing of new diseases due to the unhygienic food, technological advancements and new innovations in the field of agriculture, low cost in terms of lesser preparation time, rise in urbanisation, lower transport & storage costs of food and higher margins of benefits are driving the global aquaponics market growth .The high-cost equipment, the limited number of skilled professionals and lack of awareness in rural areas are the restraints of the market.
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The Global Aquaponics Market is divided into North America, Europe, Asia Pacific, Latin America and Middle-East and Africa. North America followed by Europe has the major market share in the global Aquaponics market due to the innovation in technology to enhance the efficiency of aquaponics system and rise in the number of aquaponic practitioners. In the Asia Pacific region, the market is projected to grow at the highest CAGR due to the increasing population, the rise in disposable income and demand for organic food products is supporting the aquaponics market growth.
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The major shareholders dominating in the Aquaponics market are Nelson & Pade Inc., Urban Farms AG, ECF Farm systems GmbH, Backyard Aquaponics Ptv Ltd, My Aquaponics, Colorado Aquaponics and Green Life Aquaponics.
Related Reports from Market Data Forecast:
North America Aquaponics System Market: https://www.marketdataforecast.com/market-reports/north-america-aquaponics-system-market-4260/
Europe Aquaponics System Market: https://www.marketdataforecast.com/market-reports/europe-aquaponics-system-market-4262/
Asia Pacific Aquaponics System Market: https://www.marketdataforecast.com/market-reports/asia-pacific-aquaponics-system-market-4266/
Latin America Aquaponics Systems market: https://www.marketdataforecast.com/market-reports/latin-america-aquaponics-system-market-4267/
The Middle East And Africa Aquaponics System Market: https://www.marketdataforecast.com/market-reports/middle-east-and-africa-aquaponics-system-market-4268/
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