Market Trends of Aquaponics Industry
Substantial Demand for Organic Produce Driving the Market
As aquaponics are free from chemical fertilizers and crop protection chemicals, with fish waste serving as the prime nutrients for plants, the demand for organically grown crops holds high potential and an untapped space for emerging aquaponic farms and aquaponic system providers. As reported by the Organic Trade Association, sales of organic fruits and vegetables rose by 5.6% to USD 17.40 billion in 2018 from USD 16.42 billion in the previous year. Thus, the United States became one of the leading markets for organically grown fruits and vegetables. Moreover, Europe holds one of the largest organic farmland areas globally, with Spain accounting for the largest share with 2,246,475.0 ha of the area under organic farming. As a result of the underlying scope for aquaponic farming in the organic produce industry, the European-funded COST Action FA1305, 'The European Union Aquaponics Hub-Realising Sustainable Integrated Fish and Vegetable Production for the EU', strengthened the network between researchers and private players. Therefore, the demand for organically grown produce is expected to drive the global aquaponics industry during the forecast period.
North America Dominates the Market
Although still a small industry in North America, aquaponic farming is expected to witness exponential growth in the coming years. In 2014, the University of Wisconsin - Stevens Point and Nelson and Pade Aquaponics entered a Public-Private Partnership (PPP) to establish an Aquaponics Innovation Center as part of the UW-System Economic Development Incentive Grant. Such initiatives have played a pivotal role in raising awareness about sustainable farming alternatives, such as aquaponics, in the region. Additionally, aquaponics is expected to help rebuild the aquaculture industry in the United States. In Wisconsin, the number of aquaculture farms recently rose from 2,300 to 2,800, with 300 out of the 500 new farms being aquaponic farms, as revealed at the Aquaculture America Conference in 2018. Currently, the United States imports more than 80.0% of the seafood it consumes annually. The rising number of aquaponic farms in the country may help it reduce its seafood import over time.
