VALLEY COTTAGE, New York, July 5, 2018 /PRNewswire/ --
Future Market Insights (FMI) delivers key insights on the global aquaponics market in its upcoming outlook titled "Aquaponics Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028". In terms of value, the global aquaponics market is projected to register a healthy CAGR of 7.4% by produce type and 7.9% by equipment type during the forecast period due to various factors, regarding which FMI offers vital insights in detail.
On the basis of product type, the market is segmented into fish and vegetables. On the basis of equipment type, the market is segmented into tank systems; rafts; liners and medium; pumps, airstones, and aeration systems; plumbing equipment and material; and others. By technique, the market is segmented into DWC, NFT and MFG.
Factors Impacting Growth of the Global Aquaponics Market
Increasing consumer demand for local or regionally produced vegetables is a major driver for growth of the global aquaponics vegetables market, as farms mainly cater to regional consumers due to logistics issues and small land holdings. Consumer demand for local foods is growing at par with that of organic and natural foods, as locally grown foods inspire a sense of freshness, makes it feel like a community effort, and enables transparency among consumers. Trust building between food manufacturers and consumers in domestic and regional markets is the prominent trend with regard to clean label products and raw material traceability, which is driving demand for aquaponics vegetables to a significant extent.
Growth of farmers' markets, increasing number of community sponsored agriculture initiatives, and adoption of other direct-to-consumer distribution channels is resulting from rising popularity and demand for locally produced vegetables. Such distribution channels also benefit small farmers or new farms that might not have proper access to distributors and suppliers. Retailers are also increasingly sourcing locally grown vegetables owing to better taste, longer shelf life, and negligible transportation costs, which results in consumers being able to procure these products at lower cost. In addition, vegetables transported over long distances results in spoilage and damage such as shrinkage, thus making the products unappealing.
High cost of establishing an indoor or outdoor aquaponics cultivation system is a major barrier for new entrants in the market. Depending on the level of technology used, a greenhouse can cost around two to 20 times more than that required for a conventional soil based growing system. The additional costs of aquaponics cultivation can be attributed to the requirement of control and automation systems along with the necessity of expert advice and consultation.
This factor is more pronounced in developing regions, where initial investment is relatively difficult to secure. In India for instance, the overall cost of setting up and maintaining a medium scale greenhouse is currently around US$ 376,500, which is significantly higher than the investment required for a traditional farming setup.
Global Aquaponics Market: Vendor Profiling
In the final section of the report, a competitive landscape has been included to provide report audiences with a dashboard view of the companies currently operating in the global market. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the aquaponics space. Key players in the global Aquaponics market includes Nelson and Pade, Inc., Pentair Aquatic Eco-Systems, Inc., ECF Farmsystems GmbH, AquaCal AutoPilot, Inc., Japan Aquaponics, GrowUp Urban Farms Ltd., Kunia Country Farms LLC, Green Life Aquaponics, Backyard Aquaponics Pty Ltd, Hapa Farms, Lucky Clays Fresh, Blueplanet Urban Agro Services Pvt Ltd, Global Aquaponic Systems Corporation, Ichthys Aquaponics, Aponic Ltd, Red Ewald Inc., LivinGreen, MyAquaponics, The aquaponik manufaktur GmbH and NutraPonics Canada Corporation
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.