Aquaponics Market is Anticipated to Increase at a Rigorous 7.4% CAGR by Produce Type During the Forecast Period (2018-2028) - Persistence Market Research
NEW YORK, April 8, 2019 /PRNewswire/ -- The aquaponics market is anticipated to continue its steady growth on account of increasing adoption of aquaponics techniques by several farmers in various parts of the world to ensure year-round produce and to curb accelerating food shortage concerns at regional levels. Based on value, aquaponics market is anticipated to increase at a rigorous 7.4% CAGR by produce type during the foreseeable period (2018-2028), according to a recent analysis by PMR.
Aquaponic techniques have gained widespread palpability among farmers, owing to aquaponics cultivation system's unique ability to produce any type of crop during any month of the year, irrespective of the season. In recent years, unpredictable weather conditions have considerably strained the global food supply chain, badly impacting the food produce. The yearlong and consistent supply of aquaponic vegetables ensures food-prices stability, irrespective of erratic climatic conditions, which as per PMR report on aquaponics market, will bring traction to aquaponics market during the study period.
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PMR report on Aquaponics market 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 the demand for aquaponics produce.
According to PMR analysis, the surging consumer gravitation for locally or regionally grown vegetables is considerably driving the adoption of aquaponics techniques as farms primarily supply to regional consumers owing to small land holdings and varied logistics issues. Additionally, consumers are also seeking local foods apart from natural and organic produce, as locally produced food is fresh and validates transparency among consumers.
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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. The myriad advantages of locally produced vegetables, such as insignificant transportation costs, better taste, and lengthy shelf life are likely to add gains into aquaponics market during the forecast period.
As per PMR aquaponics market report, 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 drive the demand for aquaponics vegetables significantly during the forecast period, according to the recent analysis.
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High establishing cost of aquaponics farming system has been propelling some farmers, especially entrants to opt for traditional ways of agro-food production. Varying technology to technology, a greenhouse costs nearly 20 times more than a conventional agricultural production system. Further, the additional costing 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 PMR analysis. This region will be closed trailed by Western Europe which is likely to hold 25.8% market share by the end of forecast period.
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