Asia Pacific Aquaponics Market Share, Size, Trends, Industry Analysis Report, By Product (Fish, Herbs, Fruits, Vegetables, Others); By Component; By Methods; By End-User; By Country; Segment Forecast, 2024 - 2032
- Published Date:Feb-2024
- Pages: 115
- Format: PDF
- Report ID: PM4249
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The Asia Pacific aquaponics market was valued at USD 118.38 Million in 2023 and is expected to grow at a CAGR of 11.0% during the forecast period.
The Asia Pacific aquaponics market is expected to experience significant growth due to the growing emphasis on sustainable and environment-friendly food production methods. There is a high projected growth in the region, increasing awareness about the environmental impact of traditional agriculture, growing population and urbanization leading to increased demand for locally produced food, and government support for sustainable agriculture practices.
For instance, in the Asia Pacific region, the Pongamia Farm in Thailand uses a closed-loop system that combines fish farming and hydroponic plant cultivation, producing both fresh vegetables and protein-rich fish. The farm's innovative use of pongamia trees as a nutrient source for the fish has helped it become a successful and sustainable business model.
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In addition, the pandemic-like situation has accelerated interest in indoor and vertical farming methods like aquaponics, which can provide a reliable source of fresh produce even during lockdowns or supply chain disruptions.
However, there are also some challenges facing the industry, such as high initial investment costs, limited availability of skilled labor, and the need for standardized regulations across different countries in the region. Also, the import restrictions on foreign seeds and fertilizers pose a challenge to the industry players.
Growth Drivers
Continuous Declining Per Capita Land Holding is Creating the Need For Unique Solutions Like Aquaponics
The continuous decline in per capita land holdings in the Asia Pacific region has created a critical need for innovative and sustainable agricultural practices. Aquaponics, a method of growing plants and fish together in a symbiotic environment, offers a unique solution to this challenge. By using water instead of soil to cultivate crops, aquaponics can significantly reduce the amount of land required for farming, making it an attractive option for small-scale farmers and urban communities. For example, in densely populated cities like Tokyo, Japan, where land is scarce, aquaponics has been used to create rooftop gardens that produce fresh vegetables and fish while minimizing the use of space. This not only helps address food security concerns but also provides a sustainable way to meet the increasing demand for locally-grown produce. Thus, the declining per capita land holdings in the Asia Pacific region are expected to drive the growth of the aquaponics market in the coming years.
Report Segmentation
The market is primarily segmented based on product, component, method, end-user, and country.
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By Product Analysis
The Fish Segment Within Product Held the Dominating Revenue Share in 2023
In 2023, the fish segment within the product category held the dominant revenue share in the Asia Pacific aquaponics market. This was attributed to the rising demand for novel approaches to fish farming, as well as the increasing consumption of fish and its byproducts. Aquaponics offers an efficient way to produce fish without the use of chemicals or antibiotics, making it an attractive option for consumers who are looking for more natural and sustainable food sources.
In addition, the ability to produce a wide variety of fish species using aquaponics systems, such as tilapia, catfish, and trout, has further contributed to the segment's growth. The fish produced through aquaponics are often perceived as of higher quality and nutrition than those raised using traditional methods, which has led to increased consumer preference for aquaponic fish. All these factors have collectively contributed to the fish segment's dominant revenue share in the Asia Pacific aquaponics market.
By Method Analysis
The Media-filled Beds Segment Dominated the Market in 2023
The media-filled bed segment dominated the Asia Pacific aquaponics market in 2023 as it allows for maximum exposure of roots to oxygen and nutrients, resulting in faster growth rates and higher crop yields. Media-filled beds, also known as floating rafts or nutrient film technique (NFT) systems, are a popular choice for aquaponic farming in the region because they offer high yields and efficient use of water. In this system, plants are grown on a platform with a continuous flow of nutrient-rich water, which is recirculated throughout the system.
In addition, media-filled beds can be easily integrated into existing agricultural systems, making them an adaptable option for both small-scale and commercial farmers. Also, the closed-loop nature of aquaponics systems helps reduce water waste and minimize environmental impact, aligning with the increasing demand for sustainable farming practices in the Asia Pacific region.
Country Insights
China Was at the Forefront of the Asia Pacific Market in 2023
China was a dominant country in the Asia Pacific aquaponics market in 2023, owing to the country's promoting and investing in agricultural innovation activities, including in aquaponics, as part of its efforts to improve food security and reduce environmental impact. This supportive government policy has created an enabling environment for the growth of the aquaponics industry in China. In addition, China's large population and increasing demand for sustainable food sources have driven the adoption of aquaponics technology, which allows for the efficient production of high-quality fish and vegetables using minimal resources.
Further, China's well-established supply chain infrastructure and access to low-cost labor have made it easier for companies to set up and operate large-scale aquaponics facilities. Thus, Chinese companies have been aggressively expanding their presence in international markets through partnerships and acquisitions, further solidifying China's position as a leader in the global aquaponics industry.
Key Market Players & Competitive Insights
The manufacturer has been actively involved in the Asia Pacific aquaponics market, recognizing the increased need for food production in the region. They have started establishing partnerships with local farmers and organizations to promote the use of their innovative aquaponics systems, which are designed to be efficient, scalable, and adaptable to different climates and environments. The manufacturer has also invested in research and development to improve the technology and make it more accessible to small-scale farmers and communities.
Some of the major players operating in the Asia Pacific market include:
- Aquaponic Lynx LLC
- Backyard Aquaponics Pty Ltd
- Chengdu Chengfei Green Environmental Technology Co., Ltd.
- Foshan GrowSpec BioTech Co.,Ltd.
- G and N Fortune Limited
- Hydrofarm Holdings Group, Inc.
- LivinGreen
- Nelson & Pade Aquaponics
- Reevoo Industrial Fabric CO. Ltd.
- The Aquaponic Source
Recent Developments
- In 2022, the state government of Sikkim in India declared its adoption of contemporary farming methodologies such as hydroponic, aquaponic, and rooftop farming. The primary objective of implementing these techniques is to enhance productivity, particularly in small private landholdings, and to assure financial benefits for cultivators.
Asia Pacific Aquaponics Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 131.13 mllion |
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Revenue Forecast in 2032 |
USD 301.88 million |
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CAGR |
11.0% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD million and CAGR from 2024 to 2032 |
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Segments Covered |
By Product, By Component, By Method, By End-user, By Country |
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Country scope |
China, India, Malaysia, Japan, Indonesia, South Korea, Australia, Rest of Asia Pacific |
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Customization |
Report customization as per your requirements concerning countries, regions, and segmentation. |
FAQ's
Aquaponic Lynx LLC, Backyard Aquaponics Pty Ltd, Chengdu Chengfei Green Environmental Technology Co., Ltd., Foshan GrowSpec BioTech Co.,Ltd., G And N Fortune Limited are the key companies in Asia Pacific Aquaponics Market.
The Asia Pacific aquaponics market is expected to grow at a CAGR of 11.0% during the forecast period.
The Asia Pacific Aquaponics Market report covering key segments are product, component, method, end-user, and country.
Continuous declining per capita land holding is creating the need for unique solutions like aquaponics are the key driving factors in Asia Pacific Aquaponics Market.
The Asia Pacific Aquaponics market size is expected to reach USD 301.88 Million by 2032
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