Global Aquaponics Market To Grow at a CAGR of +11% by 2023
The latest market research report forecast by Technavio indicates that the global #aquaponics market will grow at a compound annual growth rate (CAGR) of more than 11% between now and 2023, representing an incremental growth of $411 million. One of the key drivers for this market is the growing inclination towards controlled environment farming in the global community.
Technavio is a leading global technology research and advisory company that focuses on emerging market trends and provides insights to help businesses identify opportunities and develop effective strategies to optimize their market positions. Their report serves as a valuable indicator that #ControlledEnvironmentFarming techniques like aquaponics is the way of the future and, for those with the necessary foresight, a potentially lucrative investment opportunity.
What is Controlled Environment Agriculture?
Controlled environment farming or agriculture (#CEA) is the process of growing plants inside a greenhouse or a grow room, where all atmospheric and environmental variables, such as humidity, temperature, nutrients, pH levels, light, etc. can be controlled. Aquaponics is one such method of CEA that leverages the natural relationship between fish and plants to grow crops all year round, out of soil, and in the nutrient-rich wastewaters produced by the fish.
“As aquaponics does not require soil, the plants can be grown on rooftops, rocky surfaces, and other dry areas,” explains a senior analyst at Technavio for research on agricultural equipment.
What this means is that aquaponics farming can become a successful source of fresh, healthy, sustainable food (both plant and fish protein) in most environments and remote locations on Earth, provided there is a sufficient energy and water to feed the system.
The Way Forward
The benefits of CEA are that growing conditions can be optimized to produce the best possible harvest in any environment, often without the use of pesticides, herbicides, hormones, and other undesirable additives. It also optimizes the use of space – since crops can be grown in vertical rack systems, one on top of the other – and labor, water, energy, nutrients, and cost of operating, while still producing a bountiful harvest.
In essence, controlled environment farming is the way forward for a planet that is fast becoming over-populated and running out of the fertile lands and natural food resources needed. It’s a way we can cater for the increasing food demand without further damaging the environment. In fact, it reduces our current exploitation of land and resources, while also drastically reducing food miles, our carbon footprint, and pollution.
Global aquaponics market: About the Report
The global aquaponics market research report by Technavio provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges. The report provides market segmentation by application (aquaculture and hydroponics), technique (Deep Water Culture (DWC), Nutrient Film Technique (NFT), and media-filled bed), and by region (the Americas; Europe, Middle East, and Africa; and Asia-Pacific).
Another of the report’s significant findings was that the Americas held the largest share of the global aquaponics market in 2018, accounting for close to 53% share, followed by EMEA and APAC respectively. The region is expected to continue to dominate the market during the forecast period of 2018 to 2023. It also found that the market is highly fragmented with many players occupying the market share.
Fusion Farms Puerto Rico and Aquaponics
Technavio’s latest report on the global aquaponics market is particularly significant to the work start-up organization Fusion Farms is doing in #PuertoRico. Located in the beautiful Mayaguez district of Western Puerto Rico, Fusion Farms is making use of existing PRIDCO facilities to sustainably grow a year-round harvest of fresh, and 100% pesticide-free produce grown from organic seed that is high in local demand. The concrete facilities themselves are hurricane protected, which is essential on a Caribbean island that lost vast tracts of farmland to devastating hurricanes in the past few years and that continues to import upwards of 80% of its fresh produce as a result.
Through its aquaponics venture, Fusion Farms aims to restore #FoodSovereignty to Puerto Rico and, should the model prove to be successful, will export the concept to similar nations across the globe; nations that are struggling to establish a local, #sustainable, and reliable harvest of fresh produce and fish protein due to environmental, political, and/or social problems.