Covid-19 Analysis On Aquaponics Market Size, Share, Growth Opportunity, Demand And Supply, Forecast

By Author: Nikhil khadilkar
Total Articles: 431
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Market Scenario
The global Covid-19 Analysis on Aquaponics Market is expected to register a CAGR of 13.4% from 2019 to 2024 and reach USD 1.34 billion by the end of 2024. Aquaponics is incorporation of raising fish and cultivating plants together in a controlled system. If waste by-products of fishes get mixed in water, they can be harmful to fishes. On the other hand, these waste by-products of fishes are used as nutrients for plants, when converted into nitrate by nitrifying bacteria. Aquaponics exploits the above phenomena and uses waste by-products of fishes as nutrients to plants. At the same time, the water containing waste of fishes gets filtered as plants absorbs the nitrates. This water is than again recirculated into the system. Increased income due to dual raising activity, low water usage, and reduced technical complexity are the major factors driving the growth of global market. Moreover, increasing demand for organic food, is anticipated to fuel the growth of global market.

Impact of Covid-19 Outbreak on Aquaponics Market-

The outbreak of Covid-19 Analysis on Aquaponics Market has resulted ...
... in the improper functioning of the global supply chain of the agriculture and allied industries. A disrupted supply chain has led to an interrupted input value chain, from raw material procurement to cultivation, harvesting, and distribution. The impact of Covid-19 is expected to be low for a short duration of time due to the availability of stocked up raw materials required to grow plants and aquatic animals such as fishes, molluscs, crustaceans, and others. However, if the pandemic prolongs and trade restrictions are extended, the impact is expected to rise.

Covid-19 pandemic is expected to majorly impact the value chain and supply chain of the aquaponics market. Supply chain disruption due to trade barriers and led the farmers to rear a large number of live fishes and other aquatic species and feed them as it is difficult for them to sell their harvest amidst nationwide lockdown. This negatively impacts on the cost, expenditure, and risk borne by the farmer. Farmers relying on income from the exports markets, such as China and Europe, are expected to be impacted the most due to the closure of international borders. Additionally, closed operations of all foodservice chains have had a heavy impact on the demand for fish and shellfish. Another constraint emerged due to the COVID-19 outbreak is the difficulty in the procurement of inputs such as seed and feed, along with the availability of labour. However, small-scale domestic aquaponic farmers are expected to witness surging demand for their harvest due to the reduced import volumes of fishes, molluscs, crustaceans from the exporting countries.

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Regional Analysis

The market in North America is expected to dominate the global aquaponics market during the forecast period due to the increasing demand of organic food and adaptation of modern techniques in farming.
Moreover, the continuous technological innovations to increase efficiency of aquaponics is anticipated to fuel the growth of aquaponics market. Asia-Pacific is projected to grow at highest CAGR due to the increase in population leading to increased food demand. Additionally, the farmers in developing countries like India and China are now moving towards aquaponics due to increased income with dual raising activity and easy technical operations.

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