The Global Aquaponic & Hydroponic Systems & Equipment Market is projected to witness around 13.8% CAGR during 2023-28, states the recent research report published by MarkNtel Advisors. The market is driven by the rapid technological advancements in Aquaponic & Hydroponic techniques, providing efficient ways to cultivate food with more nutrition than conventional farming.
Besides, crops grown using these techniques are in a monitored & controlled environment, highly nutritious, and maximize year-round food production, which suffices the food requirements of the rapidly inreasing population worldwide. Hence, these cultivation practices are witnessing an increasing adoption and driving the global market.
Rising Demand for Leafy-Vegetables Significantly Boosts the Aquaponic & Hydroponic Systems & Equipment Market through 2028
Based on the Application, Vegetables are anticipated to make a major contribution to the overall market growth in the forecast period. It owes to the swiftly increasing adoption of hydroponic cultivation, especially across North America, to produce leafy vegetables like spinach, lettuce, kale, arugula. Among these leafy vegetables, the demand for red & green lettuce is increasing rapidly, especially across various fast-food chains & households. It, in turn, is propelling the need for more hydroponic cultivations and directly impacting the market, reveals MarkNtel Advisors in their research report, "Global Aquaponic & Hydroponic Systems & Equipment Market Analysis, 2023."
Europe to Dominate the Market Owing to Rooftop Aquaponic & Hydroponic Cultivation Practices
On the geographical front, Europe is projected to acquire the largest market share in the forecast years. It owes to the increasing adoption rate of aquaponic & hydroponic cultivation in the region due to growing land scarcity on account of rapid industrialization. In addition, several start-ups & established companies are setting up rooftop aquaponic farms to encourage these practices, thereby promoting the regional market growth. Countries like Germany, the UK, France, Netherlands, among others, are some of the developed regional economies, displaying a growing inclination toward Aquaponic & Hydroponic cultivation, thereby fueling the market growth in Europe.
Key Market Competitors
According to MarkNtel Advisors, the leading players in the Global Aquaponic & Hydroponic Systems & Equipment Market are Aquaponic Lynx LLC, Argus Control Systems Ltd, BetterGrow Hydro, ECF Farmsystems, LivinGreen, My Aquaponics, Nelson and Pade, Inc., Perth Aquaponics, Hydrilla, AmHydro, Backyard Aquaponics Pty Ltd, GreenTech Agro LLC, and Hydrofarm Holdings Group, Inc.
Key Questions Answered in the Study