Press Release Description
Floating Farms to Witness Higher Adoption for Meeting the Agricultural Sustainability Goals
The Global Floating Farm market is projected to grow at a CAGR of around 14.27% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The increasing focus of the government to ensure food security for its citizens keeping in mind the agricultural sustainability goals is the primary factor fueling the market growth. As per Sustainable Development Goal 2, the governments of the countries, are mandated to ensure food security & promote sustainable agriculture.
Owing to this, there has been an increasing focus on adopting eco-friendly farm practices that have no harmful impact on the environment. However, in floating farms, the farming space is restricted as the floating structure is artificially created due to which the production levels of these farms are limited. Hence, this makes these farms ideal for poultry farming or self-sustainable farming. Despite that its adoption among small & marginal farmers is expected to grow as it offers cost-efficiency & resource sustainability.
Further, the implementation of these farms ensures efficient use of water in comparison to conventional farming practices. In addition to it, floating farms require fewer applications of fertilizers & pesticides, due to which the usage of these farms is considered to be more resource efficient. Due to this, the demand for these farm is expected to grow for dairy & agriculture farmers. However, the market would be impeding owing to the limited production capacity
Along with it, these farms are emerging as an alternative to conventional farming practices, which can ensure food security for the constantly growing population in the coming years. Hence, due to these factors, governments are encouraging the adoption of these farms, as a result of which, the market is presumed to witness positive growth in the forecast period, further states the research report, “Global Floating Farm Market Analysis, 2023.”
Aquaculture Farming to Thrive the Market Growth
Based on farm type, the market is divided into Aquaculture Farms & Agriculture Farms. The adoption of Aquaculture Farms type is predicted to be higher, due to the nutritional value that these farming can offer, especially in traditional farming-deficient areas. These farming are done on a water structure instead of land, as a result, productivity can be easily increased by expanding the structures & using water directly from the source.
In addition to it, these farms operate on energy obtained from renewable sources, therefore the environmental impact in the form of emission of carbon & methane is also negligible. Hence, in line with these beneficial factors, the adoption of aquaculture farming is presumed to be greater, thereby positively impacting the market during 2023-28.
Asia-Pacific to be a Dominant Region
Geographically, the Asia-Pacific region is expected to witness greater adoption of floating farm practices because of the limited availability of land & the greater demand for food products due to the elevated population density in the region. Furthermore, several countries, including India, Bangladesh, and China, are also frequently working on innovating their agricultural practices to adopt sustainable farming practices & ensure food security for all.
In addition, these regions have an extensive presence of water bodies in the form of rivers, lakes, etc., which, in turn, ensures a fertile ground for the establishment of these farm structures with an abundance of water that can be used to generates energy from a renewable source to run the farm. Therefore, the Asia-Pacific region is anticipated to witness greater adoption of floating farms, thereby resulting in the growth of the market during the forthcoming period.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including AgriSea, Singapore Aquaculture Technologies, Lingalaks AS, SalMar ASA, Saudi Basic Industries Corporation, N-ARK Co. LTD. Ocean Arks Tech, AL Qamra Holding, Bangladesh Agricultural Research Institute (BARI), Others. are looking forward to strengthening their market position.
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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