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South Korea Aquaponics Market Share, Size, Analysis, Forecast: By Equipment: Grow Lights, Pumps and Valves, Fish Purge Systems, In-Line Water Heaters, Aeration System, Water Quality Testing, Others; By Component: Rearing Tank, Others; By Growing System; By Facility Type; By Product Type; By Application; Competitive Landscape; 2023-2028

South Korea Aquaponics Market Outlook

The South Korea aquaponics industry is expected to grow at a CAGR of 10.5% between 2023 and 2028. The increasing demand for nutritious food and changing climatic conditions are majorly bolstering the aquaponics market of South Korea.

 

Key Trends in South Korea Aquaponics Market

Aquaponics, a hybrid of aquaculture and hydroponics, grows crops using organic materials gathered from fish farms. At fish farms, the water that was used to grow the vegetables and fruits, herbs, and fishes is cleaned and repurposed. Aquaponics-grown produce is reported to have lower nitrogen levels and a longer shelf life than regular vegetables.

 

Increased Health Benefits and High Demand for Organic Products are Augmenting the Aquaponics Market in South Korea

There is a growing demand for food products that are produced organically, especially after the COVID-19 pandemic. This change in perception is contributing to driving the market for aquaponics in South Korea. The nutritive content of organic foods is relatively higher than that of conventional foods, and they are believed to have an upper hand in terms of taste as well. Such fruits and vegetables are generally free from harmful chemicals and fertilizers, which makes them beneficial for health. Crops which are grown organically have low nitrate and saturated fat levels and high omega-3 fatty acids, which reduce the risk of developing certain types of cancers and cardiovascular diseases.

 

Opportunities and Challenges in South Korea Aquaponics Market

Adverse Changes in Climate is Bolstering the Aquaponics Market in South Korea

In many regions of the world, the current climatic conditions impede sustainable vegetation development and place additional strains on agricultural output. As a result, there is a growing global need for alternative agricultural methods that are long-term sustainable, such as aquaponics farms. In addition, the environmental burden of agricultural production has resulted in a loss in soil carbon, biodiversity, and air quality. The need for sustainable agricultural production methods is growing because of problems including soil erosion, excessive groundwater salinization from fertiliser and pesticide use, and reduced water availability.

 

Environmental Benefits and High demand for Fishes Aid in Attracting Environmentally Conscious People

Certain environmental advantages come from comparing aquaponics to conventional agricultural techniques. At least 90% less water is used by aquaponics than with conventional techniques. Over the course of the forecast period, the aquaponics market is anticipated to be driven by this benefit of minimal water consumption. In addition, fish are one of the main sources of protein, and as their numbers are rapidly declining in natural water bodies, there is a necessity for alternate harvesting techniques. As a result, a significant driver that might fuel aquaponics market demand over the forecast period is the rising demand for fish throughout the country. Aquaponics is a practical solution to the global hunger problem.

 

High Installation Cost Could Impede the Aquaponics Market growth

One of the drawbacks of aquaponics is that it is relatively expensive. The initial start-up expenses compared to both hydroponics and soil production methods are quite high. A deep understanding of the natural environment is necessary for aquaponics. Farmers must understand not just how to cultivate crops but also how fish and bacteria exist and function for the system to be successful. Additionally, technical expertise in wiring or plumbing is required. A successful aquaponics system also requires efficient organic solid filtration, which is carried out by bacteria or algae. In aquaponics systems, when this solid waste collection is inefficient, it leads to more than two-thirds of failures.

 

Market Analysis

Based on equipment, the South Korea aquaponics market can be segmented into grow lights, pumps and valves, fish purge systems, In-line heaters, aeration system, and water quality testing, among others. Based on component, the market can be divided into rearing tank, settling basin, bio-filter, and sump tank, among others. On the basis of growing system, the market can be classified into media filled beds, nutrient film technique (NFT), and raft or deep-water culture. On the basis of type, poly or glass greenhouse, and indoor vertical farms, among others. Based on product type, the aquaponics market of South Korea can be segmented into fish, vegetables, herbs and fruits. Based on application, the aquaponics market of South Korea can be segmented into commercial, and home production, among others.

  • Seouchae Farm
  • Manna CEA
  • Others

 

Market Share by Equipment

Indoor farming is becoming more and more popular throughout the world as a result of the rising global population and the need to maximise productivity. Grow lights are necessary for indoor farming because they emit the light that plants need to perform photosynthesis. Grow lights are therefore anticipated to experience a significant increase in demand in the South Korea aquaponics market as a result of expanding indoor farming and increasing usage of grow lights in indoor farming. Aquaponic techniques are being employed for effective crop growing thanks to technological advancements in equipment like HVAC (heating, ventilation, and air conditioning), in-line water heaters, water quality monitoring, LED grow lamps, aeration systems, and fish purge systems, among others.

 

Market Share by Component

The culture tank is where the fish reside as they develop into a size that is suitable for the market. The majority of biological filters employ a large surface area medium that is resistant to breakdown and provides room for water movement and gas transfer to maximise toxin conversion. In addition to toxin conversion, certain biological filters can also function as solid filtering or degassing chambers, which improves operating efficiency. The sump tank serves as both a reservoir and a mixing station for chemical and nutritional additions that must dissolve before entering the system because it typically has no plants or fish in it. All the segments are anticipated to perform well owing to the growing demand for nutritious organic food products in the country. Factors such as changing climatic conditions propel the sale of these components to maintain the quality of water and oxygen level among others.

 

Market Share by Growing System

The sector is seeing the emergence of three main aquaponic techniques, including media-filled beds, NFT, and rafts. Each of these techniques is based on the construction of a hydroponic system with space for fish and filtration. The additional water volume in the raft tank acts as a buffer for the fish, lowering stress and preventing issues with water quality. This is one of the most significant advantages of the raft system. The raft tanks in a commercial system can cover enormous areas, making maximum use of the floor area in a greenhouse. The media-filled bed technique is the easiest to use because it has the fewest parts and requires no further filtering. However, compared to the NFT and raft methods, the production is significantly lower. However, with the growing environmental awareness among people all the systems are expected to experience a positive growth.

 

The media-filled bed is frequently employed in hobby applications where maximising output is not the main objective. With increasing interest in recreational activities among people, the aquaponics market is expected to boom in South Korea.

 

Market Share by Type

Korean firm Farm 8  has installed a vertical farm in a Seoul subway station. They raise eight distinct vegetable varieties. The plants are grown in hydroponic trays using algae, water, and nutrients. The vertical farm also features a filtering system to keep fine dust from Seoul out of the area. So, compared to other veggies, vegetables have higher vitamin and mineral content. Starbucks and GS25, South Korea's two largest networks of convenience stores, are two of their many customers. They provide their products to the Korean market and their vertical farm hardware to the worldwide market. This factor is promoting indoor vertical farming in the country. South Korea is also investing in high-tech glass greenhouses for growing various fruits and vegetables, which is fuelling the growth of aquaponics market in South Korea.

 

Market Share by Product Type

On the basis of product type, the South Korea aquaponics market is bifurcated into vegetables, fruits, herbs, and fish. Several companies in the food service industry are now committed to aquaponics as a means to reduce the depletion of resources and promote sustainability. The market for fish is pretty significant in Korea as the population majorly follows a non-vegetarian diet. The other segments are also following a positive trajectory, especially after the COVID-19 pandemic, as people have become more health-conscious.

 

Market Share by Application

The market for aquaponics in South Korea is most prevalent in the commercial sector, as more businesses are now growing due to the increasing health consciousness among consumers. The crops or aquatic beings grown in a commercial aquaponic setting can be harvested on a regular basis to meet the market demand. For staggered harvesting, each commercial system has numerous fish tanks. Commercial systems often come in duplicable modules, enabling a grower to inexpensively increase the size as the business expands. The advantage of a home aquaponics system, however, is that it allows for local food production. By the time imported food gets to consumers, it has lost a lot of its nutritious content. With food security becoming a growing problem worldwide, more customers are becoming self-sufficient and aware of where their next meal will come from. However, the market for commercial aquaponics is more prevalent in the country due to busy lifestyles, high disposable incomes, and an improved standard of living.

 

Competitive Landscape

Manna CEA- The firm employs B2C agricultural production to improve consumer food culture and supports the growth of agriculture through The Smart Farm Project. The company also has an online store under the name MANNABOX Store, and it does business with a number of prestigious hotels, including the Park Hyatt Seoul Hotel and the JW Marriott Hotel, among others. The Manna CEA headquarters are in Jincheon, Chungcheongbuk-do, Republic of Korea.

 

Seouchae Farm- The company was established in 2014 and specialises in aquaponics. The headquarters are located in Taean, Chungcheongnam-do, Republic of Korea. The company grows more than 20 types of vegetables and fruits on its farms and supplies its products to leading hotels and restaurants in the country.

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Equipment
  • Component
  • Growing System
  • Facility Type
  • Product Type
  • Application
Breakup by Equipment
  • Grow Lights
  • Pumps and Valves
  • Fish Purge Systems
  • In-Line Water Heaters
  • Aeration System
  • Water Quality Testing
  • Others

Breakup by Component​​​​

 

  • Rearing Tank
  • Settling Basin
  • Bio-Filter
  • Sump Tank
  • Others
Breakup by Growing System
  • Media Filled Beds
  • Nutrient Film Technique (NFT)
  • Raft or Deep-Water Culture
Breakup by Facility Type
  • Poly or Glass Greenhouses
  • Indoor Vertical Farms
  • Others
Breakup by Product Type
  • Fish
  • Vegetables
  • Herbs
  • Fruit
Breakup by Application
  • Commercial
  • Home Production
  • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Manna CEA
  • Seouchae Farm

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
    6.1    South Korea
7    Industry Opportunities and Challenges
8    South Korea Aquaponics Market Analysis

    8.1    Key Industry Highlights
    8.2    South Korea Aquaponics Historical Market (2018-2022) 
    8.3    South Korea Aquaponics Market Forecast (2023-2028)
    8.4    South Korea Aquaponics Market by Equipment
        8.4.1    Grow Lights 
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Pumps and Valves 
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Fish Purge Systems 
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    In-Line Water Heaters 
            8.4.4.1    Market Share
            8.4.4.2    Historical Trend (2018-2022)
            8.4.4.3    Forecast Trend (2023-2028)
        8.4.5    Aeration System
            8.4.5.1    Market Share
            8.4.5.2    Historical Trend (2018-2022)
            8.4.5.3    Forecast Trend (2023-2028)
        8.4.6    Water Quality Testing
            8.4.6.1    Market Share
            8.4.6.2    Historical Trend (2018-2022)
            8.4.6.3    Forecast Trend (2023-2028)
        8.4.7    Others
    8.5    South Korea Aquaponics Market by Component
        8.5.1    Rearing Tank 
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Settling Basin  
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Bio-Filter 
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
        8.5.4    Sump Tank  
            8.5.4.1    Market Share
            8.5.4.2    Historical Trend (2018-2022)
            8.5.4.3    Forecast Trend (2023-2028)
        8.5.5    Others
    8.6    South Korea Aquaponics Market by Growing System 
        8.6.1    Media Filled Beds
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
            8.6.1.4    Breakup by Type 
                8.6.1.4.1    Constant Flow 
                8.6.1.4.2    Ebb and Flow (Flood and Drain) 
        8.6.2    Nutrient Film Technique (NFT)
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Raft or Deep-Water Culture
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
    8.7    South Korea Aquaponics Market by Facility Type 
        8.7.1    Poly or Glass Greenhouses 
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022)
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Indoor Vertical Farms 
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022)
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Others
    8.8    South Korea Aquaponics Market by Product Type
        8.8.1    Fish
            8.8.1.1    Market Share
            8.8.1.2    Historical Trend (2018-2022)
            8.8.1.3    Forecast Trend (2023-2028)
            8.8.1.4    Breakup by Type
                8.8.1.4.1    Tilapia
                8.8.1.4.2    Catfish
                8.8.1.4.3    Carp
                8.8.1.4.4    Trout
                8.8.1.4.5    Ornamental Fish
                8.8.1.4.6    Others
        8.8.2    Vegetables
            8.8.2.1    Market Share
            8.8.2.2    Historical Trend (2018-2022)
            8.8.2.3    Forecast Trend (2023-2028)
        8.8.3    Herbs
            8.8.3.1    Market Share
            8.8.3.2    Historical Trend (2018-2022)
            8.8.3.3    Forecast Trend (2023-2028)
        8.8.4    Fruit 
            8.8.4.1    Market Share
            8.8.4.2    Historical Trend (2018-2022)
            8.8.4.3    Forecast Trend (2023-2028)
    8.9    South Korea Aquaponics Market by Application
        8.9.1    Commercial
            8.9.1.1    Market Share
            8.9.1.2    Historical Trend (2018-2022)
            8.9.1.3    Forecast Trend (2023-2028)
        8.9.2    Home Production
            8.9.2.1    Market Share
            8.9.2.2    Historical Trend (2018-2022)
            8.9.2.3    Forecast Trend (2023-2028)
        8.9.3    Others
9    Market Dynamics
    9.1    SWOT Analysis
        9.1.1    Strengths
        9.1.2    Weaknesses
        9.1.3    Opportunities
        9.1.4    Threats
    9.2    Porter’s Five Forces Analysis
        9.2.1    Supplier’s Power
        9.2.2    Buyer’s Power
        9.2.3    Threat of New Entrants
        9.2.4    Degree of Rivalry
        9.2.5    Threat of Substitutes
    9.3    Key Indicators for Demand
    9.4    Key Indicators for Price
10    Competitive Landscape
    10.1    Market Structure
    10.2    Company Profiles
        10.2.1    Manna CEA
            10.2.1.1    Company Overview
            10.2.1.2    Product Portfolio
            10.2.1.3    Demographic Reach and Achievements
            10.2.1.4    Certifications
        10.2.2    Seouchae Farm
            10.2.2.1    Company Overview
            10.2.2.2    Product Portfolio
            10.2.2.3    Demographic Reach and Achievements
            10.2.2.4    Certifications
11    Industry Events and Developments

 

List of Key Figures and Tables

1.    South Korea Aquaponics Market: Key Industry Highlights, 2018 and 2028
2.    South Korea Aquaponics Historical Market: Breakup by Equipment (USD Million), 2018-2022
3.    South Korea Aquaponics Market Forecast: Breakup by Equipment (USD Million), 2023-2028
4.    South Korea Aquaponics Historical Market: Breakup by Component (USD Million), 2018-2022
5.    South Korea Aquaponics Market Forecast: Breakup by Component (USD Million), 2023-2028
6.    South Korea Aquaponics Historical Market: Breakup by Growing System (USD Million), 2018-2022
7.    South Korea Aquaponics Market Forecast: Breakup by Growing System (USD Million), 2023-2028
8.    South Korea Aquaponics Historical Market: Breakup by Facility Type (USD Million), 2018-2022
9.    South Korea Aquaponics Market Forecast: Breakup by Facility Type (USD Million), 2023-2028
10.    South Korea Aquaponics Historical Market: Breakup by Product Type (USD Million), 2018-2022
11.    South Korea Aquaponics Market Forecast: Breakup by Product Type (USD Million), 2023-2028
12.    South Korea Aquaponics Historical Market: Breakup by Application (USD Million), 2018-2022
13.    South Korea Aquaponics Market Forecast: Breakup by Application (USD Million), 2023-2028

Key Questions Answered in the Report

The market is projected to grow at a CAGR of 10.5% between 2023 and 2028.

Adverse climatic conditions, environmental benefits, high disposable income and standard of living, and preference for nutritious organic food are the major drivers.

Increased health benefits and high demand for organic food items are the key trends

The major players in the industry are Manna CEA Co.,Ltd., Aquaponics Korea Co., Ltd., and Seoyuchae Farm, among others.

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