Global Aquaponics Market To Grow at a CAGR of +11% by 2023 

Aquaponics

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. 

How do aquaponic systems work? Learn more.

“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).

Acquire the global aquaponics market report here.

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.

Learn more about the work Fusion Farms is doing.

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.

For more information about Fusion Farms and to become an investor in this opportunity, go to www.fusionfarmspr.com or email Info@FusionFarmsPR.com

Governor Ricardo Rosselló Nevares to Attend Ribbon Cutting Ceremony of Fusion Farms Facility

Governor Ricardo Rosselló Nevares

With innumerable trials and obstacles safely behind them, the husband-and-wife team behind the hurricane-protected #aquaponics farming initiative, Fusion Farms, can finally celebrate a well and hard-earned success. This coming Tuesday, May 21st 2019, Kendell Lang and Lisa Jander together with the island of Puerto Rico will be celebrating the ribbon cutting ceremony at their pilot facility in Mayagüez, and Puerto Rico Governor Ricardo Rosselló Nevares will be attending.

A dream long in the making

Since their first visit to the spectacularly beautiful Caribbean island several years ago, Kendell and Lisa have dreamed about moving to #PuertoRico and establishing a sustainable agricultural initiative that would – in some way –contribute to the island’s recovery. In 2018, they made the move from San Diego, California and after more than a year of hard toil against the monumental tasks of fund-raising and interpreting government grants and incentives, and completing bank applications, they managed to secure the first Fusion Farms facility in Mayagüez, a municipality in western Puerto Rico.  With the help of #PRIDCO, #USDA and the Department of Agriculture, to name a few, Fusion Farms is well on the way to pioneering a sustainable indoor agriculture model for the island.

The Ribbon Cutting Ceremony

The ribbon cutting ceremony is scheduled to take place on Tuesday, May 21st 2019 at 1:30 PM where community members will be able to see the vision for the indoor farm.

“We are pleased to announce that Governor Ricardo Rosselló Nevares is scheduled to come to the Fusion Farms facility in Mayagüez,” says CEO and co-founder Kendell Lang. “He will be doing a site visit, tour of the building, presentation, and ribbon cutting ceremony to officially welcome Fusion Farms to Puerto Rico.” “Fusion Farms is proud to be at the forefront of what the Department of Economic Development is incentivizing for innovative agriculture solutions, specifically our hurricane-protected aquaponic vertical farm.”

Also in attendance will be the Secretary of the Department of Economic Development and Commerce, who will be discussing their delivery of $9 million USD to the Programa de Hidroponicos (Program of Hydroponics) and Pymes Innovadoras (Innovative Small to Medium Enterprises) in an effort to advance the agriculture sector of Puerto Rico.

“Fusion Farms is excited to create jobs and work with the University of Puerto Rico, Mayagüez, Department of Agriculture. By working together, we can address the needs of the community and begin to establish food security for the island. The current incentives offered to all farmers are making it possible for agriculture to thrive,” says Lisa Jander, co-founder and Director of Operations of Fusion Farms. “We are incredibly grateful for this opportunity and look forward to welcoming everyone to our ribbon cutting ceremony!”

To attend, please visit the Facebook Event page, click “Number of Spots”, and then “Reserve” to secure a spot at this ground-breaking ceremony.

About Fusion Farms

“Cultivando buena comida para buenas personas”

“Growing good food for good people”

Fusion Farms “Growing Puerto Rico”

Fusion Farms is the first indoor aquaponic farm of its kind on the Caribbean island of Puerto Rico. The concept seeks to transform the unused Puerto Rico Industrial Development Company (PRIDCO) buildings that are scattered across the island into hurricane-protected, vertical #aquaponic farms. Within this contained and controlled environment, vegetables, micro-greens, and herbs can be grown and supplied to the island, greatly reducing its dependence on imported fresh produce. Furthermore, Fusion Farms will be able to supply a fresh, #sustainable source of fish protein, since Tilapia are an essential component of aquaculture.

For more information about Fusion Farms and to become an investor in this opportunity, go to www.fusionfarmspr.com or email Info@FusionFarmsPR.com

The Jones Act: Is the 100-Year-Old Shipping Law Contributing to the Ruin of Puerto Rico?

Jones Act

In 1920, Congress passed a law designed to encourage American prosperity after World War I. Unfortunately this act has, since, had the opposite effect and in few other places is this detrimental effect felt more profoundly than the unincorporated American territory and island nation of #PuertoRico.

The Jones Act as it was called – named after its sponsor, Senator Wesley Jones, from Washington State – has allegedly done immeasurable damage to Puerto Rico’s economy. If a figure were to be supplied, it would be in the region of $1.5 billion, according to an article by Caribbean Business.

In this article, we’ll take a closer look at the #JonesAct, its economic and environmental impact, and what’s currently been done to undo this outdated legislature.

What is the Jones Act and why is it Damaging Puerto Rico?

Almost 100 years ago, the Merchant Marine Act of 1920 was passed by Congress and enacted into law. Section 27 of the Merchant Marine Act is known as the Jones Act and it stated that all goods transported by water between ports in the United States and its territories (of which Puerto Rico is one), be carried on American-flagged ships that are American-built, American-owned, and are substantially crewed by American citizens.

The intention of this act was to encourage American trade, commerce, prosperity and naval prowess after World War I, which makes sense in theory. However, #theJonesAct has had several unintended consequences. Predominantly, the costs of transporting merchandise from the U.S. mainland to Puerto Rico in American built, flagged, owned, and run vessels are much higher. Additionally, Jones Act ships aren’t always available and are not always able to supply the goods/volume of goods Puerto Rico requires.

Overall, the Jones Act has:

  • Reduced waterborne coastwise trade (because it’s ships are so expensive)
  • Harmed the environment (because there is a preference for cheaper land freight, as well as trade originating from further afield, from foreign countries),
  • Measurably harmed the economy of Puerto Rico, not only because of steeper consumer prices but also because there aren’t always Jones Act vessels available to ship the goods Puerto Rico needs to import.

In spite of this, this outdated law remains in effect and continues to limit the ability to ship products by water throughout the United States and Puerto Rico.

Steep price tag for Puerto Ricans

The Jones Act: a Legacy of Economic Ruin for Puerto Rico

Where other U.S. states have the option to transport produce by land, Puerto Rico, being an island, is forced to make use of Jones Act ships, should it wish to ship produce in from the mainland. According to two independent investigations, this has cost Puerto Rico $1.5 billion in higher prices for goods, as well as in its effect on competitiveness and lost jobs.

One study titled The Impact of the Jones Act on Puerto Rico was the first on the Jones Act following Hurricane Maria and was commissioned by a coalition of Puerto Rican government, hospitality, legal, and other institutions, including the Chamber of Marketing, Industry and Food Distribution (MIDA in Spanish acronym), the Puerto Rico Restaurants Association, the United Retailers Association, and the Puerto Rico Bar Association.

The report was compiled by Advantage Business Consulting (ABC), which was hired to investigate the true cost of transportation from both the mainland United States and the various international ports with which Puerto Rico frequently trades. ABC sent out a survey and of the companies contacted, a significant 70 percent responded, which demonstrates the keen interest of importers with this issue. The results of the survey were surprising, although not entirely unexpected.

Puerto Rico pays 151% more to transport goods from American ports than from foreign ports

What it found was that transporting containers from the United States costs, on average, 2.5 times or 151 percent more than transporting from foreign ports. For example: shipping a container from the U.S. East Coast to Puerto Rico costs $3,063 but shipping the same container to nearby Santo Domingo in the Dominican Republic costs only $1,504; and to Kingston, Jamaica, $1,607. This is because they’re not using Jones Act ships. These figures were arrived at after corresponding adjustments for size of container and distance.

Using this data, ABC then calculated an impact equivalent to a Jones Act tax of 7.2 percent on food and beverages alone, which translates into an increase of $367 million in additional costs to the local economy. In other words, food and beverages on Puerto Rico cost $300 and $107 more respectively per person, thanks to the Jones Act.

Studies peg cost of Jones Act on Puerto Rico at $1.5 billion

Further Jones Act limitations

The second independent study performed was done by the New York firm, John Dunham & Associates (JDA). Having worked for the Port Authority of New York and New Jersey, the Port Authority of Philadelphia, and the Ports and Commerce Department of the City of New York, Chief economist John Dunham has extensive experience in the maritime transport sector.

Their report read: “All the calculations concluded that there was a significant impact. From this analysis, the firm chose and adapted the sources to make their own recommendation, concluding water transportation costs to Puerto Rico are $568.9 million higher, and prices are $1.1 billion higher than they would be without the Jones Act limitations.”

A further impact of this is on jobs for Puerto Ricans.

“If this is the case, Puerto Rico has 13,250 fewer jobs than it would have were there a free market for ocean freight,” says John Dunham. “Those jobs would pay residents $337.3 million in wages and would result from nearly $1.5 billion in increased economic activity.”

He also said that overall tax revenue would be $106.4 million more were the island to be exempt from the Jones Act’s provisions.

Environmental considerations

The Jones Act doesn’t only deliver a blow to business’, consumers’, and the economy’s pockets… owing to this legislation, Puerto Rican businesses have limited viable shipping options, which has compelled them to purchase more from foreign countries. In fact, many Puerto Rico companies opt to import goods from Canada rather than from the United States in order to avoid the cost premium from the Jones Act. Additionally, the island, imports almost no heavy cargo from the U.S. since ships are not available to carry it. And with goods having to cover longer distances by other modes of travel, particularly land transport, Puerto Rico’s #carbonfootprint is unavoidably large.

The road forward

“With the results of these two economic studies, we have enough data to demand that we be heard here as well as in the United States Congress,” says president of the Puerto Rico Chamber of Commerce, Kenneth Rivera. “The numbers are clear, the impact is devastating for the economy of our island and even more so being as vulnerable to natural disasters such a as #HurricaneMaria.”

José Salvatella, president of the Puerto Rico Restaurants Association, has also said that Puerto Rico’s food security is directly tied to its “extreme dependence” on imports: “We had great difficulties in meeting our clients’ needs, to the point that one of our partners had to import food by plane at a cost 10 times higher than what it would have cost by sea due to the lack of service.”

And so, rather than achieving any of the goals set forth in 1920, the Jones Act has severely hampered the development of the merchant marine and shipbuilding industries in the United States. It’s time for change.

It is Fusion Farm’s mission to bring about change by re-establishing local agriculture (in hurricane-protected facilities) and reducing Puerto Rico’s dependence on food imports.

For more information about Fusion Farms and to become an investor in this opportunity, go to www.fusionfarmspr.com or email Info@FusionFarmsPR.com