Product ID: SQMIG25J2041
Report ID: SQMIG25J2041 | Region: Global | Published Date: August, 2022 | Pages: 242 | Tables: 62 | Figures: 75
Ornamental Fish Market size was valued at USD 5.42 billion in 2021 and is poised to grow from USD 5.88 billion in 2022 to USD 11.68 billion by 2030, growing at a CAGR of 8.5% in the forecast period (2023-2030).
Business expansion is anticipated to be fueled by the millennial generation's growing preference for decorative aquarium fish with vibrant colours as part of a high-end lifestyle. The numerous advantages that ornamental fish offer consumers also contribute to their high demand. It has been demonstrated, for instance, that keeping peaceful, aesthetically pleasing fish as pets in small aquariums, such as Betta Fish (Siamese Fighting Fish), Goldfish, Guppy, and Cory Catfish, can have a variety of psychological advantages for customers of all ages.
The advantages include—but are not limited to—lessening stress following a busy workday. It is well known that watching ornamental aquatic species float serenely through the water can calm and relax people. Due to their alluring features and distinctive traits, it has been found that many young consumers are more likely to purchase attractive fish species primarily for decorative purposes. In turn, this has helped the market for ornamental fish grow exponentially. Additionally, the most recent technological developments in the field, such as pet cameras and automatic filters, have increased consumer demand for pet adoption. Aquariums with decorative fish are becoming resources for mental and emotional growth. While the design of an aquarium may be enjoyable and interesting, the effects of having such a close relationship with nature go much deeper than one might think. Furthermore, the evidence presented above demonstrates that direct physical contact with nature fosters intellectual or cognitive development. In other words, people's ability to form ideas and solve problems is improved when they observe and engage with an aquarium. The use of home fish aquariums as a powerful educational tool extends beyond emotional development.
US Ornamental Fish Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global ornamental fish market is segmented based on the product, application, and region. Based on Product the ornamental fish market is segmented into Tropical Freshwater, Temperate, and Marine. Based on the application the market is segmented into Commercial, and Household. Based on region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Ornamental Fish Market Analysis by Product
Based on Product the market is segmented into Tropical Freshwater, Temperate, and Marine. Tropical freshwater fish dominated the market in terms of value and accounted for the largest revenue share (51.7%) in 2021. Due to their ease of care and the range of colors they come in, tropical freshwater ornamental fish are a favourite among new pet owners. Guppy, Molly, Zebra Danio, and many others are among the best tropical freshwater fish for beginners. Furthermore, fish like the guppy, molly, and zebra danio cost only a few dollars, typically between one and six dollars. Guppy and Molly come in a variety of hues. Zebra Danios are purchased in packs of five because they are schooling fish and become very agitated or stressed when left alone. The marine fishes segment is anticipated to experience the highest CAGR of 9.4% for the forecast period. Marine species have unique needs, but they also have a pleasing appearance, which is anticipated to broaden the segment's focus in the years to come. The three types of marine aquariums are reef aquariums, fish-only aquariums, and fish-only aquariums with live rock (FOWLR). However, among the powerful and aggressive marine species that can be kept in tanks with only fish are triggerfish, groupers, scorpionfish, lionfish, pufferfish, snapperfish, squirrelfish, and tangs. These kinds of fish can be kept in aquariums with chemical and mechanical filtration.
Ornamental Fish Market Analysis by Application
Based on the application the ornamental fish market is segmented into Commercial, Household. During the forecast period, the commercial segment for ornamental fish market is expected to grow at a CAGR of 8.8%. The demand for commercial ornamental fish is also being driven by the expansion of ornamental marine livestock farming, particularly in the Caribbean, North America, and Southeast Asia. According to the American Pet Products Association, ornamental freshwater and marine livestock had a global annual turnover of USD 5 billion in 2018, growing by an average of 8% per year. Zoos and oceanariums use commercial aquariums and reef tanks to exhibit marine life, particularly pelagic or oceanic fish and mammals. The public can view ornamental fish and reefs at zoos and oceanariums, which are also used to conduct scientific research on marine ecology. The environment for ornamental fish is improved by the highly specialised aquariums required for these uses because they accurately replicate the natural habitat of the species that live there. A CAGR of 8.3% is anticipated for the household application segment of ornamental fish. Newer functionalities like adjustable lighting, automatic feeding systems, and water treatment systems enable ease of maintenance and greater control, which further encourages household consumers to adopt ornamental fish, and they are contributing to the growing number of aquarium hobbyists.
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Europe with a 39.3% revenue share in 2021, dominated the market and is expected to keep up this trend over the forecast period. This is a result of the extensive importation of ornamental fish from Asian nations like Singapore, Thailand, and Japan to satisfy the region's enormous demand for ornamental fish. Ornamental fishes also contribute to import and export activities, as well as foreign exchange, because keeping fish is a simple and stress-relieving hobby. Additionally, the commercial sector's zoo and aquarium category is anticipated to grow faster than other segments during the forecast period. The high replacement rate of animals and equipment in zoos and aquariums is anticipated to increase the commercial segment's growth over the next few years.
Asia Pacific held the second largest position in ornamental fish market. Asia Pacific has become one of the most significant markets for ornamental fish in the world, led by China, Japan, and India. It is possible to attribute the rising demand for high-end and exotic ornamental fish to the growth of the local market. The demand for a wide range of unusual fish species has increased due to the prevalence of fish in Japanese art culture. For instance, at Hidetomo Kimura's Art Aquarium Museum 2020 exhibition in Tokyo, over 30,000 live fish came together to create a moving psychedelic piece of art. As part of the live art exhibition, more than 30,000 live fish are on display in water tanks and aquariums of every size, shape, and colour.
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The Global ornamental fish market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Players in the Global Ornamental Fish Market
Ornamental Fish Market Recent Developments
Thankfully, there is an increase in the availability of small auto top-off sensors with "smart" technology. Just two examples include the Water Refill Genie and AutoAqua Smart ATO Micro. If wish to provide your fish with an additional snack. By discharging just the right amount of food for your tank, they also aid in reducing waste. They use food that has been flaked or pelleted.
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According to our global ornamental fish market analysis, in terms of product, tropical freshwater fish dominated the market in terms of value and accounted for the largest revenue share (51.7%) in 2021. Due to their ease of care and the range of colors they come in, tropical freshwater ornamental fish are a favourite among new pet owners. In terms of application, the commercial segment for the ornamental fish market is expected to grow at a CAGR of 8.8%. The demand for commercial ornamental fish is also being driven by the expansion of ornamental marine livestock farming, particularly in the Caribbean, North America, and Southeast Asia.
|Market size value in 2021||USD 5.42 billion|
|Market size value in 2030||USD 5.88 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Ornamental Fish Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Ornamental Fish Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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