Dublin, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The "Ornamental Fish Market Size, Share & Trends Analysis Report By Product (Tropical Freshwater, Temperate, Marine), By Application (Household, Commercial), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global ornamental fish market size is expected to reach USD 11.30 billion by 2030, expanding at a CAGR of 8.5% during the forecast period.
Consumers are increasingly inclined toward purchasing ornamental fish owing to their attractive features and colors. This trend is likely driving the demand for aesthetically appealing species with unique characteristics. Additionally, the rising awareness among consumers of the benefits of viewing fish in an aquarium is propelling the market's growth.
The value chain of the ornamental fish industry includes those who gather or source ornamental fish, middlemen, exporters, suppliers/breeders/manufacturers, distributors/retailers, and aquarists. The domestic and international commerce in ornamental fish has expanded and become more diverse over the past few years. Leading importers are increasing their demand, which is largely responsible for the market's expansion.
Countries like the U.S. and the U.K. are global leaders in terms of pet adoption; however, several other countries like China, India, Japan, and Brazil are at the forefront in terms of growth in pet adoption. According to a report published by Petsecure in 2021, pet adoption in the U.S. over the decade. Moreover, fish are becoming increasingly popular as pets, which, in turn, is driving the growth of the ornamental fish industry.
The space needed to house a larger pet has significantly decreased as more people move into smaller homes and rentals in cities. Consumers are increasingly choosing fish as pets since they are peaceful animals and take up less space in houses. The ornamental fish market in the residential sector is seeing various chances for expansion as a result of this trend.
Moreover, the rising traction toward aquariums as a hobby is favoring the growth. For instance, according to a blog published by Petsecure in October 2021, across Australia around 22% of households have kept pet fish as a hobby. The increasing penetration of fish keeping among hobbyists not only affects the penetration of ornamental fish but also largely impacts its global trade. According to an article published by The Hindu in 2020, 2,500 species of ornamental fish are traded globally.
The young and millennial generations are keen on having pets as their all-time companions. For instance, baby boomers in the U.S. accounted for 32% of pet owners, while households headed by younger generations accounted for 62% of pet ownership. Pet owners are increasingly spending on pet food, accessories, and essential supplements to keep their pets healthy and active.
Companies Mentioned
- Aqua-Nautic Specialist Pte Ltd.
- AlgaeBarn LLC
- bioAquatiX
- Imperial Tropicals
- LiveAquaria
- Oasis Fish Farm
- Sanyo Aquarium (Pte) Ltd.
- Qian Hu Corporation Limited
- Sunbeam Aquarium Pte Ltd.
- Tropical Fish International Pte Ltd.
Ornamental Fish Market Report Highlights
- In terms of revenue, the tropical freshwater product segment dominated in 2022. There are many different kinds of tropical freshwater ornamental fish, each with unique characteristics and maintenance requirements.All over the globe, ponds and aquariums are home to these typical house pets.New pet owners prefer to keep tropical freshwater ornamental fish due to their ease of upkeep and variety of colors accessible
- Household application formed a majority in terms of revenue in 2022. An increasing number of people consider pets as a member of their family and with the growing of pets, pet owing households are increasing. For instance, according to the National Pet Owner's Survey (2019-2020) by the American Pet Products Association (APPA), in the U.S., around 85.0 million households have a pet
- Europe was the biggest contributor to the market in 2022. Recent trends of cultivation in nations such the Czech Republic, Spain, Israel, Belgium, and Holland are propelling the markets in this region.Also, the number of people in the region who have marine fish tanks at home is increasing, which is predicted to boost the demand for fish and corals
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 75 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $5.88 Billion |
| Forecasted Market Value (USD) by 2030 | $11.3 Billion |
| Compound Annual Growth Rate | 8.5% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Ornamental Fish Market Variables & Trends
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Supplier Outlook
3.2.2. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.2. Market Restraint Impact Analysis
3.3.3. Industry Challenges
3.3.4. Industry Opportunities
3.4. Industry Analysis Tools
3.5. Roadmap of Ornamental Fish Market
3.6. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Demographic Analysis
4.2. Consumer Trends and Preferences
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
4.5. Observations & Recommendations
Chapter 5. Ornamental Fish Market: Product Analysis & Estimates
5.1. Product Movement Analysis & Market Share, 2022 & 2030
5.2. Ornamental Fish Market Estimates & Forecast, By Product (USD Million)
5.2.1. Tropical Freshwater
5.2.2. Temperate
5.2.3. Marine
Chapter 6. Ornamental Fish Market: Application Analysis & Estimates
6.1. Application Movement Analysis & Market Share, 2022 & 2030
6.2. Ornamental Fish Market Estimates & Forecast, By Application (USD Million)
6.2.1. Household
6.2.2. Commercial
Chapter 7. Ornamental Fish Market: Regional Estimates & Trend Analysis
Chapter 8. Ornamental Fish Market: Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/j7sqsz
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