Newark, Sept. 18, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 6.27 Billion in 2022 ornamental fish market will reach USD 16.63 Billion by 2032. It is anticipated that millennials' greater desire for beautiful fish and vibrant aquariums as part of a luxurious way of life will continue to be a significant factor in business expansion. Innovations in aquariums with cutting-edge designs are advancing the market as consumers look for beautiful items to highlight in a space. Aqua scaping and planter tanks are other ideas that have been around for a while and continue gaining popularity.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 6.27 Billion |
| Market Size in 2032 | USD 16.63 Billion |
| CAGR | 10.25% |
| No. of Pages in Report | 238 |
| Segments Covered | Product, Application |
| Drivers | Growing interest in aqua scaping and ornamental fish |
| Opportunities | Eco-friendly ornamental fish aquaculture and online platforms |
| Restraints | Fish mortality rates and stress from transport |
Key Insight of the Ornamental Fish Market
Asia-Pacific is anticipated to expand at the highest CAGR of 13.63% over the projection period.
Asia-Pacific is expected to grow at the highest CAGR of 13.63% over the forecast period. One of the most significant markets in the world for ornamental fish was established in the region headed by China, Japan, and India. The regional market expansion may be responsible for the rise in demand for expensive and exotic ornamental fishes. The popularity of fish in Japanese art has increased demand for a wide range of uncommon fish species. Opportunities for market growth exist due to Asia's inclination for rare exotic fish as a status symbol.
The marine segment is expected to register the highest CAGR of 15.02% over the projected period in the ornamental fish market.
The marine segment is anticipated to grow at the highest CAGR of 15.02% in the ornamental fish market. These fish types' brilliant colours, intricate patterns, and unusual features set them apart. Marine ornamental fish usually require more maintenance than freshwater fish because of the specialised equipment and water needs. Marine aquariums have subcategories, such as reef aquariums and fish-only aquariums. The segment will expand during the forecast period due to the great variety of marine fish species and colours.
Over the projected period, the commercial segment is expected to register the highest CAGR of 15.94% in the ornamental fish market.
Over the forecasted period, the commercial segment is anticipated to grow at the highest CAGR of 15.94% in the ornamental fish market. The popularity of ornamental fish in the business world has been fueled by increased aquarium installations in the hotel industry to support programmes to reduce stress through fish-keeping. Additionally, the idea of underwater hotels is stimulating demand for products in the business sector.
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Market Dynamics
Driver: Growing interest in aquascaping and ornamental fish
In recent years, the market has witnessed a sharp rise in the demand for ornamental fish, and this trend doesn't seem to be slowing down. The increased popularity of fish farming and aquaculture is one of the primary factors causing this expansion. The expansion of fish species available to consumers results from advancements in breeding techniques. The growing disposable income of consumers has also been associated with increased consumer spending on costly things like ornamental fish. Another impact of aquascaping as a hobby is the popularity of ornamental fish. The art of aquascaping, which involves constructing underwater scenes in tanks, has increased interest in uncommon and rare fish species. As people become more aware of the therapeutic advantages of keeping fish, there is a greater demand on the market. As hotels and restaurants attempt to improve the aesthetic value of their spaces, the hospitality industry is also contributing to the rise in demand for ornamental fish. The emergence of themed and personalised aquariums also impacts the demand for particular fish species. Accessing a broader range of fish species has become easier for customers due to the prominence of online marketplaces for buying and selling. Due to this and increased urbanisation, there is an increase in demand for domestic pets. Maintaining adaptability, making these alterations, and anticipating upcoming trends will be crucial for companies in the ornamental fish market.
Restraint: Fish mortality rates and stress from transport
People who want pets in their homes or workplaces frequently choose ornamental fish. People like to watch the colourful creatures swim in their aquariums. However, various factors limit the growth and profitability of the ornamental fish business. Transport is needed to move ornamental fish between locations. However, this strategy may significantly stress these vulnerable creatures, which could lead to high fatality rates. Potential problems include long-distance travel, bad water, and irresponsible handling. Different regions of the world provide a variety of decorative fish species. If a species is native to a specific geographic region, it may not survive in different environments.
Opportunity: Eco-friendly ornamental fish aquaculture and online platforms
Due to a variety of prospects, the market for ornamental fish has the potential to grow quickly. Several trends are driving this market, such as the increased popularity of environmentally friendly and organic decorative fish farming techniques, the significance of smart aquariums, and automated fish-keeping systems. The increased demand for uncommon and exotic fish species is one of the main drivers behind the rise of the ornamental fish market. Rising consumer interest in discovering new species means they are willing to pay more for an opportunity. This trend creates new opportunities for fish breeders and sellers who can provide customers with rare and unusual fish species. The growth of online marketplaces for purchasing and selling ornamental fish is another major factor propelling market expansion. Online marketplaces are growing significantly as more people turn to the internet to find and purchase their preferred fish. Breeders and suppliers can improve their customer base and reach a larger audience with the support of these platforms. The rise in demand for themed and custom aquariums is another factor fueling growth in the ornamental fish market.
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Some of the major players operating in the ornamental fish market are:
• AlgaeBarn LLC
• Imperial Tropicals
• Oasis Fish Farm
• Qian Hu Corporation Limited
• Tropical Fish International Pte Ltd.
• Aqua-Nautic Specialist Pte Ltd.
• LiveAquaria
• Sunbeam Aquarium Pte Ltd.
• bioAquatiX
• Sanyo Aquarium (Pte) Ltd.
Key Segments cover in the market:
By Product:
• Temperate
• Tropical Freshwater
• Marine
By Application:
• Commercial
• Household
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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