The ornamental fish market was worth USD 6.20 Billion in 2021. It is expected to grow at an annual rate of CAGR of 7.9 percent between 2023 and 2032.
Ornamental Fish Market Demand:
Business growth is predicted to be driven by increasing demand for decorative fish aquariums in the generation of younger people. The many benefits that decorative fish provide their owners is another reason that is driving demand. Beautiful, calm fishes like Guppy and Goldfish can be kept in aquariums as pets. They've been found to have psychological benefits for individuals of all ages and particularly millennials.
Driving Factors:
The key drivers for the development of ornamental fish markets include growing millennialsaEUR(TM), an interest in colorful ornamental aqua fishes as part of a luxurious lifestyle, and psychological benefits to young people in terms of lessening anxiety after a stressful day and providing a comfortable experience.
In the forecast period, the consumption of ornamental fish feed will increase. This is due to the rise in disposable income, the growing popularity of ornamental fish species as well as growing consumer interest in aquarium fishes. The market growth for ornamental fish feed could be assisted through government initiatives to encourage ornamental fishing.
Ornamental Fish Market Factors Restricting the Fish Market:
Astaxanthin is the principal feed additive used to make decorative fish feed. These ingredients can be susceptible to drastic price fluctuations. The global rise in raw material prices directly affects ornamental fish feed prices. Manufacturers will replace high-cost ingredients with less expensive alternatives. This can result in a decrease in the supply of raw materials and an oversupply. These factors all limit the market's potential growth.
The fish was infected by Aeromonas, Pseudomonas, and Staphylococcus bacteria. A lot of these bacteria are capable of infecting humans. Miller-Morgan states that antibiotic resistance is a problem that has been growing for many years. The nature of resistance could make antibiotics lose some or all of their effectiveness. He said that although there have been instances of infection transmission between humans and fish It is very rare. He said that those with compromised immune systems should be concerned about tropical fish management.
Ornamental Fish Market Trends:
Ornamental fish are increasingly popular due to their attractive features and appealing colors. This has led to the need to find unique and appealing species. The tiny fish are a popular feature in interior decor because of their ability to relax the surroundings. Attachment theory is also applicable to human-animal relationships. Research suggests that the concept of attachment can be utilized by both humans as well as animals to offer security and comfort in times of uncertainty or stress.
Recent Changes:
In May 2017, MPEDA has announced the opening in India of breeding aquarium fish units in a subsidy plan. A maximum of 25% of the total investment will receive subvention.
In the month of November, Xiaomi announced the launch of a portable fish tank or nano-aquarium, which can be set up at home or at work.
Market Key Players:
Aqua-Nautic Specialist Pvt. Ltd., AlgaeBarn LLC, bioAquatiX, LiveAquaria, Oasis Fish Farm, Imperial Tropicals, Tropical Fish International Pvt. Ltd., Qian Hu Corporation Limited, Sanyo Aquarium (Pvt.) Ltd., Sunbeam Aquarium Pvt. Ltd., Sunbeam aquarium Pvt.
Segmentation of Ornamental Fish Market:
The Global Ornamental Fish Feed Market is segmented by type into the processed and live feed. In 2019 the market was heavily dominated by processed feed. There are three kinds of fish available in the market: koi (tropical fish), other koi (other), and goldfish (goldfish). In 2019, the biggest part was held by the category of tropical fish.
The market can be classified into two types based on the distribution channel utilized which are store-based as well as non-store-based. Supermarkets, hypermarkets, specialty shops, and stores make up the store-based segment. In 2019, the segment that is based on stores was responsible for the highest percentage of revenue in the global market for ornamental fish foods.
Most of the time frequently asked questions:
How big is the Ornamental Fish Market?
In 2021, the Ornamental Fish Market was worth USD 6.20 billion. The market is expected to grow to $14.31 billion by 2032. 14.31 billion by 2032.
What exactly is Ornamental Fisher Market?
The Ornamental Fish Market is expected to expand at a compound annual rate of 7.9 percent from 2021 to 2032, reaching $19.12 Billion in 2032.
Which of the segments had the highest market share in the Ornamental Fish Market
The Europe region was the largest market for ornamental fish with an estimated 39.0 percent share by 2021. This is due to the fact that a significant proportion of the region's inhabitants prefer spending their leisure time with their pets.
What are the driving factors that drive the Ornamental Fish Market?
The primary drivers of the ornamental market are growing millennialsaEUR(TM) and their interest in colorful ornamental aquarium fishes as a part of a lavish lifestyle, psychological benefits to the generation in terms of lessening stress after a stressful day, and delivering satisfaction.
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