The global ornamental fish market is set to witness substantial growth in the coming years, with a projected valuation of approximately US$11.6 billion by 2030, up from US$6.3 billion in 2022, according to a comprehensive report by Fairfield Market Research. This robust growth is expected to be driven by several key trends and determinants reshaping the industry.
Integration of Technology in Fishkeeping: The use of technology in fishkeeping is on the rise, with advancements supporting the development of corals and aquatic plants, enhancing the aesthetic appeal of aquariums, and increasing consumer demand for ornamental fish.
Expanding Interest in Fish Breeding: Growing interest in fish breeding has led to the development of specialized tools and supplies for breeders, creating a niche market that includes breeding tanks, egg incubators, and rearing tanks.
Competition from Other Pet Options: The ornamental fish market faces competition from alternative pets like dogs, cats, and small mammals, which may divert consumer spending away from ornamental fish.
Segment Insights: In 2022, the tropical freshwater category dominated the industry, while the marine segment is anticipated to grow at the fastest rate during the forecast period. The household category also dominated the market in 2022, driven by the increasing use of ornamental fish to enhance indoor spaces.
Regional Dominance: The Asia Pacific region is expected to dominate the ornamental fish market due to the expanding middle class and growing disposable income, while Europe is projected to witness significant growth, driven by the demand for both freshwater and marine species and a diversified and affluent population.
Key Growth Determinants:
- Rising Spending Power of Consumers: Increased disposable income allows more people to take up the hobby of raising ornamental fish, broadening the customer base.
- Growing Interest in Aquascaping: The practice of aquascaping, creating intricate underwater landscapes, is driving demand for specific fish species and live aquatic plants, along with premium aquarium equipment.
- Pacing Adoption for Aquarium Technology: Modern filtration systems and automated equipment for water testing and feeding are attracting more enthusiasts to ornamental fishkeeping.
Major Growth Barriers:
- Stringent Regulations and Compliance Issues: Complex import and export procedures, quarantine regulations, and CITES rules can be costly and time-consuming for businesses.
- Limited Access to Rare Species: Restrictions on access to rare and exotic species can constrain market offerings and impact consumer interest.
Key Trends and Opportunities:
- Rising Online Fish Sale: Online platforms are expanding the markets reach, offering a wide range of fish species and supplies to a global clientele.
- Sustainable and Ethical Sourcing: Ethical and sustainable sourcing is gaining importance among consumers, offering opportunities for companies that prioritize these principles.
- Focus on Nano and Small Aquariums: Smaller aquariums are becoming popular, appealing to urban dwellers and beginners, and promoting newbies to the hobby.
The ornamental fish market is expected to witness further consolidation in the coming years, with major companies expanding their product offerings and distribution networks.
Global Ornamental Fish Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 -(By Product Coverage, By Application Coverage, By Geographic Coverage and Leading Companies) https://www.fairfieldmarketresearch.com/report/ornamental-fish-market
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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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COMTEX_443612989/2840/2023-11-17T06:21:35
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