The global ornamental fish market size is anticipated to reach USD 11.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.5% from 2022 to 2030. Consumers have been observed to be more inclined toward purchasing ornamental fish due to their attractive features and colors. This trend has been driving the demand for aesthetically appealing species with unique characteristics. Ornamental fish can have a calming effect on the surroundings and as a result, these tiny creatures have become an important feature in home decor. The attachment theory applies to human-animal relationships as well, with findings suggesting that both humans and animals can serve as attachment figures and provide feelings of comfort and safety during times of uncertainty or stress.
Ornamental Fish Market Report Highlights
- The market is expected to witness a CAGR of 8.5% from 2022 to 2030. The appealing, colorful, and peaceful ornamental fish kept as pets in aquariums provides a variety of psychological advantages to customers of all ages, particularly millennials. This, in turn, is likely to propel their demand
- The tropical freshwater segment accounted for the largest revenue share of 51.8% in 2021 and is expected to expand at a CAGR of 8.2% from 2022 to 2030. It has been observed that consumers are more inclined toward purchasing freshwater fish species due to their high biodiversity, attractive features, and other characteristics
- The household application segment accounted for the largest revenue share of 71.3% in 2021. Consumers have significantly increased their spending on at-home projects and one of those projects is building a reef tank and adopting pets like ornamental fish. As people have been staying at home for longer durations since the spread of covid-19, the popularity of pets has increased, with more people seeking animals for companionship and to reduce stress
- Europe accounted for the largest revenue share of 39.0% in 2021. The purchasing power of consumers in the region is relatively higher compared to that in other regions of the world. As a result, the market is expected to witness steady growth in the region over the forecast period. Consumers here have shown a higher affinity for more expensive exotic saltwater species and corals
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Moreover, some of the health benefits of keeping fish are stress relief, anxiety relief, calmness, controlled heart rates, and mood enhancement. In fact, aquariums also help ease symptoms in Alzheimer’s patients. Several research studies have shed light on the benefits of viewing fish in an aquarium. For instance, a study of older adults conducted by the National Center for Biotechnology Information (NCBI), part of the U.S. National Library of Medicine, in 2019, watching either live fish in an aquarium or a similar videotape, found a decrease in the physiological markers of stress when compared to those watching a placebo videotape.
The continuous expansion of luxury hotels, restaurants, amusement parks, and entertainment and leisure centers showcasing beautiful ornamental fish aquariums is also likely to positively affect the market. The most anticipated luxury hotel brands to be opening in 2021 include Auberge, Four Seasons, Kimpton, Mandarin Oriental, Montage, Nobu Hotels, and Ritz Carlton, which is most likely to uplift the demand for ornamental fish and related aquatic biota for enjoyment purposes. Furthermore, with restrictions worldwide and economic disruptions across countries, the governments of various countries supported the industry with various relief and recovery funds.
For instance, the Australian Government has established a USD 1 billion COVID-19 Relief and Recovery Fund to support regions, communities, and industry sectors that have been disproportionately affected by the coronavirus crisis. The initiatives announced under the fund are supporting industries such as aviation, agriculture, fisheries, tourism, and the arts. These include initiatives such as the Temporary Waiver of Environmental Management Change for the Great Barrier Reef Marine Park and Renewing Reef HQ Aquarium.
Ornamental Fish Market Insights By Geographical Region
Europe dominated the market and accounted for the largest revenue share of 39.3% in 2021 and this trend is likely to continue over the forecast period. This is due to the large-scale imports of ornamental fishes from Asian countries such as Singapore, Thailand, and Japan, to meet the region’s huge demand for decorative fishes. Asia Pacific, led by China, Japan, and India, emerged as one of the world’s most important marketplaces for ornamental fish. The increased demand for premium and exotic ornamental fishes might be ascribed to the regional market’s expansion.
Industry Share Analysis By Major Players
The market includes both international and domestic participants. Key market players focus on strategies such as merger, acquisition, innovation, and new product launches in retail about products to enhance their portfolio offering in the market. Some of the prominent players in the ornamental fish market include
- Aqua-Nautic Specialist Pte Ltd.
- AlgaeBarn LLC
- bioAquatiX
- Imperial Tropicals
- LiveAquaria
- Oasis Fish Farm
- Sanyo Aquarium (Pte) Ltd.
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Ornamental Fish Market Segmentation
Grand View Research has segmented the global ornamental fish market on the basis of product, application, and region:
- Ornamental Fish Product Outlook (Revenue, USD Million, 2017 – 2030)
- Ornamental Fish Application Outlook (Revenue, USD Million, 2017 – 2030)
- Ornamental Fish Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of Ornamental Fish Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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