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Ornamental Fish Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global ornamental fish products market was valued at USD 9.7 billion in 2022 and is projected to expand at a CAGR of 7.0% from 2023 to 2030. The growing preference for exotic and colorful species of fish and aquatic plants has been a major driver of the market. The increasing trend of aquariums as a decorative item in homes and offices is also driving the market. Furthermore, the increasing popularity of aquascaping, which is the art of arranging aquatic plants, rocks, and driftwood in an aquascape, is also supporting the market growth.
The increasing popularity of online pet stores is creating lucrative opportunities for the market. The online platform provides a wide range of ornamental fish products, including food and accessories, which is driving the growth of the market. Furthermore, the availability of attractive discounts, free shipping, and home delivery services is fueling the market growth.
The rising trend of aquaponics, which is the combination of hydroponics and aquaculture, is anticipated to be a major driver of the market. Aquaponics is a sustainable method of farming and is gaining traction due to its ability to produce organic vegetables and fruits and raise fish. Furthermore, the increasing number of pet owners and the growing awareness about pet care are expected to drive the market in the coming years.
Furthermore, the introduction of innovative products, such as computer-controlled aquariums, is also driving the market. For instance, in April 2021, Aqua Design Innovations launched the world’s first computer-controlled aquarium, which allows users to control the temperature, lighting, and filtration system of their aquariums with just a touch of a button. This product is expected to gain traction among pet owners due to its convenience and ease of use.
In addition, the increasing number of pet fish shows and events is creating lucrative opportunities for the market. For instance, in April 2021, the first-ever virtual fish show was held in the United Kingdom, which attracted more than 70 exhibitors and over 500 participants. This event highlighted the importance of ornamental fish products in the industry and is expected to boost the market in the coming years.
Product Insights
The fresh-water segment is anticipated to hold the largest share of the ornamental fish products market in 2022. Freshwater ornamental fish are broadly preferred by aquarists due to their wide range of species and availability. Increasing popularity of freshwater-based aquariums and fish tanks among hobbyists is driving the demand for freshwater ornamental fish. Additionally, the proliferation of online retail outlets offering a wide range of ornamental fish is further bolstering the market growth.
The salt-water segment is expected to expand at the highest CAGR of 7.8% over the forecast period. The popularity of saltwater-based aquariums and fish tanks among hobbyists is driving the demand for saltwater ornamental fish. Furthermore, the availability of hybrid fish species, such as clown fish, butterfly fish, and angelfish, is further boosting the market growth. According to an article published by the National Science Foundation, in February 2020, the global ornamental fish market was valued at USD 10 billion in 2019 and is expected to reach USD 18 billion by 2025.
Distribution Channel Insights
The pet stores segment is anticipated to hold the largest market share of over 48.5% in 2022. The growth of the segment is mainly attributed to the availability of ornamental fish with a wide variety of species, sizes, and colors. Pet stores also offer a variety of accessories such as tanks, filters, heaters, and decorative items for aquariums. In addition, pet stores also provide technical advice to buyers on selecting the right species and care for them.
The online segment is expected to expand at the highest CAGR of 11.2% over the forecast period. Consumers have started to shift towards online channels for the purchase of ornamental fish due to the convenience and availability of a wide variety of products. For instance, in May 2021, Amazon launched ‘Amazon Pets’, an online platform dedicated to pet care and pet supplies. The platform offers a wide range of ornamental fish, fish food, aquarium supplies, and accessories. In addition, the platform also provides assistance to buyers in selecting the right type of fish for their aquariums.
Type Insights
Freshwater ornamental fish accounted for the largest revenue share of 65.9% in the year 2022. The increasing demand for high-quality aquarium fish, live plants, and other aquarium accessories is driving the growth of the market. Rising disposable incomes of individuals, coupled with an increasing awareness among people, are key factors driving the demand for freshwater ornamental fishes. Moreover, the growth of the e-commerce sector is also expected to fuel the demand for ornamental fish products.
Saltwater ornamental fish accounted for the second-largest revenue share of the global market in the year 2022. The increasing number of people taking up marine aquariums and the growing popularity of coral reefs is driving the demand for saltwater ornamental fish. In addition, the presence of various online platforms such as Live Aquaria, Marine Depot, and Saltwaterfish.com providing a wide range of saltwater ornamental fish products is also aiding the growth of this segment.
Regional Insights
The Asia Pacific was the leading region in the ornamental fish products market in 2021, accounting for the highest revenue share of 43.1%. This is mainly attributed to the presence of a large population of fish lovers in the region. India and China are the two largest countries in the region in terms of fish consumption. Moreover, the presence of a large number of pet stores and aqua pet shops in the region is also driving the growth of the market in the region.
Europe was the second-largest region in the ornamental fish products market in 2021. The market in the region is supported by the rising demand for ornamental fish due to increasing consumer disposable income, growing awareness about pet care, and a surge in the number of pet stores. Moreover, the growing demand for rare and exotic fish among hobbyists is also contributing to the growth of the market in the region.
Financial Projections
In this part of the ornamental fish products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your ornamental fish products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for an ornamental fish products business come from the sale of fish, aquariums, accessories, and services such as maintenance and consultation. Other sources of revenue include the sale of merchandise, and sponsorship.
Projecting Expenses
In this section, all the regular expenses related to keeping the ornamental fish products business running will be described. The list of operating expenses includes fish and equipment purchases, fish feed, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the major companies operating in the ornamental fish market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In August 2022, Aquarium Industries expanded its product portfolio by launching a range of ornamental fish including tetras, guppies, and mollies.
– In May 2022, AquaLife introduced a new line of aquariums with advanced filtration systems, lighting fixtures, and pumps.
– In September 2022, Marine World launched a range of aquarium decorations and accessories for ornamental fish.
Some of the prominent players in the ornamental fish market include:
– Aquarium Industries
– AquaLife
– Marine World
– Aquapro
– Hagen Group
– Oase GmbH
– Tetra GmbH
– Blue Planet Aquariums
– Dennerle GmbH
– Aquarium Technology Limited
Global Ornamental Fish Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global ornamental fish products market based on species, product type, distribution channel, and region:
1. Species Outlook (Revenue, USD Million, 2017 – 2030)
– Freshwater Fish
– Marine Fish
– Brackish Water Fish
2. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Aquariums & Accessories
– Foods & Supplements
– Health Care Products
– Ornamental Plants
3. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Pet Stores
– Online Stores
– Others
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key drivers of the ornamental fish products market?
[A]: The ornamental fish products market is primarily driven by the rising demand for pet fish, increased disposable incomes, and growing awareness about the benefits of pet ownership. The introduction of innovative products and the development of aquaculture-based businesses are also contributing to the growth of the market.
[Q]: What are the key regions in the ornamental fish products market?
[A]: The key regions in the ornamental fish products market include North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, Asia-Pacific is expected to be the most attractive market due to the presence of large ornamental fish production and export hubs in the region.
[Q]: What are the major types of ornamental fish products available in the market?
[A]: The major types of ornamental fish products available in the market include aquariums, tanks, heaters, filters, lighting, decorations, food, and medications.
[Q]: What are the major challenges faced by ornamental fish products manufacturers?
[A]: Some of the major challenges faced by ornamental fish products manufacturers include high production costs, environmental regulations, and competition from other pet products. Additionally, the lack of awareness about the benefits of pet ownership is also restraining the growth of the market.
[Q]: What are the key strategies adopted by ornamental fish products manufacturers?
[A]: The key strategies adopted by ornamental fish products manufacturers include product innovations, investments in R&D activities, collaborations with other industry players, and aggressive marketing campaigns. Additionally, companies are also focusing on expanding their product portfolios to cater to the changing consumer needs.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. 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. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
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. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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