The global ornamental fish market size is projected to touch USD 8.6 billion by 2025, according to a new report by Million Insights. The market is anticipated to grow at a CAGR of 8.1% over the forecast period. Growing awareness about the importance of ornamental fishes in reducing stress level and providing an aesthetically appealing environment is attributing to the growth of the market. Further, the growing trend of the nuclear family in countries such as the U.K, U.S and Germany are supplementing the adoption of pets, which, in turn, is augmenting the market growth.
Around 68% of the households in the U.S owned a pet in 2018 as per The National Pet Owners Survey. Of them, over 2.5 million households in the country have saltwater fish and 12.5 million freshwater fish. Thus, the increasing number of fish as a pet is likely to proliferate product demand.
Tropical freshwater fishes accounted for USD 2.6 billion of the market size in 2018. Easy maintenance associated with such fishes is expected to strengthen their demand over the forecast period. These species have comparatively higher lifespan than others, thereby, gaining huge traction among consumers. Additionally, availability in a different color is attracting consumers to invest in these species.
The commercial segment is anticipated to witness a CAGR of 8.4% over the forecast duration. Growing adoption of ornamental fishes in various commercial places such as restaurants, malls, and hotels is driving the segment growth. Construction of such commercial buildings is on the rise in emerging countries such as India and China.
Key players operating in the ornamental fish market are AlgaeBarn LLC, Aqua Leisure, Florida Tropical, Captive Bred, Shanghai Wanjin, BioAquatix, Oasis Fish Farm and Aqua Nautic Specialist (ANS) among others. Owing to the presence of several players, the market is highly fragmented.
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Further key findings from the report suggest:
• The tropical freshwater segment generated revenue of USD 2.6 billion in 2018 while the marine segment is likely to exhibit the CAGR 9.0% over the forecast period.
• Among different applications, the household category accounted for USD 3.6 billion in 2018. On the other hand, the commercial segment is expected to ascend with a CAGR of 8.4% over the forecast period.
• Europe led the market with by accounted USD 2.0 billion in 2018.
Million Insights has segmented the global ornamental fish market on the basis of product, application, and region:
Ornamental Fish Product Outlook (Revenue, USD Million, 2015 - 2025)
• Tropical Freshwater
Ornamental Fish Application Outlook (Revenue, USD Million, 2015 - 2025)
Ornamental Fish Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa