New York, July 17, 2023 (GLOBE NEWSWIRE) -- Global Ornamental Fish Market size accounted for USD 10.1 Bn in 2022. It is projected to surpass around USD 16.1 Bn by 2032, and it is poised to reach a CAGR of 4.9% from 2023 to 2032.
Ornamental fish, also known as aquarium fish, are aquatic species kept for decorative purposes in home aquariums or tanks. They are popular pets due to their vibrant colors, unique patterns, and interesting behaviors. The practice dates back thousands of years, with ancient civilizations like Sumerians, Egyptians, and Romans keeping fish in artificial ponds. The modern hobby gained popularity in the mid-19th century due to improved transportation and breeding techniques.
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Key Takeaway
- By product, in 2022, the ornamental fish market was dominated by the tropical freshwater segment. Due to the economic growth in emerging economies, the tropical freshwater fish market has experienced a surge in demand.
- By Application, the household segment dominated due to the use of ornamental fish in households, ranging from fishkeeping as a hobby to business enterprises involving the trade and breeding of exotic fish.
- In 2022, Asia-Pacific accounted for the largest share 36% of the market.
Factors Affecting the Growth of the Ornamental Fish Market
There are several factors that can have an impact on the growth of the ornamental fish market industry. Some of these factors include:
- Increasing Disposable Income: As disposable income rises, people have more purchasing power to spend on luxury items like ornamental fish. Increased affluence allows individuals to invest in setting up aquariums and buying a variety of ornamental fish species.
- Urbanization and Population Growth: Urbanization leads to smaller living spaces, which often makes traditional pets like dogs or cats less practical. As a result, people living in urban areas may opt for ornamental fish as pets due to their compact size and low maintenance requirements.
- Technological Advancements: Advances in technology have made maintaining aquariums easier and more convenient. Improved filtration systems, lighting options, and automated feeding devices have simplified the care of ornamental fish.
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Market Growth
The market growth of the ornamental fish industry has been significant in recent years. The ornamental fish market has been experiencing steady growth globally, driven by factors such as increasing disposable income, urbanization, and the growing interest in aquariums and aquascaping. The market size is influenced by various parameters, including the number of fish species traded, the demand for different types of fish, and the geographical distribution of the market.
Top Trends in Global Ornamental Fish Market
Nano-aquariums and Miniature Fish Are Trending
Nano-aquariums and small fish species are increasingly popular among hobbyists due to their reduced space, equipment, and upkeep, providing color and intrigue in small spaces and allowing the breeding of unique fish not found in larger tanks. Improved transportation and breeding techniques have made these small tanks more accessible to a wider audience.
Smart Aquaristics
High-tech aquarium equipment and accessories are in high demand as fishkeeping becomes more popular. Modern fish keepers seek energy-efficient, smartphone-controlled equipment, innovative fish health, water quality, and tank aesthetics. LED lighting systems, automatic feeders, and computer-controlled Automotive Electric water pumps are popular choices.
Hybrid Fish Special Creations
The ornamental fish market is experiencing a surge in demand for hybrid fish species, which produce unique physical and behavioral features. Selecting matching couples based on genetics, temperament, and traits can be time-consuming, and successful hybrids are expensive for collectors and hobbyists.
Regional Analysis
Asia-Pacific accounted for the largest share of the market, 36%. The Asia-Pacific ornamental fish market is driven by population expansion, urbanization, disposable income, and cultural and recreational activities. China, the world's most populated country, has a higher demand for ornamental fish as pets. Indonesia is the largest producer and exporter, while Thailand has a diverse range of freshwater fish species. Betta fish, native to Southeast Asia, are popular due to their unique colors and popularity in countries like Thailand, Indonesia, Vietnam, and Malaysia.
Competitive Landscape
Businesses in the ornamental fish market are developing new technologies expansion strategies through investments and mergers, and acquisitions. In addition, several key players are now focusing on the expansion of new ideas to expand the market growth of the ornamental fish market.
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Scope of Report
| Report Attribute | Details |
| Market Value (2022) | USD 10.1 Bn |
| Market Size (2032) | USD 16.1 Bn |
| CAGR (from 2023 to 2032) | 4.9% |
| Asia-Pacific Revenue Share | 36% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Increasing Demand for Ornamental Fish Market Expansion
The demand for ornamental fish has increased significantly in recent years, driven by increasing interest in aquaculture and fish husbandry. Advances in breeding techniques have provided consumers with access to diverse fish species, and rising discretionary income has led to increased spending on luxury products like ornamental fish. This trend is not slowing down.
Aquascaping Drives Demand for Exotic Fish
Aquascaping, a hobby involving designing underwater landscapes in aquariums, has increased demand for rare and exotic fish species. This hobby also contributes to the popularity of ornamental fish as people become more aware of their therapeutic benefits.
Market Restraints
Transport Stress and Mortality Rates of Fish
Ornamental fish are popular pets for pet owners enjoying their vibrant aquatic lifestyle. However, the market faces limited growth and profitability due to various factors. Transporting ornamental fish can cause stress, high mortality rates, and potentially exacerbated by factors like long-distance travel, low water quality, and improper handling.
Market Opportunities
Transport Stress and Mortality Rates of Fish
To get ornamental fish from one place to another, transportation is needed. Still, this procedure could put a lot of stress on these fragile organisms, which could lead to high death rates. Things like long distance travel, bad water quality, and bad handling could make the problem worse.
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Report Segmentation of the Ornamental Fish Market
Product Insight
The tropical freshwater segment dominates the ornamental fish market, with a significant rise in demand due to economic growth in emerging economies like China, India, Brazil, and South Africa. This growth and urbanization have increased the number of households able to afford ornamental fish.
Application Insight
The household segment is expected to continue dominating the ornamental fish market, with usage ranging from hobby to business enterprises. Emerging economies, like the Tropical Freshwater Segment, have experienced significant growth and demand due to urbanization and economic growth, increasing the number of households able to afford ornamental fish, leading to an increase in aquarium demand.
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Market Segmentation
Based on Product Analysis
- Tropical Freshwater
- Temperate
- Marine
Based on Application Analysis
- Commercial
- Household
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- Aqua Nautic Specialist (ANS)
- AlgaeBarn LLC
- Florida Tropical
- BioAquatix
- Aqua Leisure
- Aqualogic Inc.
- AquaNorthern
- Cichlid Ltd.
- Eurofish Group.
- Imperial Tropical Freshwaters
- Captive Bred
- Oasis Fish Farm
- Other Key Players
Recent Development of the Ornamental Fish Market
- In 2023, the ornamental fish industry explores genetic manipulation and hybridization for increased interest.
- Imperial Tropicals was launched in November 2021. Through its partnership with Hikari, a Japanese fish food provider, Hikari offers feed that works for any kind of fish, whether domesticated or wild-caught. Through this alliance, clients were introduced to Imperial Tropicals' brand of fish food, which will ensure its proper care.
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Transport Stress and Mortality Rates of Fish
