According to a report, “Ornamental Fish Market Size, Share & Trends Analysis Report By Product (Tropical Freshwater, Temperate, Marine), By Application (Commercial, Household), By Region, And Segment Forecasts, 2019 – 2025”, published by Grand View Research, Inc. The global ornamental fish market size is expected to reach USD 8.6 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.1% over the forecast period. Rising importance of ornamental fish for reducing stress and lowering blood pressure and heart rate among the millennials at the global level is expected to promote the market reach. Increasing number of nuclear families in countries including the U.S., U.K, Germany, France, and Japan is expected to prompt the buyers to spend on ornamental fishes as pets.
As per the report of “The National Pet Owners Survey”, around 68% of American households own a pet in 2018. Another survey conducted by the American Pet Products Association (APPA) states that 2.5 million U.S. households keep saltwater fish and 12.5 million keep freshwater fish. These aforementioned trends are expected to drive the market in the U.S. over the next few years.
In 2018, the tropical freshwater species generated a revenue of USD 2.6 billion, on account of their easy maintenance and easy access through local pet shops. Also, one of the major reasons for their preference is their comparatively higher lifespans. There are also several attractive colors and species providing plethora of choices to fish owners.
Europe was the largest market for ornamental fish with a revenue of USD 2.0 billion in 2018. Consumers’ preference for keeping pets at home is very high in this region. It has been observed that the population of countries including Germany, U.K., France, and Italy prefer to have aquariums as a part of their hobby. Furthermore, increasing spending by the commercial sector on keeping marine species for decoration purpose is expected to drive the market in the upcoming years.
Further key findings from the report suggest:
• Growing research and innovations in the market is expected to fuel the growth in the forecasted period. For instance, in July 2018, seven fisheries institutes of India had launched an ornamental fish culture project to develop adequate technologies in seed production, breeding, and culture of freshwater and marine species.
● Growing awareness among the people about the increasing demand for ornamental fishes is boosting ornamental aquaculture all around. For instance, in February 2021, ICAR-Central Institute of Freshwater Aquaculture, Bhubaneswar, Odisha with its commitment for the aquafarming community in the country has added inaugurated Ornamental Fish Farmer Field School at the fish farm of Sri Bhagirath Roy of Prabhu para village, Jaipaiguri, West Bengal.
● On the basis of product, tropical freshwater species led the market with a revenue of USD 2.6 billion in 2018 owing to their increased popularity and easy maintenance features. The marine products are projected to ascend at a CAGR of 9.0% from 2019 to 2025
● On the basis of applications, the household application segment generated a revenue of USD 3.6 billion in 2018. The commercial segment is expected to expand at a CAGR of 8.4% from 2019 to 2025 due to increased number of newly established hotels and restaurants at the global level
● On the basis of region, Europe was the largest regional market with a revenue of USD 2.0 billion in 2018.
● Some of the key players are Aqua Nautic Specialist (ANS), AlgaeBarn LLC, Florida Tropical Fish Direct, BioAquatix, Aqua Leisure, Imperial Tropicals, Captive Bred, Oasis Fish Farm, Sagar Fish Aquarium, and Shanghai Wanjin Ornamental Fish Farm.
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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, 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
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