Ornamental Fish Industry Overview
The ornamental fish market size was valued at USD 5.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030. The growing popularity of colorful decorative fish for aquariums among millennials as part of a luxury lifestyle is predicted to drive business growth. Another factor driving the demand for ornamental fish is their numerous benefits to consumers. For instance, attractive, colorful fishes of peaceful nature such as Goldfish, Guppy, Cory Catfish, and Betta Fish (Siamese Fighting Fish) are kept as pets in confined spaces in aquariums have been proven effective in offering various psychological benefits to consumers of varied age groups, particularly millennials.
The benefits include and are not limited to-reducing stress after a hectic workday. Watching ornamental aqua species glide serenely through the water is known to have a calming and tranquil effect on people. It has been observed that many young consumers are more inclined toward purchasing attractive fish species mainly for decorative purposes owing to their alluring features and differing characteristics. This, in turn, has exponentially fueled the growth of the ornamental fish market. Moreover, the latest technological advancements in the industry, such as pet cameras and automatic filters, have further augmented the desire for the adoption of pets. For instance, monitoring water chemistry in aquariums has been a constant concern for many years, but new in-tank devices can now deliver real-time measurements for everything- from pH levels to water hardness, making it easier to regulate optimum conditions.
Gather more insights about the revenue drivers, restraints, and growth of the Global Ornamental Fish market
Ornamental fish aquariums are turning into tools for educational and emotional development. One may appreciate an aquarium for its fun and interesting design; however, the effects of communicating with nature in such an intimate way are a lot deeper than one might realize. Moreover, the above evidence shows that physical contact with nature stimulates intellectual or cognitive development. In other words, when people observe and interact with an aquarium, their thought-formation and problem-solving skills are strengthened. Beyond emotional development, home fish aquariums serve as a powerful educational tool too.
In addition, the closure of non-essential businesses has been one of the major challenges that faced the market in 2020. The worldwide lockdown as a consequence of the outbreak of COVID-19 has had a cascading effect on establishments housing captive wildlife. Also, the World Trade Organization estimated a fall in world trade between 13% and 32% in 2020 resulting from the disruption of economic activity due to the COVID-19 pandemic. Since over 80% of worldwide trade (in total volume) is being handled by the maritime industry, the estimated downturn in global trade suggests a significant decrease in human-based marine activities.
Aquariums, marine parks, water museums, and others are popular spots for tourists, especially during the spring and summer months; however, these were not a viable option during the lockdown periods. Oakland Zoo in California, U.S. was one of the most hard-hit venues owing to the coronavirus crisis. The facility reported that it has been losing roughly USD 2 million per month since it was forced to close in March 2020.
Browse through Grand View Research's Homecare & Decor Industry Research Reports.
Wildlife Tourism Market - The global wildlife tourism market size was estimated at USD 154.65 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% over the forecast period.
Outdoor Lighting Market - The global outdoor lighting market size was valued at USD 15.34 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2023 to 2030.
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)
- Tropical Freshwater
- Temperate
- Marine
Ornamental Fish Application Outlook (Revenue, USD Million, 2017 - 2030)
- Commercial
- Household
Ornamental Fish Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa
Key Companies profiled:
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.
- Qian Hu Corporation Limited
- Sunbeam Aquarium Pte Ltd.
- Tropical Fish International Pte Ltd.
Order a free sample PDF of the Ornamental Fish Market Intelligence Study, published by Grand View Research.
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