- Summary
- Table Of Content
- Methodology
Ornamental Fish Market Introduction :
Consegic Business Intelligence analyzes that the Global Ornamental Fish Market size is growing with a CAGR of 5.4% during the forecast period (2023-2031), and the market is projected to be valued at USD 9,558.83 Million by 2031 and USD 6,297.92 Million in 2023 from USD 5,985.00 Million in 2022.
Ornamental Fish Market Definition & Overview:
Ornamental fish are attractive fish species kept in aquariums at residential and commercial places. These fishes are highly popular among the younger generation who prefer to rear them as a hobby. These types of fish are cultivated in fish farms and distributed on various online and offline platforms. They consists of different species types, from factors, shapes, and colors. Such fishes are traded for their aesthetic and ornamental characteristics, rather than their consumptive applications.
The fish offers an important option for pet enthusiasts. These fishes are attractive and provide hours of entertainment. They add luxurious value to the home. These fishes have calming and relaxing effects on the observer. The presence of pet fish at home increases positivity and creates an exciting environment. Thus, the overall effect on human health is one of the primary factors driving the proliferation of the global ornamental fish market.
Ornamental Fish Market Insights :
Ornamental Fish Market Dynamics - (DRO) :
Key Drivers :
Increasing awareness regarding fish among the population
Ornamental fish are considered as an exceptional symbol of positivity and stress relief across different parts of the world. These fishes are increasingly popular among the young and the old generations. These types of fish are known for benefits such as increasing calmness, enhancing positivity, controlling mood swings, and reducing stress and anxiety. They are kept in transparent and convenient containers called aquariums at home. They are a great source of entertainment and tend to reduce loneliness among individuals.
They are good companion to people having mental health problems and are considered as one of the most favored pets by pet enthusiasts. The increasing human-animal bond benefits are driving the demand for fish as a pet among individuals. For instance, according to a survey of family physicians conducted by Human-animal Bond Research Institute (HABRI) of the U.S. in 2021, 87% of physicians observed an improvement among their patients as a result of their pet ownership.
Furthermore, the demand for the fish is growing as the pet industry is witnessing a significant increase in its growth. For instance, according to the report published by the India Brand Equity Foundation in 2021, the Indian pet care sector is increasing robustly, with a substantial rise in retail value from USD 347.23 million in 2019 to USD 498.44 million in 2021. Thus Analysis of market trends concludes that the rising awareness benefits due to positive human-animal companionship supported by the growing pet industry is tremendously driving ornamental fish market demand.
Growing demand for low contact pets to avoid infections
The close contact between pet animals and human owners is one of the primary reasons behind the significant growth occurring in the incidences of infections. As a result, the majority of the population are considering low contact pets such as ornamental fish for rearing purpose. They are kept in closed containers known as aquariums which reduces the proximity between the owner and the pet. They are highly popular among young and old generations who consider rearing the fish species like goldfish and guppy as a hobby.
They are a good choice for contact pets. Other pet animals such as cats and dogs have the possibility of getting infected by human. For instance, according to the report published by the Centers for Disease Control and Prevention (CDC) in April 2021, several pet animals such as dogs and cats have been infected by the COVID-19 virus during the pandemic. Analysis of market trends concludes that this is one of the major factors increasing the adoption of the fish as a pet. Thus, the aforementioned factors are significantly driving the massive expansion of the global ornamental fish market.
Key Restraints :
High cost and maintenance associated with the hobby of rearing the fish
Ornamental fishes are considered a trending choice among users who prefer to rear them as a hobby. These fishes require minimum space and arrangements to set up but consume more time for maintenance. They demand dedicated cleaning and feeding efforts by the owners. This results in inconvenience to most pet enthusiasts who lack the time due to their busy lifestyles.
A large part of the population cannot afford to keep pets and spend on their maintenance. Fish food is an expensive material required by the fishes and increasing consumer price index affects the prices of food. For instance, according to data published by the Office for National Statistics of the UK in October 2023, the consumer price index in the UK has increased at a rate of 6.7% from September 2022 to 2023. This led to an increase in food prices, also affecting prices of fish food. Analysis of market trends concludes that the spikes in the prices of fish food tend to affect the cost and maintenance of the fish. Hence, this results in hampering the growth of the global ornamental market.
Future Opportunities :
Increasing business opportunities for sustainable alternatives in fish food industry
Fish food is a necessary supplement given to ornamental fish for feeding purposes. Commercial fish food includes fish meals and fish oils. Manufacturing these fish feed requires resources such as wildly caught fish. This leads to overfishing of forage fish and results in insufficient food for larger fishes. As a result, some fish populations collapse and go extinct. Therefore, such practices are not sustainable for a longer duration considering their implications on the entire food web in the marine world.
Sustainable fish food products are bought extensively to maintain healthy marine ecosystems and minimize the exhaustion of ocean resources. The fish food companies are innovating new and sustainable products to align with the demand of the market. For instance, the startup known as RisingFoodStar is developing a 100% sustainable feed by using alternative organic ingredients such as ciona meal cultivated in open water. Furthermore, with the increasing use of the fish as a pet, the fish food industry is expected to thrive over the forecast period. As a contribution to the noble sustainable cause, the majority of owners opt for organic substitutes. Analysis of market trends concludes that the utilization of organic fish food is anticipated to emerge as one of many ornamental fish market opportunities that will drive market expansion.
Ornamental Fish Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 | USD 9,558.83 Million |
| CAGR (2023-2031) | 5.4% |
| By Type | Molly Fish, Goldfish, Angel Fish, Danio, Guppy, and Others |
| By Habitat Type | Freshwater, Brackish water, and Saltwater |
| By End User | Residential and Commercial |
| By Distribution Channel | Online (Company Websites and E-commerce Websites) and Offline (Specialty Stores, Fish Breeding Farms, and Others) |
| By Region | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
| Key Players | BioaquatiX, Shanghai Wanjin Ornamental Fish Farm, AlgaeBarn, Blue Ridge Koi & Goldfish, AQUA-NAUTIC SPECIALIST PTE LTD, LiveAquaria, Hazorea Aquatics, Sagar Fish Aquarium, Zimmerman's Fish, Imperial Tropicals, and Aquarium Fish Depot |
Ornamental Fish Market Segmental Analysis :
Based on the Type :
The type segment is categorized into molly fish, goldfish, angel fish, danio, guppy fish, and others. In 2022, the goldfish segment accounted for the highest market share of 29.35% in the overall ornamental fish market and is also expected to grow at the fastest CAGR over the forecast period. Goldfish are popular pet fish owing to their incredible attractiveness and aesthetics. This fish can be kept in various kinds of aquarium proportions at both residential and commercial locations. Goldfish are also more affordable than other species of the fish. Owing to this fact, they are considered a more affordable option as compared to other types of fishes. Goldfish are considered a popular symbol of good luck and prosperity. These types of live for 6- 8 years, which is one of the primary reasons driving the preference for goldfish as a pet. For instance, according to an article published by the Department of Energy, Environment and Climate Action of Victoria State Government, in 2020, goldfish are preferred over other fishes owing to their longer lifespan.
Based on the Habitat Type :
The habitat segment is categorized into freshwater, brackish water, saltwater. In 2022, the freshwater segment accounted for the highest ornamental fish market share and is also expected to grow at the fastest CAGR over the forecast period. Freshwater is generally more convenient for ornamental species of fish. This type of water is used in different dimensions of aquariums in both residential and commercial settings. Freshwater provides favorable conditions for fish types such as molly fish, goldfish, and guppies. The fishes breathe oxygen dissolved in water and cannot survive in water with high levels of contamination and toxins. Moreover, freshwater helps to prevent the development of harmful bacteria in the fish's body. Thus, the aforementioned factors are anticipated to surge the segment proliferation over the forecast period.
Based on the Distribution Channel :
The distribution channel segment is categorized into online and offline. In 2022, the offline segment accounted for the highest market share in the ornamental fish market. The offline segment is further bifurcated into specialty stores, fish breeding farms, and others. Offline retailers increase the demand for the fish by offering a wide variety of freshwater fish, saltwater fish, and invertebrates. The customers get a wide range of fish to choose from. Thus, this is a major factor that is accelerating the segment growth.
However, the online segment is expected to grow at the fastest CAGR over the forecast period. The offline segment is further bifurcated into company websites and e-commerce websites. Assessment of market trends indicates that the growth of the segment is driven by the growing convenience and wide selection of fish available online.
Based on the End-User :
The end-user segment is categorized into residential and commercial. In 2022, the residential segment accounted for the highest market share in the overall ornamental fish market. In residential spaces, the the fishes are kept in all kinds of aquariums, ranging from small desktop aquariums to large floor-standing aquariums. Assessment of market trends indicates that the key factor propelling the segment proliferation is the various health benefits associated with them, such as reducing stress, improving mood, and lowering blood pressure.
Furthermore, the commercial segment is expected to grow at the fastest CAGR over the forecast period. In commercial spaces, the the fishes are kept in large aquariums, which are primarily displayed in lobbies, waiting rooms, and other public areas. Educational aquariums are commercial places that use the fishes to educate children to learn about different types of fishes, their habitats, and their behaviors. In addition to this, several companies are developing educational aquariums for schools and driving the growth of the commercial segment. For instance, Aqualease, one of the UK's leading hire and rental specialists of aquariums, supplies educational aquariums to over 400 primary schools in the Northwest of England annually. Thus, the increasing popularity of educational aquariums is expected to drive commercial segment proliferation in the following years.
Based on the Region :
The regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
In 2022, Europe accounted for the highest market share of 35.13% valued at USD 2,102.53 Million in 2022 and USD 2,214.98 Million in 2023, and is expected to reach USD 3,369.49 Million in 2031. In the European region, Germany accounted for the highest market share of 28.75% in 2022. The ornamental fish market analysis concluded that the growth in the region is attributed to growing consumer preference towards premium and exotic fishes, rapidly growing online sales channel, and growing awareness of sustainable fishing practices, among others.
However, Asia Pacific is expected to grow at the fastest CAGR of 5.8% during the forecast period. Analysis of ornamental fish market trends concludes that the prevalence of a large population and relatively high disposable incomes is a major factor its propultion in countries such as India and China. The ornamental fish market growth is anticipated to flourish due to the factors mentioned above, as well as the growing awareness of the benefits of owning the fish.
Top Key Players & Market Share Insights:
The ornamental fish market is highly competitive, with several large players and numerous small and medium-sized enterprises. The major companies operating in the ornamental fish industry have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include-
- BioaquatiX
- Shanghai Wanjin Ornamental Fish Farm
- Zimmerman's Fish
- Imperial Tropicals
- Aquarium Fish Depot
- AQUA-AUTISTIC SPECIALIST PTE LTD
- Blue Ridge Koi & Goldfish
- AlgaeBarn
- LiveAquaria
- Hazorea Aquatics
- Sagar Fish Aquarium
Recent Industry Developments :
- In June 2023, Sagar Fish Aquarium launched online store to sell fish, aquarium supplies and other products. This has increased inconvenience for people who live in remote locations.
- In May 2023, Algabarn partnered with Skretting, a leading manufacturer of aquaculture feed. Under the partnership condition, Skretting will use Algabarn's Algaprime W ingredient in its aquaculture feed.
Key Questions Answered in the Report
What was the market size of the ornamental fish market in 2022? +
In 2022, the market size of colorectal cancer was USD 5,985.00 million
What will be the potential market valuation for the ornamental fish market by 2031? +
In 2031, the market size of colorectal cancer is expected to reach USD 9,558.83 million.
What are the key factors driving the growth of the ornamental fish market? +
High costs of setting up and maintaining aquariums is restricting the market growth.
What is the dominating segment in the ornamental fish market by type? +
In 2022, the goldfish segment accounted for the highest market share in the overall ornamental fish market.
Based on current market trends and future predictions, which geographical region will have the fastest impact on the ornamental fish market's growth in the coming years? +
Asia Pacific is expected to grow at the fastest CAGR in the overall ornamental fish market.
