Ornamental Fish Market Size, Share, Growth, Trends and Industry Statistics Report
by Susan Hill Business ConsultantThe
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 U.S., U.K.,
Germany, France, and Japan is expected to prompt the buyers to spend on
ornamental fishes as a pet.
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 U.S. over the next few years.
Tropical
freshwater species generated a revenue of USD 2.6 billion in 2018. Buyers
prefer to purchase these fishes due to their easy maintenance, along with easy
access through local pet shops. Lifespan of these types are also higher than
others. Consumers can keep many tropical freshwater fishes in a single
aquarium. Furthermore, these products are available in different colors and
species, which attract the buyers to purchase them.
The
commercial application segment is expected to expand at the fastest CAGR of
8.4% from 2019 to 2025. A large number of commercial stores including shopping
malls, hotels, and restaurants use aquarium as a key element of interior décor.
Consumers prefer to purchase ornamental fish with different colors and large
sizes. Majority of these stores keep ornamental aqua species in a well
decorated aquariums, which attract their customers to purchase the products.
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 aquarium 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.
The market
is fragmented in nature due to the presence of many private level players. 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.
Further key
findings from the report suggest:
- By 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
- 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
- Europe was the
largest regional market with a revenue of USD 2.0 billion in 2018.
Access
full research report on global ornamental fish market:
www.grandviewresearch.com/industry-analysis/ornamental-fish-market
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Created on Dec 12th 2019 05:04. Viewed 425 times.