Ornamental Fish Market Size, Share, Growth, Trends and Industry Statistics Reportby Susan Hill Business Consultant
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 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.
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Created on Dec 12th 2019 05:04. Viewed 248 times.