The ornamental fish market is anticipated to increase at a CAGR of 9% between 2024 and 2032. As a component of a luxurious lifestyle, it is anticipated that the growing popularity of colorfulornamental fish for aquariums among millennials will stimulate business expansion. Numerous consumer benefits also contribute to the ornamental fish high demand. It has been demonstrated that attractive, colorful, peaceful fishes such as Goldfish, Guppy, Cory Catfish, and Betta Fish (Siamese Fighting Fish) kept as pets in confined spaces in aquariums offer various psychological benefits to consumers of various age groups, particularly millennials.
After a hectic workday, the benefits include, but are not limited to, stress reduction. Observing peacefully swimming aquatic ornamental species is known to have a calming effect on people. It has been observed that many younger consumers are more likely to purchase attractive fish species for decorative purposes due to their alluring characteristics and distinctive qualities. This has exponentially fuelled the expansion of the ornamental fish market. Aquariums containing ornamental fish are becoming tools for education and emotional development. The effects of interacting with nature in such a personal manner are significantly more profound than one might expect. Furthermore, the preceding evidence indicates that physical contact with nature promotes intellectual or cognitive development. In other words, when people observe and interact with an aquarium, their cognitive and problem-solving abilities improve. In addition to fostering emotional growth, home aquariums are an effective educational tool.
Additionally, the newest technological advancements in the industry, such as pet cameras and automatic filters, have increased the demand for pet adoption. For example, monitoring aquarium water chemistry has been an ongoing concern for decades. However, new in-tank devices can now measure pH levels and water hardness in real-time, making it easier to maintain optimal conditions.
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Between 2024 and 2032, the commercial segment of the ornamental fish market is projected to grow at a CAGR of 9%. Additionally, the expansion of ornamental marine livestock farming, particularly in the Caribbean, North America, and Southeast Asia, is driving the demand for commercial ornamental fish. In 2018, the American Pet Products Association estimated that the global annual turnover of freshwater and marine ornamental livestock was $5 billion, with an average annual growth rate of 8%. Zoos and oceanariums exhibit marine animals and plants, especially oceanic or pelagic fishes and mammals, in commercial aquariums and reef tanks. Oceanariums and zoos exhibit ornamental fishes and coral reefs to the public and are used to study marine ecology. For such purposes, highly specialized aquariums are required to replicate the natural habitat of the species living in them, thereby enhancing the overall environment for ornamental fishes. The segment of ornamental fish for household applications is projected to expand by 9.5% per year. New functionalities such as adjustable lighting, automatic feeding systems, and water treatment systems make maintenance and control easier, which encourages consumers to adopt ornamental fishes.
The tropical freshwater fish segment dominated the market in terms of revenue in 2023, accounting for 52% of the total. New pet owners prefer tropical freshwater ornamental fish because they are simple to care for and come in a variety of colors. Guppy, Molly, Zebra Danio, and many others are among the best freshwater tropical fish for beginners. In addition, fish including Guppy, Molly, and Zebra Danio are typically priced between $1 and $6. Guppy and Molly are available in various colors. Because Zebra Danios are schooling fish that become extremely agitated or stressed when isolated, they are sold in groups of five.
The marine fish segment is anticipated to have the highest CAGR during the forecast period, at 9.7%. (2024 to 2032). In addition to needing special care, marine species are visually appealing, which is anticipated to increase the segment's popularity in the coming years. Reef aquariums, fish-only aquariums, and fish-only aquariums with live rock make up marine aquariums (FOWLR). Large and aggressive marine species that can be maintained in fish-only aquariums include Triggers, Groupers, Scorpions/Lions, Puffers, Snappers, Squirrels, Hawks, and Tangs. For keeping these fish, chemical and mechanical filtration aquariums are available.
This trend is expected to continue throughout the forecast period. This is the result of massive imports of ornamental fish from Asian countries such as Singapore, Thailand, and Japan to satisfy the region's enormous demand for ornamental fish. Because fishkeeping is a simple and relaxing hobby, ornamental fishes also contribute to international trade and foreign exchange. Moreover, the category of zoos and aquariums in the commercial sector is anticipated to outpace other segments in terms of growth rate during the forecast period. The high replacement rate of livestock and components in zoos and aquariums is anticipated to contribute to the expansion of the commercial segment in the coming years.
Asia-Pacific, led by China, Japan, and India, became one of the most important ornamental fish markets in the world in 2023. The increased demand for premium and exotic ornamental fish may be a result of the regional market's expansion. Due to the prevalence of fish in Japanese art culture, the demand for exotic fish species has increased. At Hidetomo Kimura's Art Aquarium Museum 2020 exhibition in Tokyo, for example, over 30,000 living fishes formed a psychedelic, moving work of art. Over 30,000 living fishes are displayed in water tanks and aquariums of various sizes as part of the live art exhibition.
There are both domestic and international players in the market. Key market participants concentrate on mergers, acquisitions, innovation, and the retail introduction of new products in order to expand their product portfolio offerings. Aqua-Nautic Specialist Pte Ltd.; AlgaeBarn LLC; bioAquatiX; Imperial Tropicals; LiveAquaria; Oasis Fish Farm; Sanyo Aquarium (Pte) Ltd.
