The ornamental fish market is expected to raise at a CAGR of 9% during the forecast period of 2024 to 2032. As a component of a luxurious lifestyle, it is anticipated that the growing popularity of colorfulornamental fish for aquariums among millennials will drive business growth. Numerous consumer benefits also contribute to the high demand for ornamental fish. For example, attractive, colorful fishes of a peaceful nature such as Goldfish, Guppy, Cory Catfish, and Betta Fish (Siamese Fighting Fish) kept as pets in confined spaces in aquariums have been shown to offer various psychological benefits to consumers of various age groups, especially millennials.

Increasing Need for Stress Reduction Options and Easy Accessibility

The benefits include, but are not limited to, stress reduction following a hectic workday. Observing ornamental aquatic species gliding peacefully through the water is known to have a calming effect on people. It has been observed that many young consumers are more inclined to purchase attractive fish species for decorative purposes due to their enticing features and unique qualities. This has exponentially fuelled the growth of the market for ornamental fish. Aquariums with ornamental fish are becoming educational and emotional development tools. One might appreciate an aquarium for its fun and interesting design, but the effects of interacting with nature in such a personal way are much more profound than one might imagine. In addition, the preceding evidence demonstrates that physical contact with nature promotes intellectual or cognitive development. In other words, when people observe and interact with an aquarium, their ability to form thoughts and solve problems is enhanced. In addition to emotional development, home fish aquariums are also an effective educational tool.

Easy Accessibility to Allied Technologies

In addition, the most recent technological developments in the industry, such as pet cameras and automatic filters, have increased the demand for pet adoption. For example, monitoring water chemistry in aquariums has been a constant concern for many years. However, new in-tank devices can now provide real-time measurements for everything from pH levels to water hardness, making it easier to maintain optimal conditions.

Household Applications to Witness the Fastest Growth During the Forecast Period

The commercial segment of the ornamental fish market is anticipated to grow at a CAGR of 9% between 2023 and 2031. The expansion of ornamental marine livestock farming, especially in the Caribbean, North America, and Southeast Asia, is also driving the demand for commercial ornamental fish. According to the American Pet Products Association, the global annual turnover of freshwater and marine ornamental livestock was $5 billion in 2018, with an average annual growth rate of 8%. Zoos and oceanariums use commercial aquariums and reef tanks to exhibit marine animals and plants, particularly oceanic or pelagic fishes and mammals.

Zoos and oceanariums display ornamental fishes and reefs to the public and are used for the study of marine ecology. Highly specialized aquariums are required for such purposes in order to replicate the natural habitat of the species living in them, which improves the overall environment for ornamental fishes. The segment of ornamental fish for household applications is anticipated to grow at an annual rate of 9.5%. New functionalities such as adjustable lighting, automatic feeding systems, and water treatment systems facilitate easier maintenance and greater control, which encourages consumers to adopt ornamental fishes.

Tropical Freshwater Fish Dominated the Market by Products

In terms of revenue, the tropical freshwater fish segment dominated the market in 2023, accounting for 52% of the total. New pet owners prefer tropical freshwater ornamental fish due to the ease of pet maintenance and the variety of colors available for these fish. Guppy, Molly, Zebra Danio, and many others are some of the best tropical freshwater fish for novices. Additionally, fish such as Guppy, Molly, and Zebra Danio are typically priced between $1 and $6. Guppy and Molly are offered in a variety of colors. Zebra Danios are purchased in groups of five because they are schooling fish that become extremely agitated or stressed when isolated.

The marine fishes’ segment is projected to experience the highest CAGR of 9.7% during the forecast period (2024 to 2032). In addition to requiring special care, marine species are visually appealing, which is expected to expand the segment's reach in the coming years. Marine aquariums consist of reef aquariums, fish-only aquariums, and fish-only aquariums with live rock (FOWLR). Triggers, Groupers, Scorpions/Lions, Puffers, Snappers, Squirrels, Hawks, and Tangs are among the large and aggressive marine species that can be maintained in fish-only tanks. Aquariums with chemical and mechanical filtration are available for keeping these fish.

Europe Remains the Global Leader

In 2023, Europe dominated the market and accounted for the largest revenue share at 40%; this trend is anticipated to continue throughout the forecast period. This is due to the massive imports of ornamental fish from Asian nations such as Singapore, Thailand, and Japan in order to satisfy the region's enormous demand for ornamental fish. Because fishkeeping is a simple and relaxing pastime, ornamental fishes also contribute to import and export activities and foreign exchange. Moreover, in terms of growth rate, the category of zoos and aquariums in the commercial sector is anticipated to outpace other segments during the forecast period. In the coming years, the high replacement rate of livestock and components in zoos and aquariums is anticipated to contribute to the expansion of the commercial segment.

In 2023, Asia Pacific, led by China, Japan, and India, became one of the world's most significant ornamental fish markets. The increased demand for premium and exotic ornamental fishes may be attributable to the expansion of the regional market. The prevalence of fish in Japanese art culture has increased the demand for exotic fish species. At Hidetomo Kimura's Art Aquarium Museum 2020 exhibition in Tokyo, for instance, over 30,000 living fishes formed a psychedelic moving artwork. As part of the live art exhibition, over 30,000 living fishes are on display in water tanks and aquariums of all shapes and sizes.

Market to Remain Fragmented During the Forecast Period

There are both international and domestic participants in the market. To enhance their product portfolio offering on the market, key market participants concentrate on mergers, acquisitions, innovation, and the introduction of new products in retail. 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.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Ornamental Fish market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Ornamental Fish market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Ornamental Fish market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Ornamental Fish market?
• Which is the largest regional market for Ornamental Fish market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Ornamental Fish market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Ornamental Fish market worldwide?