Global Ornamental Fish Feed Market Overview
The Ornamental Fish Feed Market industry witnessed a market size of USD 2.9 billion in 2022, and significant growth is on the horizon, with projections soaring from USD 3.2 billion in 2023 to an impressive USD 6.1 billion by 2032. This anticipated trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 8.60% during the forecast period spanning from 2023 to 2032. Driving this growth are key factors such as the evolution of aquariums featuring cutting-edge designs and the increasing desire among millennials for vibrant ornamental fish in aquariums.
The global ornamental fish feed market is poised for notable growth, driven by the rising preference for pet fish and the construction of aquariums as decorative elements. The market is also witnessing increased demand for commercial feed, further propelling its expansion. Entrepreneurs entering the ornamental fish industry are expected to create growth opportunities in the coming years. However, fluctuating raw material prices for ornamental fish feed pose a challenge to sustained market growth.
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Ornamental aquaculture is a rapidly developing sector that requires innovation and the implementation of advanced technologies to compete in the international market. While live food was the only option for early aquarium hobbyists, it is now often used as a supplement to a commercial diet. Commercial fish feed, formulated to provide aquarium fish with the majority of their basic nutritional needs, plays a crucial role in enhancing the coloration of ornamental fishes, a key determinant of their market price. The dependence of fish on dietary carotenoid content for coloration makes commercial feed essential for promoting vibrant colors, along with providing necessary nutrients for health and growth. Moreover, the use of feed additives in commercial feed facilitates feed ingestion, contributing to overall market growth. The increasing preference for commercial feed over live fish food, which tends to be more expensive, is a driving factor in the market’s expansion.
Segmental Analysis:
The Global Ornamental Fish Feed Market share is segmented based on Type, Fish Type, and Distribution Channel.
-
Type:
In 2021, the processed feed segment dominated the market, offering balanced nutrition required by ornamental fish. Processed feed, available in dry forms such as flakes, crisps, granules, and pellets, plays a significant role in modern commercial aquaculture.
- Processed Feed
- Live Feed
-
Fish Type:
The tropical fishes segment accounted for the majority share in 2021, with freshwater tropical fishes being the preferred choice among pet fish owners due to their economical pricing and ease of keeping in aquariums.
- Tropical Fishes
- Goldfish
- Koi
- Others
-
Distribution Channel:
The store-based segment, particularly specialty stores, garnered a larger revenue share in 2021, with key manufacturers emphasizing promotional activities to increase product visibility.
- Store-Based
- Hypermarkets & Supermarkets
- Specialty Stores
- Others
- Non-Store-Based
- Store-Based
Regional Analysis:
Geographically, Europe dominated the Global Ornamental Fish Feed Market in 2021, holding the largest market share. Asia-Pacific is projected to register the highest Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period.
Key Players:
Key players in the market include Spectrum Brands, Inc. (Tetra), Hikari Sales USA, Inc., Ridley Corporation Limited, Northfin Fish Food, Hartz Mountain Corporation, Sera GmbH, Hai Feng Co. Ltd, San Fransico Bay Brand Inc., Zoo Med Laboratories Inc., Tianjin Dongjiang Food Co., Ltd, Taiyo Feed Mill Private Limited, Ocean Star International (OSI), Kaytee, and Ocean Nutrition.
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Key Findings of the Study:
- The Global Ornamental Fish Feed Market is projected to register a growth rate of 8.6% from 2022 to 2030, driven by the rising preference for pet fish.
- The processed feed segment is estimated to retain its prominent share by 2030.
- The koi market segment is estimated to register the highest growth rate during the forecast period.
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