Ornamental Fish Market Size, Share & Trends Analysis Report By Product (Tropical Freshwater, Temperate, Marine), By Application (Commercial, Household), By Region, And Segment Forecasts, 2022 - 2030

Report Overview                                                                                                          

The ornamental fish market size was valued at USD 5.4 billion in 2021 and is anticipated to expand at a compound annual growth rate (CAGR) of 8.5% from 2022 to 2030. The growing popularity of colorful decorative fish for aquariums among millennials as part of a luxury lifestyle is predicted to drive business growth. Another factor driving the demand for ornamental fish is their numerous benefits to consumers. For instance, attractive, colorful fishes of peaceful nature such as Goldfish, Guppy, Cory Catfish, and Betta Fish (Siamese Fighting Fish) are kept as pets in confined spaces in aquariums have been proven effective in offering various psychological benefits to consumers of varied age groups, particularly millennials.

The benefits include and are not limited to-reducing stress after a hectic workday. Watching ornamental aqua species glide serenely through the water is known to have a calming and tranquil effect on people. It has been observed that many young consumers are more inclined toward purchasing attractive fish species mainly for decorative purposes owing to their alluring features and differing characteristics. This, in turn, has exponentially fueled the growth of the ornamental fish market. Moreover, the latest technological advancements in the industry, such as pet cameras and automatic filters, have further augmented the desire for the adoption of pets. For instance, monitoring water chemistry in aquariums has been a constant concern for many years, but new in-tank devices can now deliver real-time measurements for everything- from pH levels to water hardness, making it easier to regulate optimum conditions.

Ornamental fish aquariums are turning into tools for educational and emotional development. One may appreciate an aquarium for its fun and interesting design; however, the effects of communicating with nature in such an intimate way are a lot deeper than one might realize. Moreover, the above evidence shows that physical contact with nature stimulates intellectual or cognitive development. In other words, when people observe and interact with an aquarium, their thought-formation and problem-solving skills are strengthened. Beyond emotional development, home fish aquariums serve as a powerful educational tool too.

In addition, the closure of non-essential businesses has been one of the major challenges that faced the market in 2020. The worldwide lockdown as a consequence of the outbreak of COVID-19 has had a cascading effect on establishments housing captive wildlife. Also, the World Trade Organization estimated a fall in world trade between 13% and 32% in 2020 resulting from the disruption of economic activity due to the COVID-19 pandemic. Since over 80% of worldwide trade (in total volume) is being handled by the maritime industry, the estimated downturn in global trade suggests a significant decrease in human-based marine activities.

Aquariums, marine parks, water museums, and others are popular spots for tourists, especially during the spring and summer months; however, these were not a viable option during the lockdown periods. Oakland Zoo in California, U.S. was one of the most hard-hit venues owing to the coronavirus crisis. The facility reported that it has been losing roughly USD 2 million per month since it was forced to close in March 2020.

Application Insights                                              

The commercial segment for ornamental fish is expected to register a CAGR of 8.8% from 2022 to 2030. The growth of ornamental marine livestock culturing, particularly in the Caribbean, North American continent, and Southeast Asia, is also driving the demand for commercial ornamental fishes. According to the American Pet Products Association, the global annual turnover of ornamental freshwater and marine livestock was USD 5 billion in 2018, with an average yearly growth of 8%. Commercial aquariums and reef tanks are used in zoos and oceanariums for displaying marine animals and plants, specifically oceanic or pelagic fishes and mammals.

Zoos and oceanariums offer a public display of ornamental fishes and reefs and are used for the scientific study of marine ecology. Aquariums needed for such purposes are highly specialized to replicate the natural habitat of the species living in them, which, in turn, enhances the overall environment for ornamental fishes. The ornamental fish for the household application segment is expected to register a CAGR of 8.3%. Advancements in smart technologies are also contributing to the growing number of aquarium hobbyists, as newer functionalities such as adjustable lighting, automatic feeding systems, and water treatment systems enable ease of maintenance and greater controllability, which is further encouraging household consumers to adopt ornamental fishes.

Product Insights                                                                                                 

In terms of value, the tropical freshwater fish segment dominated the market and accounted for the largest revenue share of 51.7% in 2021. New pet owners prefer to keep tropical freshwater ornamental fish due to the convenience involved in pet care and the variety of colors these fishes are available in. Some of the best tropical freshwater fish for beginners are Guppy, Molly, Zebra Danio, and many more. In addition, fishes like Guppy, Molly, and Zebra Danio are inexpensive and usually priced between USD 1- USD 6. Guppy and Molly are available in various colors. Zebra Danios are bought in groups of 5 as they are schooling fish and grow highly agitated or stressed without a community.

During the forecast period (2022 to 2030), the marine fishes segment is projected to witness the highest CAGR of 9.4%. Marine species require special care, but they also have an appealing appearance, which is expected to expand the segment's scope in the coming years. Reef aquariums, fish-only aquariums, and fish-only aquariums with live rock are the three types of marine aquariums (FOWLR). Whereas, Triggers, Groupers, Scorpions/Lions, Puffers, Snappers, Squirrels, Hawks, and Tangs are among the aggressive and huge marine species that can be kept in fish-only tanks. Chemical and mechanical filtration aquariums are available to keep these types of fish.

Regional Insights                                                                                          

Europe dominated the market and accounted for the largest revenue share of 39.3% in 2021 and this trend is likely to continue over the forecast period. This is due to the large-scale imports of ornamental fishes from Asian countries such as Singapore, Thailand, and Japan, to meet the region's huge demand for decorative fishes. Because fish keeping is a simple and stress-relieving hobby, ornamental fishes also contribute to import and export activities, as well as foreign exchange. Furthermore, in terms of growth rate, the zoo and aquarium category in the commercial sector is expected to exceed other segments over the forecast period. In the foreseeable years, the high replacement rate of livestock and components in zoos and aquariums is expected to boost the commercial segment’s expansion.

In 2019, Asia Pacific, led by China, Japan, and India, emerged as one of the world’s most important marketplaces for ornamental fish. The increased demand for premium and exotic ornamental fishes might be ascribed to the regional market's expansion. The popularity of fish in Japanese art culture has boosted the demand for a variety of unusual fish species. At Hidetomo Kimura's Art Aquarium Museum 2020 exhibition in Tokyo, for example, over 30,000 live fishes formed a moving psychedelic artwork. Over 30,000 live fishes are on display in water tanks and aquariums of all shapes and sizes as a part of the live art exhibition.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as merger, acquisition, innovation, and new product launches in retail about products to enhance their portfolio offering in the market. Some of the prominent players in the ornamental fish market include

• 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.

Ornamental Fish Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global ornamental fish market on the basis of product, application, and region:

• Product Outlook (Revenue, USD million, 2017 - 2030)

  • Tropical Freshwater

  • Temperate

  • Marine

• Application Outlook (Revenue, USD million, 2017 - 2030)

  • Commercial

  • Household

• Regional Outlook (Revenue, USD million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa