GVR Report cover Reef Aquarium Market Size, Share & Trends Report

Reef Aquarium Market Size, Share & Trends Analysis Report By Product (Component, Natural), By End Use (Household, Zoo & Oceanarium), By Region (Europe, Asia Pacific), And Segment Forecasts, 2021 - 2028

  • Report ID: GVR-4-68038-395-9
  • Number of Pages: 87
  • Format: Electronic (PDF)

Report Overview

The global reef aquarium market size to be valued at USD 11 billion by 2028 and is expected to grow at a compound annual growth rate (CAGR) of 10.7% during the forecast period. Growing millennials’ interest in colorful ornamental fish for aquariums as a part of a luxury lifestyle is expected to remain a key factor for the market growth. The COVID-19 pandemic affected the market as a result of strict lockdown across various regions and the temporary closure of non-essential businesses. However, with a rise in the number of companion animal owners during the pandemic, the market will have significant growth. Moreover, fish tanks occupy a lot less space, which also has been driving the demand. This trend is creating several growth opportunities for the market in the residential sector.

U.S. Reef Aquarium Market size, by product

The rising popularity of pet adoption across countries drives the penetration and growth prospects for reef aquariums. According to Insurance Information Institute, Inc., it has been estimated that there are over 128 million households in America and more than 85 million of them own a pet, with dogs, cats, and fish being the most popular.

Technological advancements in the pet care industry, such as pet cameras and automatic filters, have further augmented the market growth. Modern technology has made it easier than ever to cultivate and maintain a thriving aquarium at home. 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.

Reef Aquarium Market Trends

The market for reef aquariums is being driven by the growing knowledge of the health advantages of aquarium ownership. Having a home aquarium has many benefits, including improved heart health, better sleep, and stress reduction. Reef aquariums help to increase focus and creativity while easing pain and anxiety. As a result, the industry is expanding as more individuals become aware of the benefits of owning reef aquariums.

A significant driver of market expansion is the growing interest among millennials in the colorful aquarium as a component of a luxurious lifestyle. Due to the COVID-19 pandemic, there was a strict lockdown in several areas, and non-essential companies had to temporarily close. However, the industry experienced significant growth due to an increase in pet owners during the pandemic. Additionally, fish tanks take up a lot less room, which has also been boosting demand.

The main issues with the reefs are related to their mobility. As productive reefs have disappeared and governments have learned about the fishing practices and started to impose laws limiting cyanide usage and explosives. Numerous exporting nations are aware of the risks involved by the trade-in coral and have taken steps to reduce those risks. These factors are expected to hinder the market. Moreover, the cost associated with these aquariums is another major factor restraining the market.

As individuals look to highlight showpieces to showcase in a room, growing innovation in aquariums with cutting-edge designs is aiding the industry’s expansion. The two most well-liked and rising trends that support market expansion are planted tanks and aquascaping. The trend to use these aquariums as decorative items is anticipated to provide lucrative opportunities.

Product Insights

The component aquarium segment accounted for the largest revenue share of 47.0% in 2020 and is expected to maintain its dominance over the forecast period. The rising trend of advancement of fish aquarium tanks has supported a great amount of product growth and market dominance in this segment. The component aquarium includes products, such as display tanks, lighting, heating & cooling products, water movement, and filtration units.

New product developments have a variety of different spectrums and intensities in-tank lighting, which contribute to the segment growth. For instance, Lunar LEDs opened up an entirely new realm of tank lighting providing gentle illumination in the right spectrum for nocturnal tank inhabitants. Also, siphon hoses and gravel vacuums can now be attached directly to a sink setup to drain or fill a tank for easy cleaning and maintenance.

Natural aquarium is anticipated to be the fastest-growing product segment from 2021 to 2028. Due to the growing awareness about sustainable practices and conservation of the living environment of various saltwater aquatic species, natural reef aquarium is gaining attraction. Furthermore, these aquariums are closer to natural coral elements and provide a healthier environment for organisms and flora to survive.

End-use Insights

Household was the largest end-use segment in 2020 with a revenue share of 43%. Household use of reef aquariums is on the rise as these improve the aesthetics of a residential environment. Economic growth-led household income rise is also a key factor defining the nature of aquariums procured by the populace of a particular region.

Advancements in smart technologies are also contributing to the growing number of aquarium hobbyists. For instance, Sr. Director of Marketing for Spectrum Brands, during a roundtable interview with Pet Product News, mentioned that this aforementioned trend, along with advanced design trends (aquariums as a feature of home décor), is among the key factors consistently driving sales from the household segment.

Global Reef Aquarium Market share, by end use

Zoo & oceanarium is anticipated to be the fastest-growing end-user segment at a CAGR of 11.5% from 2021 to 2028. Aquariums used in zoos and oceanariums consist of saltwater aquariums and reef tanks. These aquariums are used for displaying marine animals & plants, specifically oceanic or pelagic fish and mammals. Moreover, public interest in visiting oceanariums and aquatic zoos as a leisure activity has propelled the development of major oceanariums across the world, thereby supporting market growth.

Regional Insight

Europe accounted for the largest revenue share of over 32.2% in 2020. Several coral farms are being developed in the region and reef livestock are exported or sold to individual and specialized stores at around USD 5 to 150 per piece, on average. For instance, A Galician FLAG has supported the creation of Europe’s first commercial coral farm, growing approximately 5,000 corals annually and attracting school trips from around the area. This is expected to support the growth of the Europe regional market.

Reef Aquarium Market Trends by Region

Asia Pacific is projected to register the fastest CAGR from 2021 to 2028. A rise in demand for premium and exotic aquarium fish coupled with the increasing prominence of fish in the Japanese art culture supports market growth in this region. For instance, over 30,000 live fish created moving psychedelic artwork at Hidetomo Kimura’s Art Aquarium Museum 2020 exhibition in Tokyo. The live art exhibition features over 30,000 live fish that are displayed in water tanks and aquariums of different shapes and sizes.

Key Companies & Market Share Insights

The market is characterized by the presence of a few well-established and several small- and medium-scale players. Manufacturers highly focus on product development and consequent differentiation. For instance, in October 2020, Aqua Design Amano launched DOOA Magnet Light G and Stand for Magnet Light G. The lighting systems are equipped with 20 white LED lights to make the color of plants look vivid in its compact body. This product launch gave the company a competitive advantage based on product differentiation.

Recent Developments

  • In June 2022, Corci, an Italian company, announced the addition of the Amtra branded cooling fan into its product portfolio. This aims to provide solution cooling solutions in the water due to hot summers.

  • In April 2022, Tropical Marine Center, Ltd. announced the invention of the world’s first biobank that contains living corals. This invention aims to leverage private and public aquariums around the world.

Some of the key companies in the global reef aquarium market are:

  • Jebao Co. Ltd.

  • API Fish Care

  • EHEIM GmbH & Co. KG

  • Aqua Design Amano

  • Taikong Corp

  • OASE GmbH

  • Tropical Marine Centre Ltd.

  • Arcadia Aquatic

  • Interpret Ltd.

Reef Aquarium Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 5,498.9 million

Revenue forecast in 2028

USD 11.0 billion

Growth rate

CAGR of 10.7% from 2021- 2028

Base year for estimation

2020

Historic data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segment covered

Product, end-use, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; China; India; Brazil

Key companies profiled

Jebao Co. Ltd.; API Fish Care; EHEIM GmbH & Co. KG; Aqua Design Amano; Taikong Corp.; OASE GmbH; Tropical Marine CentRE Ltd.; Arcadia Aquatic; Interpret Ltd.

Customized scop

Free report customization (equipment up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Reef Aquarium Market Segmentation

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 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global reef aquarium market report on the basis of product, end-use, and region:

Global Reef Aquarium Market Segmentation

  • Product Outlook (Revenue, USD Million, 2016 - 2028)

    • Natural

    • Artificial

    • Component

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Household

    • Commercial

    • Zoo & Oceanarium

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • India

      • China

    • Central & South America

      • Brazil

    • Middle East & Africa

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