Global Ornamental Fish Feed Market Overview:
Global ornamental fish feed market size is projected to register a CAGR of 8.6% and reach USD 5.6 billion by 2030.
Market Dynamics:
Ornamental aquaculture is a rapidly developing sector, requiring innovation and the deployment of advanced technologies to advance to the next level in order to compete in the international market. During the forecast period, the global market for ornamental fish feed is expected to register a notable growth rate. Some of the major factors driving market growth are the increasing preference for pet fish and aquarium construction as decoration. The export of various ornamental fish from the tropical and subtropical regions of the world has increased due to the increasing demand for ornamental fish. Moreover, live fish food is more exclusive than processed flakes and pellets. The growing demand for commercial feed is thus driving the overall growth of the market. The rising demand for commercial feed is also boosting the growth of the market for ornamental fish feed. In the coming years, entrepreneurs venturing into the ornamental fish sector are expected to create a growth opportunity for the market. Different governments are focusing on different initiatives to promote the ornamental fisheries sector, which are expected to fuel market growth in turn. It is expected that this will create a conducive environment for market growth.
However, fluctuating prices of ornamental fish feed for raw materials are constraining market growth. The growth of the Ornamental Fish Feed Market could be deterred by strict standards and regulations by numerous government organizations regarding the sale of various such fishes.
Segmental Analysis:
Global Ornamental Fish Feed Market has been segmented based on Type, Fish Type, and Distribution Channel.
Based on Type, the Global Ornamental Fish Feed Market has been divided into the processed feed and live feed. In 2019, the processed feed segment led the market. It is perceived that packaged foods are growing significantly in the global market, particularly flakes that are readily available on the market. An important part of modern commercial aquaculture is refined feed.
The industry is divided into goldfish, tropical fish, koi, and others on the basis of the fish type. The lion's share in 2019 was compensated for by the tropical fish segment. The most preferable type of ornamental fish owned by the hobbyist as a pet is goldfish. They also have versatile dietary habits due to their many beneficial properties, such as low maintenance costs. Furthermore, goldfish are readily available, affordable and are one of the cheapest types of ornamental fish found around the globe. These fish eat refined foods, such as pellets and flakes, to a large degree, which will improve the global demand considerably.
The industry is divided into store-based and non-store-based, depending on the sales channel. In 2019, the store-based division received a greater sales share of the overall demand for ornamental fish feed. As this channel accounts for the highest selling of ornamental fish feed, the specialty store sub-segment is projected to be the strongest. Primary producers of ornamental fish feed prioritize the promotional efforts of the numerous brick and mortar stores in order to improve the exposure and scope of the items, resulting in the development of the market.
Competitive Landscape:
Market Research Future recognizes Spectrum Brands, Inc. (Tetra) (US), Hikari Sales USA, Inc. (US), Ridley Corporation Limited (Australia), Northfin Fish Food (Canada), Hartz Mountain Corporation (US), Sera GmbH (Germany), Hai Feng Co. Ltd (China), San Fransico Bay Brand Inc. (US), Zoo Med Laboratories Inc. (US), Tianjin Dongjiang Food Co., Ltd (China), Taiyo Feed Mill Private Limited (India), Ocean Star International (OSI) (US), Kaytee (US), and Ocean Nutrition (US) as the Global Key Ornamental Fish Feed Market Players.
Regional Appraisal:
Geographically, North America, Europe, Asia-Pacific, Latin America and the Middle East Africa have been listed as the Global Ornamental Fish Feed Market.
Europe led the market, accounting for the majority share in 2019, as per MRFR research. During the forecast period, Asia-Pacific is forecast to report the highest CAGR of 5.5 percent. Thanks to the growing outdoor and indoor pet fish community, Europe is projected to hold a prime role in the global market.
In the ornamental fish feed industry, Asia Pacific is anticipated to be the fastest growing area. The development is mostly due to the increase in exports of ornamental fish across the globe. Accordingly, the rise in the commercial activity of ornamental fish will increase the demand for ornamental fish feed, such as live food, canned food and frozen food, among other products, while expecting a substantial share of the global market.
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