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Global Ornamental Fish Feed Market Forecast:
Global Ornamental Fish Feed Market Size is projected to register a CAGR of 4.8% and reach USD 1,387,281.2 Thousand by 2026. The global Ornamental Fish Feed Market Size is expected to register a notable growth rate during the forecast period. Rising preference for pet fish and construction of aquarium as décor are some of the major factors driving the growth of the market. Also, the rising demand for commercial feed boosts the growth of the Ornamental Fish Feed Market Size. Entrepreneurs venturing into the ornamental fish industry are expected to create a growth opportunity for the market in the coming years. However, fluctuating raw material prices of ornamental fish feed are restricting the growth of the market.
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Ornamental aquaculture is a fast-developing sector that demands innovation and implementation of advanced technologies to promote itself to the next level to compete in the international market. Live food was the only option for early aquarium hobbyists, whereas now they are more often used as a supplement to a commercial diet. Commercial fish feed is formulated to provide aquarium fish with a majority of their basic nutritional needs. Ornamental fishes are characterized by a diversity of colors and patterns. Colour is one of the major factors determining the price of aquarium fish in the global market. Fish, like other animals, do not synthesize carotenoids and depend on dietary carotenoid content for the coloration. Thus, commercial feed is formulated to enhance the coloration along with providing necessary nutrients for health and growth. Also, feed additives used in commercial feed facilitate feed ingestion. Moreover, live fish food is more expensive than processed flakes and pellets. Thus, the rising demand for commercial feed is driving the overall market growth.
Key Players
Market Research Future recognizes Spectrum Brands, Inc. (Tetra) (US), Hikari Sales USA, Inc. (the 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 Key Players in the Global Ornamental Fish Feed Market Size.
Segmental Analysis
Global Ornamental Fish Feed Market Size has been segmented based on Type, Fish Type, and Distribution Channel.
Based on Type, the Global Ornamental Fish Feed Market Size has been divided into processed feed and live feed. In 2019, the processed feed segment dominated the market. The processed feed is an integral part of modern commercial aquaculture. It provides the balanced nutrition required by ornamental fish. The ingredients included in the processed feed are water, proteins, lipids, carbohydrates, and vitamins & minerals. Moreover, pigments are majorly used in processed feed to enhance their flesh and skin coloration, respectively. The processed feed is available in the market in dry form. Flakes, crisps, granules, and pellets are the popular processed feeds among the pet owners of ornamental fish.
Based on fish type, the market is categorized into tropical fishes, goldfish, koi, and others. The tropical fishes segment accounted for the lion’s share in 2019. There are two types of tropical fishes available in the market, such as freshwater tropical fish and saltwater tropical fish. Among these, freshwater tropical fishes are mostly preferred by pet fish owners. Freshwater tropical fishes have gained massive acceptance owing to economical pricing and ease of keeping in aquariums. Cory catfish, guppies, mollies, swordtails, neon tetra, and betta fish are the most popular types of freshwater tropical fishes among pet fish owners. Saltwater tropical fishes are difficult to maintain as compared to freshwater tropical fishes. Also, the saltwater tropical fishes are expensive, which is anticipated to restrict their sales.
Based on the distribution channel, the market is categorized into store-based and non-store-based. The store-based segment is further bifurcated into hypermarkets & supermarkets, specialty stores, and others. The store-based segment garnered a larger revenue share of the global Ornamental Fish Feed Market Size in 2019. The specialty store sub-segment is expected to be the largest as this channel accounts for the maximum sale of ornamental fish feed. Key manufacturers of ornamental fish feed emphasize on promotional activities at different brick and mortar stores to increase product visibility and reach, resulting in the growth of the segment. Pets of ornamental fish prefer store-based channels as they provide a one-stop shopping experience.
Regional Analysis
Geographically, the Global Ornamental Fish Feed Market Size has been categorized as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. As per MRFR analysis, Europe dominated the market, accounting for the largest share in 2019. Asia-Pacific is projected to register the highest CAGR of 5.5% during the forecast period.
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Key Findings of the Study
- The Global Ornamental Fish Feed Market Size is projected to register a growth rate of 4.8% from 2020 to 2026. A rising preference for pet fish is projected to propel the growth of the global market.
- By type, the processed feed segment is estimated to retain its prominent share by 2026.
- By fish type, the koi segment is estimated to register the highest growth rate during the forecast period.
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