Ornamental Fish Feed Market Size, Key Players, Industry Scope, & Forecast Analysis By 2030
Key Boosters and Challenges:
Rise in global fish consumption paired with the growing
number of disease outbreaks have raised the need for better quality feeds.
Feeds are being instilled with nutrition enhancers that can improve the
performance and health of fish. As a result, these products indirectly affect
the characteristics of human food products. Consumption of feeds that contain
sufficient nutrients leaves a positive impact on the aquaculture, including
improvement in reproduction and digestion. The rising preference for fish
products across the globe could also buttress the market growth in the ensuing
years. Rising spending on extensive research and development/R&D to boost
food fortification techniques can also give rise to a host of lucrative
opportunities over the coming years.
Over the years, the retail sector has become quite lucrative
on the back of the increasing purchasing capacity of the consumers due to
rising per capita income, industrialization as well as globalization, which has
led to a major demand for a variety of ornamental fish. On the technical front,
various key manufacturers have been increasingly adopting automated systems for
complete control of their extensive production lines. The use of automation
systems is helping the firms to bolster their production rate, track inventory,
boost operator efficiency, and monitor every high-speed process. Therefore,
fortified supply chains of the leading firms in the market have also been
favorable, in terms of growth.
Ornamental Fish Feed Market Overview:
Ornamental
Fish Feed Market Size is projected to reach USD 5.6 billion by
2030, at a CAGR of 8.6% from 2022 to 2030, states Market Research Future
(MRFR).
Regional Outlook:
Europe, Asia Pacific (APAC), North America, along with RoW
(Rest-of-the-World) are the main markets for Ornamental Fish Feed Market across
the world.
Europe is the top gainer in the global market with the
highest share of 34.42%, reveals MRFR. The extensive study also says that the
European market for ornamental fish feed would capture a growth rate of 4.4%
during the conjectured period and will retain its prime position thanks to the
surging outdoor as well as indoor pet fish owners. In 2020, the outdoor and
indoor pet fish owners in the United Kingdom touched close to 18 million,
contributing almost 17% of the total pet population, evaluates Pet Food
Manufacturer Association.
Asia Pacific can expect to garner the fastest CAGR of 5.5%
between 2020 and 2027. China is the biggest consumer and producer of fish and
us witnessing immense urbanization backed by the rapid economic growth. These
factors have placed the country at the vanguard of the regional market. India,
Vietnam and Indonesia are also emerging as strong contenders, thanks to the
evolving lifestyles paired with the surge in disposable income of the consumers
and rising ownership of ornamental fish as pets.
In 2018, Europe grabbed a total share of 25.02% in the global
market, thanks to significant contributions from Germany, Russia, Spain and
France. The region is presumed to record an expansion rate of 4.39% over the
evaluation period, owing to the rising need for top quality pet food along with
the large-scale production of broiler feed, swine feed and aqua feed.
Top Competitors:
Taiyo Feed Mill Private Limited (India), Ridley Corporation
Limited (Australia), Hartz Mountain Corporation (US), Hai Feng Co. Ltd (China),
San Fransico Bay Brand Inc. (US), Zoo Med Laboratories Inc. (US), Tianjin
Dongjiang food co., Ltd (China), Sera GmbH (Germany), Northfin Fish Food
(Canada), Ocean Star International (OSI) (US), Kaytee (US), Spectrum Brands,
Inc. (Tetra) (US), Ocean Nutrition (US), Hikari Sales USA, Inc. (US) are the
major Ornamental Fish Feed Market manufacturers that have been profiled in the
MRFR research study.
Segmental Analysis:
Key types of Ornamental
Fish Feed Market Overview sold in the global include processed feed
as well as live feed. The processed feed segment took the lead in 2019.
Depending on fish type, the global industry has been
categorized into goldfish, tropical fishes, koi, and more.
Store-based along with non-store-based are the major
distribution channels. The types of store-based channels in the market are
specialty stores, hypermarkets & supermarkets, and others. In the lead is
the store-based segment, having attained the highest share in the global
market.
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