Key Ornamental Fish Feed Market Players, Rising Trends, Growing Demand and Business Outlook Till 2030
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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