by Ornamental fish feed are specifically formulated to meet the nutritional requirements of ornamental fish species kept in aquariums and water gardens. Wide variety of ornamental fish feed are available in the market in the form of flakes, granules, pellets, tablets, sticks, frozen food, and dried food. Popular ornamental fish species fed commercially manufactured food include goldfish, koi, tropical freshwater fish, saltwater fish, Japanese fighting fish, and tetra fish.
The Ornamental Fish Feed Market is estimated to be valued at US$ 3.47 Bn in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing popularity of keeping aquarium fish as domestic pets is a major factor driving growth of the ornamental fish feed market. Growing adoption of ornamental fishkeeping as a leisure and stress-relieving activity is supporting the market expansion. Furthermore, rising prominence of online retailing channels for ornamental fish and aquarium supplies is providing boost to the market. Online retailers offer wide assortment of ornamental fish feed products along with doorstep delivery and convenient payment options, thereby attracting more consumers. Additionally, growing adoption of biofloc technology for commercial ornamental fish farming is augmenting demand for high-quality feed products. This technology involves rearing fish in a close, self-contained production system where the biological filters convert fish wastes into a food source for fish.
Segment Analysis
The global ornamental fish feed market is dominated by the pellet sub-segment. Pellet fish feed accounts for over 60% of the market share as it provides balanced nutrition to ornamental fishes. Feed pellets allow controlled dispersion of feed and prevent wastage. They also provide proper dietary balance essential for fish growth and good health. Other forms of fish feed such as flakes, granules, frozen and freeze-dried are also available but pellets are preferred by cultivators and hobbyists as they dissolve gradually and do not pollute aquarium water.
PEST Analysis
- Political: The ornamental fish industry is positively impacted by wildlife protection laws enacted by governments globally. Regulations control overfishing, habitat degradation, and trade of endangered species.
- Economic: Rising disposable incomes, growth of pet adoption culture, and online retail boom are fueling demand for ornamental fishes and associated products like specialized feeds. The industry witnesses high growth in developing economies.
- Social: Changing lifestyle preferences and popularity of aquascaping as a hobby are driving social trends favorable to the ornamental fish feed market. Fish keeping helps in stress relief and connects people socially online and offline.
- Technological: Researchers are developing novel feed formulations incorporating plant-based proteins and microbial supplements to enhance fish immunity and performance. Digital technologies aid in remote monitoring of water quality and feeding patterns.
Key Takeaways
The global ornamental fish feed market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period of 2023 to 2030, due to increasing pet adoption and aquarium hobbyism.
The market size for 2023 is estimated to be US$ 3.47 Bn. Asia Pacific holds the largest share of over 35% of the ornamental fish feed market currently led by China, Thailand, and Vietnam. These countries have ideal climatic conditions for breeding ornamental fish and export globally.
Key players operating in the ornamental fish feed market are Alltech Inc., Ocean Star International, Inc., Cargill Incorporated., Hai Feng Feeds Co., Ltd., Taiyo Group, Sera GmbH, AlgaSpring B.V., PT Central Proteina Prima Tbk, and Tianjin Dongjiang food co., LTD. Cargill and Alltech account for over 20% share due to their integrated operations and wide distribution networks worldwide.
