This study intends to unfurl the multiple facets of global ornamental fish market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Evolving Lifestyle, and Thriving Pet Adoption Trend Favour Ornamental Fish Market Growth
The millennial generation's increased preference for attractive aquarium fish with vibrant colours as part of a high-end lifestyle is primarily driving the growth of ornamental fish market. The numerous advantages that ornamental fish offer consumers also contribute to their high demand. For instance, it has been shown to be effective in providing a variety of psychological benefits to consumers of various age groups, particularly millennials, when attractive, colourful fishes of a peaceful nature are kept as pets in confined spaces in aquariums, such as Goldfish, Guppy, Cory Catfish, and Betta Fish (Siamese Fighting Fish). The advantages include but are not limited to lessening stress following a busy workday. It is well known that watching decorative aquatic species float serenely through the water may soothe and relax people.
Due to their enticing appearances and distinctive traits, it has been found that many young customers are more likely to purchase attractive fish species just for ornamental purposes. In turn, this has helped the ornamental fish market grow exponentially. Additionally, the most recent technical developments in the field such as pet cams and automatic filters, have increased consumer demand for pet adoption. Since new in-tank equipment can now offer real-time measurements for anything from pH levels to water hardness, it is now simpler to maintain ideal conditions. For example, monitoring water chemistry in aquariums has long been a worry. Aquariums with decorative fish are becoming resources for mental and emotional growth. While the design of an aquarium may be enjoyable and engaging, the benefits of having such a close relationship with nature go far deeper than one may think.
Furthermore, the research presented above demonstrates that direct physical interaction with nature fosters intellectual or cognitive development. In other words, people's ability to generate ideas and solve problems is improved when they view and engage with an aquarium. The use of home fish aquariums as a strong educational tool extends beyond emotional development. One of the biggest challenges that the ornamental fish market faced in 2020 was the closure of non-essential enterprises. Tourist destinations including aquariums, marine parks, water museums, and other attractions are well-liked, especially in the spring and summer, but these weren't practical during the times of lockdown. Due to the coronavirus epidemic, the Oakland Zoo in California, US, was among the most severely affected locations. The plant stated that since being forced to close in March 2020, it has been losing over US$2 Mn every month.
Ornamental Fish Market: COVID-19 Impact
Facilities that hold captive species have been negatively impacted by the quarantine established in response to the COVID-19 outbreak. The World Trade Organization also predicts that between 13% and 32% less trade will be conducted globally by 2020 as a result of the COVID-19 pandemic's interruption of economic activity. Since the maritime sector manages more than 80% of all trade (in terms of volume), a decline in marine activity based on people is likely. The liquidation of non-essential businesses would also be one of the sector's main problems in 2020.
Increasing Perception About Live Fish as a Stress and Anxiety Buster to Support Ornamental Fish Market
The advantages of caring for fish may reduce tension while also promoting relaxation. One of the environmental sounds that most people find soothing is the sound of rushing water. The sounds of rivers, rainstorms, and ocean waves are examples of other types of music that can help the mind unwind. Due to the features of this water sound, some people favour fishing in rivers. Instead of catching fish, they can enjoy the tunes and the surrounding beauty. On the other hand, those who like to fish in aquariums can be delighted to add a calming effect to the home. Because when the aquarium has been adorned with rocks and plants, watching the fish swim reduces stress and anxiety.
Increasing Fish Trade, and Habitat Development Contribute Toward Ornamental Fish Market Growth
Both direct and indirect economic activity is produced by aquariums. Direct economic activity includes the money spent by aquariums on the products and services they utilize. Indirect economic activity refers to the positive effects aquariums have on nearby companies like hotels, restaurants, and shops. Increased economic activity results in higher taxes for cities and governments. It is impossible to overestimate the importance of the amateur fishing market. 60% of exports come from underdeveloped nations, thus the ornamental industry supports them. While collectors in the Philippines have few employment opportunities, this sector of the business in Amazonas, Brazil, accounts for 60% of the local economy. However, some financial advantages are now offered by the capture business.
Diverse Dangerous Infections Discovered in Fish May Remain a Longstanding Challenge Facing Ornamental Fish Market
Many of the bacteria found in the fish, including Aeromonas, Pseudomonas, Staphylococcus, and others, can infect both fish and humans. Miller-Morgan claims that antibiotic resistance has been a growing problem for some time. Due to the nature of the resistance, antibiotics may lose their effectiveness. He said that instances of illness transfer from fish to people have been documented but are uncommon. He stated anyone with a fragile or damaged immune system should be particularly cautious and should discuss tropical fish management with their doctor if they have such medical concerns.
Commercial Segment Remains Dominant in Ornamental Fish Market Owing to Expansion of Ornamental Marine Animal Farming
From 2022 to 2027, the commercial ornamental fish market is anticipated to grow at the greatest CAGR. The demand for commercial ornamental fish is also being driven by the expansion of ornamental marine animal farming, particularly in the Caribbean, North America, and Southeast Asia. According to the American Pet Products Association, ornamental freshwater and marine livestock had a global annual turnover of US$5 Bn in 2018, growing by an average of 8% each year. Zoos, and oceanariums use commercial aquariums and reef tanks to exhibit marine life, particularly pelagic or oceanic fish and mammals. The public can view decorative fish and reefs in zoos, and oceanariums, which are also used to conduct scientific research on marine ecology. The environment for ornamental fish is improved by the highly specialized aquariums required for these uses since they accurately imitate the natural habitat of the species that live there. It is anticipated that the ornamental fish market for residential applications will expand significantly. Newer functionalities like adjustable lighting, automatic feeding systems, and water treatment systems provide ease of care and greater control, which further encourages domestic consumers to adopt ornamental fish, and they are contributing to the expanding number of aquarium hobbyists.
Easy to Pet Tropical Freshwater Category Prominent in Ornamental Fish Market
Tropical freshwater fish dominated global ornamental fish market in terms of value and accounted for the greatest revenue share (51.7%) in 2021. Due to the ease of pet care and the range of colours available for these fish, new pet owners prefer to keep tropical freshwater ornamental fish. Guppy, Molly, Zebra Danio, and many other tropical freshwater fish are among the finest for beginners. Additionally, affordable fish like the guppy, molly, and zebra danio often cost between US$1 and US$6. Guppy and Molly come in a variety of hues. Zebra Danios are purchased in packs of five since they are schooling fish and become quite agitated or anxious when left alone. The marine fish segment is anticipated to experience the fastest growth as marine species have unique needs but also have a pleasing appearance, which is anticipated to broaden the segment's focus in the years to come. The three types of marine aquariums are reef aquariums, fish-only aquariums, and fish-only aquariums with live rock (FOWLR). However, among the powerful and violent marine species that can be kept in tanks with only fish are triggerfish, groupers, scorpionfish, lionfish, pufferfish, snapper fish, squirrelfish, and tangs. These kinds of fish can be kept in aquariums with chemical and mechanical filtration.
Europe Leads the Pack in Ornamental Fish Market, Import from Asian Countries Soars
In 2021, Europe dominated global ornamental fish market and is expected to keep up with this trend over the projected period. This is a result of the extensive importation of ornamental fish from Asian nations like Singapore, Thailand, and Japan to satisfy the region's enormous demand for ornamental fish. Ornamental fishes also contribute to import and export activities, as well as foreign exchange, because keeping fish is a simple and stress-relieving hobby. Additionally, the commercial sector's zoo and aquarium category is anticipated to increase faster than other categories during the projected period. The high replacement rate of animals and equipment in zoos and aquariums is anticipated to increase the commercial segment's growth over the next few years.
The Asia Pacific, dominated by China, Japan, and India, became one of the most significant markets for ornamental fish in 2021. It is possible to attribute the rising demand for high-end and exotic ornamental fish, in turn boosting the local ornamental fish market. The desire for a variety of odd fish species has increased due to the prevalence of fish in Japanese art culture. For instance, at Hidetomo Kimura's Art Aquarium Museum 2020 event in Tokyo, over 30,000 live fish came together to create a moving psychedelic piece of art. The live art exhibit features more than 30,000 live fish on display in water tanks, and aquariums of various shapes and sizes.
Global Ornamental Fish Market: Competitive Landscape
Few of the players in the ornamental fish market include Aqua Nautic Specialist (ANS) Pte Ltd, Tropical Fish International Pte Ltd, Sunbean Aquarium Pte Ltd, Sanyo Aquarium (Pte) Ltd, Qian Hu Fish Farm Trading, AlgaeBarn LLC, BioAquatix.com, Imperial Tropicals, Inc., Oasis Fish Farm Co., and Sagar Fish Aquarium.
Global Ornamental Fish Market is Segmented as Below:
By Point of Sale
Key Elements Included In The Study: Global Ornamental Fish Market
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