by Ornamental fish feed are specially formulated diets for fish bred and kept for ornamental purposes rather than food. These feeds ensure proper nutrition for ornamental fish species and support their vibrant colors and health.
The global Ornamental Fish Feed Market is estimated to be valued at US$ 3.47 Billion in 2024 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 key trends:
The rising trend of pet fish keeping among millennials and generation Z is projected to significantly drive the demand for ornamental fish feed over the forecast period. Keeping aquarium fish is becoming a popular hobby globally due to their calming and aesthetic appeal. Moreover, varied options of brightly-colored freshwater and saltwater tropical fish species available in the market have boosted personal fishkeeping. This has led to higher demand for quality feeds to maintain fish health and colors, thereby propelling the ornamental fish feed market growth.
SWOT Analysis
Strength: Ornamental fish feed can be easily customized as per nutrient requirements of different types of fish. This allows catering to the specific needs of various ornamental fish varieties.
Weakness: High costs associated with R&Dactivities for developing specialized feeds for new ornamental fish varieties. Fluctuations in raw material prices affect the overall production cost of ornamental fish feed.
Opportunity: Growing popularity of aquarium hobby worldwide is anticipated to boost demand for ornamental fish species as well as their specialized feeds. Increasing number of new ornamental fish varieties being introduced each year by breeders offers scope for developing targeted feeds.
Threats: Easy availability of low quality and uncertified ornamental fish feeds in the market can harm fish health. Competition from organic and herbal fish feed products.
Key Takeaways
The global ornamental fish feed market is expected to witness high growth over the forecast period of 2023 to 2030. The global Ornamental Fish Feed Market is estimated to be valued at US$ 3.47 Billion in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region currently dominates the global ornamental fish feed market owing to growing popularity of aquarium hobby in countries like China, India, and Thailand. Countries in Southeast Asia and Latin America are projected to offer lucrative opportunities for market players owing to rising pet fish ownership in the coming years.
Key players
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. These companies are focused on strengthening their distribution network and introducing innovative product formulations to cater to the evolving needs of ornamental fish owners.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
