Ornamental fish feed includes various types of processed nutrition rich powder, flakes, granules or pellets consumed by ornamental fishes kept for aesthetic and commercial purpose in aquariums. Ornamental fish feed helps in maintaining good health and attractive appearance of fishes.
The global Ornamental Fish Feed Market is estimated to be valued at US$ 3.47 Bn or Mn 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 key trends:
One of the key trends driving the ornamental fish feed market growth is widespread adoption of aquariums as a hobby. Keeping fish in aquariums has become a popular hobby worldwide. To keep the fish healthy and attractive, quality balanced ornamental fish feed is important. This is contributing to the increasing demand and market growth of ornamental fish feed products.
SWOT Analysis
- Strength: Ornamental fish feed market provides high quality nutrition products for ornamental fish which helps in their healthy growth. These feeds also come in various forms like flakes, granules, tablets, etc. making it convenient for owners to feed different types of ornamental fishes.
- Weakness: High costs associated with research & development of specialized nutrient feeds for different types of ornamental fishes. Maintaining quality standards across product lines is also a challenge.
- Opportunity: Growing popularity of keeping aquarium fishes as pets worldwide offers huge market opportunity. Product innovation focusing on organic/natural ingredients can unlock new customer segments.
- Threats: Strict regulations around ingredients used in aquatic feeds. Competition from local aquarium feed manufacturers offering lower cost products.
Key Takeaways
The global ornamental fish feed market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing pet adoption globally. Aquarium fish keeping is a popular hobby worldwide and specialized feeds are important for fish health.
Asia Pacific dominates the ornamental fish feed market currently accounting for over 35% share majorly due to strong market presence in China, Vietnam and Thailand. These countries are top producers as well as major exporters of ornamental fish globally. North America and Europe are other major ornamental fish farming regions driving significant market demand.
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. Manufacturers are focusing on developing cost effective and nutrient dense feeds suitable for different fish species.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it and promotion to expand market reach.
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