Ornamental Fish Market Size, Share & Trends Analysis Report By Product (Tropical Freshwater, Temperate, Marine), By Application (Commercial, Household), By Region, And Segment Forecasts, 2022 - 2030

Ornamental Fish Market Size, Share & Trends Analysis Report By Product (Tropical Freshwater, Temperate, Marine), By Application (Commercial, Household), By Region, And Segment Forecasts, 2022 - 2030

Ornamental Fish Market Growth & Trends

The global ornamental fish market size is anticipated to reach USD 11.3 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.5% from 2022 to 2030. Consumers have been observed to be more inclined toward purchasing ornamental fish due to their attractive features and colors. This trend has been driving the demand for aesthetically appealing species with unique characteristics. Ornamental fish can have a calming effect on the surroundings and as a result, these tiny creatures have become an important feature in home decor. The attachment theory applies to human-animal relationships as well, with findings suggesting that both humans and animals can serve as attachment figures and provide feelings of comfort and safety during times of uncertainty or stress.

Moreover, some of the health benefits of keeping fish are stress relief, anxiety relief, calmness, controlled heart rates, and mood enhancement. In fact, aquariums also help ease symptoms in Alzheimer's patients. Several research studies have shed light on the benefits of viewing fish in an aquarium. For instance, a study of older adults conducted by the National Center for Biotechnology Information (NCBI), part of the U.S. National Library of Medicine, in 2019, watching either live fish in an aquarium or a similar videotape, found a decrease in the physiological markers of stress when compared to those watching a placebo videotape.

The continuous expansion of luxury hotels, restaurants, amusement parks, and entertainment and leisure centers showcasing beautiful ornamental fish aquariums is also likely to positively affect the market. The most anticipated luxury hotel brands to be opening in 2021 include Auberge, Four Seasons, Kimpton, Mandarin Oriental, Montage, Nobu Hotels, and Ritz Carlton, which is most likely to uplift the demand for ornamental fish and related aquatic biota for enjoyment purposes. Furthermore, with restrictions worldwide and economic disruptions across countries, the governments of various countries supported the industry with various relief and recovery funds.

For instance, the Australian Government has established a USD 1 billion COVID-19 Relief and Recovery Fund to support regions, communities, and industry sectors that have been disproportionately affected by the coronavirus crisis. The initiatives announced under the fund are supporting industries such as aviation, agriculture, fisheries, tourism, and the arts. These include initiatives such as the Temporary Waiver of Environmental Management Change for the Great Barrier Reef Marine Park and Renewing Reef HQ Aquarium.

Ornamental Fish Market Report Highlights

• The market is expected to witness a CAGR of 8.5% from 2022 to 2030. The appealing, colorful, and peaceful ornamental fish kept as pets in aquariums provides a variety of psychological advantages to customers of all ages, particularly millennials. This, in turn, is likely to propel their demand
• The tropical freshwater segment accounted for the largest revenue share of 51.8% in 2021 and is expected to expand at a CAGR of 8.2% from 2022 to 2030. It has been observed that consumers are more inclined toward purchasing freshwater fish species due to their high biodiversity, attractive features, and other characteristics
• The household application segment accounted for the largest revenue share of 71.3% in 2021. Consumers have significantly increased their spending on at-home projects and one of those projects is building a reef tank and adopting pets like ornamental fish. As people have been staying at home for longer durations since the spread of covid-19, the popularity of pets has increased, with more people seeking animals for companionship and to reduce stress
• Europe accounted for the largest revenue share of 39.0% in 2021. The purchasing power of consumers in the region is relatively higher compared to that in other regions of the world. As a result, the market is expected to witness steady growth in the region over the forecast period. Consumers here have shown a higher affinity for more expensive exotic saltwater species and corals