February 26, 2024

Home Aquarium Hobby is Driving Strong Growth in the Ornamental Fish Feed Market

The ornamental fish feed market plays a vital role in the thriving home aquarium hobby. Fish foods tailored to optimize the growth, color, and health of aesthetic fish species are in high demand. Ornamental fish feeds contain ingredients like shrimp meal, spirulina, and astaxanthin to enhance fish appearance and vitality.

The global ornamental fish feed market is estimated to be valued at US$ 3.47 Billion 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.

The aquarium fish market has grown substantially as a houseplant pet industry. Brightly colored freshwater and saltwater species adorn many homes and offices worldwide. Proper nutrition is crucial to sustain vibrant fish colonies and reduce mortality. Ornamental fish feeds offer balanced formulations of proteins, vitamins, minerals, and pigments. They eliminate guessing about dietary needs and support strong immune defenses. Owners seeking to breed tropical fish also rely on specialized feeds promoting rapid growth and fertility. The global ornamental fish feed market addresses this rising interest in aquarium fish as attractive decorative pets.

Market key trends:

One of the key trends in the ornamental fish feed market is the growing popularity of vegan and organic feeds. Many aquarists keep fish for relaxation and connection to nature, not just visual appeal. They prefer cruelty-free, sustainably-sourced feeds avoiding animal byproducts. Brands have responded with lines featuring plant-based proteins from peas, soy, and algae. These feeds emphasize probiotics and natural pigments from sources like spirulina. Sustainable organic certification further addresses ethical and environmental concerns in the industry. This emerging “clean feed” segment of the ornamental fish feed market looks poised for strong gains in coming years.

Porter’s Analysis

Threat of new entrants: The ornamental fish feed market has moderate threat of new entrants due to high capital requirement and presence of established players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes.

Threat of new substitutes: Threat from substitutes is moderate as ornamental fish keepers can opt for other types of live feed.

Competitive rivalry: The market is moderately competitive due to presence of numerous regional and international players.

Key Takeaways

The global ornamental fish feed market is expected to witness high growth. The global ornamental fish feed market is estimated to be valued at US$ 3.47 Billion in 2023 and is expected to exhibit a CAGR of 8.5% over the forecast period 2023 to 2030.

Regional analysis: Asia Pacific accounts for the largest share in the global ornamental fish feed market. Growing middle-class population, rapid urbanization, and rising disposable income in countries like China, India have increased the adoption of ornamental fish keeping as hobby and interior d├ęcor.

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. Cargill and Alltech collectively account for over 20% of global market share.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it