February 24, 2024

Ornamental Fish Feed Market is Expected to be Flourished by High Demand for Ornamental Fish Keeping

The ornamental fish feed market includes various products made from high-quality proteins sources to nourish ornamental fish kept as pets at homes or at public aquariums. Ornamental fish feed products come in different forms including flakes, pellets, granules and tablets and contain essential nutrients to support the health and vibrancy of ornamental fish species like guppies, goldfish, neon tetras, angelfish etc. The increasing popularity of ornamental fish keeping as a fun hobby has boosted the cultivation of various fish species globally. Fish farmers are opting for specialized feeds to maintain optimum quality of fish grown for sale.

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 Dynamics:

High demand for ornamental fish keeping and growing population of fish keepers are primarily driving the ornamental fish feed market. As per data, fish keeping has become increasingly popular as a relaxing pastime worldwide. Moreover, use of premium quality feeds ensures healthy fish growth and reduces mortality rates. This motivates farmers to opt for scientifically formulated feeds. Fish feed producers are introducing innovative feed products tailored to match the nutritional demands of different ornamental fish species. They are also producing merchandise in various quantity packs to appeal hobbyists as well as commercial farms. Rising income levels in emerging nations will facilitate greater demand for aesthetically appealing aquarium fish and concurrent requirement for associated feeds.

Segment Analysis

The global ornamental fish feed market is dominated by the freshwater fish feed segment. Freshwater ornamental fish such as goldfish, betta fish, guppies, platies and mollies are among the most popular choice of pet owners globally. According to surveys, nearly 70% of all ornamental fish kept as pets worldwide are freshwater fish. The demand for dedicated feed suitable for freshwater fish is therefore significantly higher than that of marine or saltwater fish feed.

PEST Analysis

  • Political: Regulations surrounding feed quality and safety are growing more stringent worldwide. This is prompting key players to invest in R&D to develop scientifically balanced yet affordable fish feeds.
  • Economic: Rising incomes and growing popularity of aquarium hobby is driving sales of ornamental fish and related accessories such as food. Rapid urbanization is also creating new demand centers.
  • Social: Younger generations are showing increasing interest in ornamental fish keeping. Social media is playing a role in popularizing exotic varieties of fish and influencing feed purchasing decisions.
  • Technological: Manufacturers are leveraging technologies such as nanotechnology and micro-encapsulation to enhance the nutrient delivery capabilities of fish feeds while reducing wastage. UV and heat-stable feeds are also gaining traction.

Key Takeaways:

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 currently dominates the market and is expected to retain its pole position through 2030 led by strong demand from China, India, Indonesia and other Southeast Asian countries.

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. Key players: The global ornamental fish feed market is concentrated in nature with the top 5 players accounting for over 40% share. Alltech Inc., Ocean Star International and Cargill are the leading ornamental fish feed manufacturers globally.