The Global Ornamental Fish Feed Market Growth Accelerated by Rising Demand for Ornamental Fish

 

Ornamental fish feed are specially formulated food for ornamental fish primarily used in aquariums and aquacultures. Ornamental fish feed provides balanced nutrition and vitamins to fish for their healthy growth. The global ornamental fish feed market comprises products such as dry pet food, wet pet food, and veterinary diets for goldfish, koi, tropical fishes, and others. The global ornamental fish feed market provides greater revenue generation opportunities for manufacturers as the popularity of keeping pet fishes is growing rapidly among millennial and urban population.

The global ornamental fish feed market is estimated to be valued at US$ 3.47 Bn 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 growth of the ornamental fish feed market is the rising demand for ornamental fish keeping as pets. Keeping ornamental fishes is becoming a popular hobby and way to relax among urban population globally. This has propelled the demand for specially formulated high-quality ornamental fish feeds. Moreover, the increasing awareness about water parameters, tank maintenance, and proper nutrition for fish health has also fueled the adoption of ornamental fish feeds. Manufacturers are focusing on developing organic, probiotic-enriched, and scientifically balanced feeds. They are also offering varied product types specific to different fish varieties populsr for aquariums. This wide range of product innovations and efforts by companies to cater to evolving consumer demands are expected to support the market growth over the forecast period.


Segment Analysis
The global ornamental fish feed market is dominated by freshwater fish segment. This segment accounts for more than 60% of total market share as freshwater fishes like guppies, mollies, platies are easier to breed and maintain as compared to saltwater fishes. Also, freshwater fishes have higher demand from customers for aquarium purpose which drives this segment's growth.

Key Takeaways
 The global ornamental fish feed market is expected to witness high growth. According to recent research, the market is projected to grow at 8.5% CAGR during the forecast period of 2023 to 2030. The market size is estimated to reach US$ 3.47 Bn by 2024.

Regional analysis
 The Asia Pacific region currently dominates the global ornamental fish feed market. Countries like China, India, Indonesia and Vietnamaccount for more than 50% share owing to easy availability of raw materials and high production of ornamental fishes especially goldfish and koi carp in this region. Moreover, growing aquarium ownership in Southeast Asian countries further accelerates the regional market growth.

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. Alltech Inc. is the largest player with highest market share owing to wide global presence and innovative product offerings.

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