Market Overview:
The ornamental fish feed market could project a growth rate of 4.8% and reach USD 1,387,281.2 Thousand by 2026, states Market Research Future (MRFR).
Key Boosters and Challenges:
Rise in global fish consumption paired with the growing number of disease outbreaks have raised the need for better quality feeds. Feeds are being instilled with nutrition enhancers that can improve the performance and health of fish. As a result, these products indirectly affect the characteristics of human food products. Consumption of feeds that contain sufficient nutrients leaves a positive impact on the aquaculture, including improvement in reproduction and digestion. The rising preference for fish products across the globe could also buttress the market growth in the ensuing years. Rising spending on extensive research and development/R&D to boost food fortification techniques can also give rise to a host of lucrative opportunities over the coming years.
Over the years, the retail sector has become quite lucrative on the back of the increasing purchasing capacity of the consumers due to rising per capita income, industrialization as well as globalization, which has led to a major demand for a variety of ornamental fish. On the technical front, various key manufacturers have been increasingly adopting automated systems for complete control of their extensive production lines. The use of automation systems is helping the firms to bolster their production rate, track inventory, boost operator efficiency, and monitor every high-speed process. Therefore, fortified supply chains of the leading firms in the market have also been favorable, in terms of growth.
Segmental Analysis:
Key types of Ornamental Fish Feed Market Size sold in the global market include processed feed as well as live feed. The processed feed segment took the lead in 2019.
Depending on fish type, the global industry has been categorized into goldfish, tropical fishes, koi, and more.
Store-based along with non-store-based are the major distribution channels. The types of store-based channels in the market are specialty stores, hypermarkets & supermarkets, and others. In the lead is the store-based segment, having attained the highest share in the global market.
Regional Outlook:
Europe, Asia Pacific (APAC), North America, along with RoW (Rest-of-the-World) are the main markets for ornamental fish feed across the world.
Europe is the top gainer in the global market with the highest share of 34.42%, reveals MRFR. The extensive study also says that the European market for ornamental fish feed would capture a growth rate of 4.4% during the conjectured period and will retain its prime position thanks to the surging outdoor as well as indoor pet fish owners. In 2020, the outdoor and indoor pet fish owners in the United Kingdom touched close to 18 million, contributing almost 17% of the total pet population, evaluates Pet Food Manufacturer Association.
Asia Pacific can expect to garner the fastest CAGR of 5.5% between 2020 and 2027. China is the biggest consumer and producer of fish and us witnessing immense urbanization backed by the rapid economic growth. These factors have placed the country at the vanguard of the regional market. India, Vietnam and Indonesia are also emerging as strong contenders, thanks to the evolving lifestyles paired with the surge in disposable income of the consumers and rising ownership of ornamental fish as pets.
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