July 24, 2024

Surging Aquarium Hobbies to Boost Growth of Ornamental Fish Feed Market

Ornamental fish feed products include dry feed, moist feed and frozen feed. Dry feed is the most commonly used type as it lasts longer without spoiling and is easy to store and transport. It contains balanced nutrients required by ornamental fish for their growth and health. The growing aquarium hobby around the world is driving the demand for a variety of fish species that need specialized feeds. This requires ornamental fish feed manufacturers to offer innovative formulations tailored to the nutritional requirements of different fish types.

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:
The rising popularity of aquascaping is a major trend in the ornamental fish feed market. Aquascaping involves artistic aquatic garden designing with live plants along with fish. This has boosted the demand for tropical fish species that require feed rich in plant nutrients. Manufacturers are focusing on developing ornamental fish feeds containing ingredients like spirulina that stimulate plant growth. Also, many players are offering organic and all-natural feeds made without artificial colors, preservatives and genetically modified ingredients to cater to the demands of health-conscious aquarists. The market is witnessing the introduction of slow-sinking variant feeds suitable for bottom-dwelling fish species. This will help ornamental fish farmers better accommodate their nutritional needs.

Porter’s Analysis

  • Threat of new entrants: The global ornamental fish feed market is moderately fragmented, few global vendors operate in the market. Moderate capital requirements and established brand image of existing vendors pose challenges for new entrants.
  • Bargaining power of buyers: Buyers have moderate to high bargaining power. Presence of various varieties of ornamental fish feed manufacturers increases buyer options.
  • Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes. However, compliance with required quality standards limits supplier bargaining power.
  • Threat of new substitutes: Medium threat from alternate ornamental fish species as consumer preferences vary widely. Fish varieties and demand patterns can change rapidly with trends.
  • Competitive rivalry: Market operates under intense competition. Key players focus on high quality fish feed, product differentiation through composition and pricing to remain competitive.

Key Takeaways

The global ornamental fish feed market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing adoption of ornamental fish as pets.

Regional analysis
The Asia Pacific region dominates the global ornamental fish feed market. Presence of major producers in countries such as China and Thailand propels market growth. North America and Europe also hold significant shares in the global market due to rising aquarium ownership in households.

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. Market leaders focusing on developing specialized feeds to attract a wider consumer base.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it