Global Ornamental Fish Feed Market Research Report—Forecast till 2026
SKU ID : MRF-17385571 | Publishing Date : 03-Dec-2020 | No. of pages : 101
According to Market Research Future Statistics, the Global Ornamental Fish Feed Market is expected to exhibit a CAGR of 4.8% and reach USD 1,387,281.2 Thousand during the review period. Ornamental Fish Feed is used for the consumption of ornamental fish which include specific ingredients such as vegetable proteins, fishmeal, and wheat as a binding agent. The global market is attributed to the has been rapid growth in pet adoption, including fish across the globe in the past few years. The US and UK have long been the leaders in the pet industry due to the sophisticated lifestyle of people and rising prevalence of pet adoption. Fish are incredible pets for individuals with space limits and pet sensitivities. They have appeared to create calming impacts and reduced stress among individuals who keep them. A huge number of families in the US keep aquarium fish. Thus, the preference for pet fish is increasing among the population.
The Global Ornamental Fish Feed Market is expected to register a notable pace in the pet food industry during the review period. The global market growth is driven by the increasing preference for pet fish, rising demand for commercial feed, and the construction of aquarium as décor. However, accelerating raw material prices are estimated to hinder the growth of the market. Furthermore, the increasing number of entrepreneurs venturing into the ornamental fish industry is anticipated to create profitable growth opportunities for manufacturers of ornamental fish feed during the review period.
Global Ornamental Fish Feed Market has been classified based on Type, fish type, and distribution channel.
Based on Type, the Global Ornamental Fish Feed Market has been classified into the processed feed and live feed. The processed feed segment is expected to lead the market during the review period. Based on fish type, the market is divided into tropical fishes, goldfish, koi, and others.
In terms of distribution channels, the market is bifurcated into store-based and non-store-based. The store-based segment is further divided into hypermarkets & supermarkets, specialty stores, and others.
Geographically, the Global Ornamental Fish Feed Market is classified into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Europe acquired the largest share of 34.42% for the ornamental fish feed market in 2019. The region is expected to witness a CAGR of 4.4% during the review period owing to the rising adoption of ornamental fishes as pets. Asia-Pacific is expected to register as the second largest market followed by Latin America. The region is anticipated to register the highest CAGR of 5.5% during the review period 2020-2026.
Key Players in the Global Ornamental Fish Feed Market are Spectrum Brands, Inc. (Tetra) (US), Hikari Sales USA, Inc. (US), Ridley Corporation Limited (Australia), Northfin Fish Food (Canada), Hartz Mountain Corporation (US), Sera GmbH (Germany), Hai Feng Co. Ltd (China), San Fransico Bay Brand Inc. (US), Zoo Med Laboratories Inc. (US), Tianjin Dongjiang food co., Ltd (China), Taiyo Feed Mill Private Limited (India), Ocean Star International (OSI) (US), Kaytee (US), and Ocean Nutrition (US).
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