Ornamental Fish Market Size, Share, Industry Analysis, Trends, Growth, 2032

Ornamental Fish Industry Prospective:

The global ornamental fish market size was worth around USD 5.72 billion in 2023 and is predicted to grow to around USD 12.01 billion by 2032 with a compound annual growth rate (CAGR) of roughly 8.60% between 2024 and 2032.

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Ornamental Fish Market: Overview

Fishes kept for display in aquariums at home or commercial centers with the aim to improve the overall aesthetics of the location are known as ornamental fish. These types of marine organisms showcase a wide range of sizes, shapes, and colors depending on the preference of the aquarium curator. However, certain types of fish are preferred to be used as ornamental beings. The industry has given rise to several other associated thriving sectors. Aquariculture deals with ornamental fish culture. It consists of culturing aesthetically pleasing ornamental fish in a controlled and confined aquatic space.

Living jewels is another common name used for referring to ornamental fish. Research suggests that one of the most popular pets across the globe is ornamental fish. This hobby is known to have several health benefits for curators and caregivers including an increase in life span. The ornamental fish industry is expected to grow at a steady pace during the forecast period.

Key Insights:

• As per the analysis shared by our research analyst, the global ornamental fish market is estimated to grow annually at a CAGR of around 8.60% over the forecast period (2024-2032)
• In terms of revenue, the global ornamental fish market size was valued at around USD 5.72 billion in 2023 and is projected to reach USD 12.01 billion by 2032.
• The market is projected to grow at a significant rate due to the growing benefit awareness among potential consumers
• Based on application segmentation, the commercial segment was predicted to show maximum market share in the year 2023
• Based on product segmentation, the tropical freshwater segment was the leading segment in 2023
• On the basis of region, Asia-Pacific was the leading revenue generator in 2023 and is expected to dominate the global market during the forecast period.

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Ornamental Fish Market: Growth Drivers

Growing benefit awareness among potential consumers may drive market demand

The global ornamental fish market is expected to grow owing to the rising awareness among potential consumers about the benefits of aquariculture. Keeping or viewing fish has several therapeutic benefits. As per the Mental Health Association in Delaware, some of the most prominent benefits of having a fish include management of blood pressure health and stress relief. Experts claim that watching fish stored in aquariums can lower blood pressure levels. In addition to this, being around marine organisms especially fish can reduce stress levels thus acting as a great everyday stress reliever.

Furthermore, observing fish either in an open setting or in an aquarium, can also reduce anxiety levels. As more potential ornamental fish owners become aware of the benefits of owning and keeping fish, the demand for ornamental species is likely to grow. Moreover, aquariculture is considered as one of the most common hobbies observed across the globe. The growing number of urban populations is expected to contribute to a higher demand for living jewels of different species. In urban regions, a large part of the modern population is living alone.

Having a pet such as an ornamental fish can act as a form of companionship. Studies indicate that in the last decade, there has been a significant rise in the number of pet owners across the globe. As per Health for Animals, more than 1 billion pets exist globally and the rise is continuously rising.

Rising construction of commercial centers with ornamental fish aquariums on display may promote a higher growth rate

Ornamental fish are widely used in commercial centers that are open for public access. Facilities such as shopping centers, malls, airports, sports facilities, restaurants, and hotels often curate ornamental fish aquariums for decorating a living space and improving its aesthetic value. In August 2023, a shopping center at the International Speedway Blvd and Nova Rd in Daytona announced the launch of Daytona Aquarium & Rainforest Adventure. The new massive aquarium is expected to drive more customers to the shopping center once it is operational.

Luxury commercial centers generally curate carefully designed and exquisite aquariums housing ornamental fish from across the globe. In some cases, these ornamental fish become the selling point for the commercial center owners thus contributing to higher demand in the global ornamental fish market. As of March 2024, Abu Dhabi has approved over 144 infrastructure projects worth over USD 18 billion. In December 2023, the region approved the construction of a new shopping mall with an entertainment area.

Ornamental Fish Market: Restraints

Impact of excessive fishing on marine ecosystems may restrict market expansion

The global industry for ornamental fish is expected to be restricted due to the growing concerns over the impact of excessive fishing on marine ecosystems. The growing demand for ornamental fishing has led to a rise in aggressive approaches adopted by ornamental fish dealers. The marine environment gets disturbed due to large-scale and unsustainable means of ornamental fishing.

In addition to this, there are growing concerns over the unethical treatment of fish during the breeding and transportation process. Reports suggest that overfishing leads to a reduction in the strength of fish against climate change. National Geographic 2022 published a detailed report on the disbalance created in marine ecosystems due to overfishing.

Ornamental Fish Market: Opportunities

Growing initiatives by governments to promote sustainable ornamental fishing may generate high-growth opportunities

The global ornamental fish market is expected to come across several growth opportunities due to the increase in initiatives undertaken by governments from across the globe to promote sustainable means of ornamental fishing. In March 2024, the Northeastern states of India are seeking novel ways to improve the regional ornamental fish sector since there is global demand for the living jewels fish found in the region. Prominent figures in Northeast India and officials acknowledged the lack of organization in the regional market among buyers and sellers. The authorities are working toward improving communication channels among the stakeholders.

Additionally, the farmers are being offered subsidies ranging between 40% to 50% under the Pradhan Mantri Matysa Sampada Yojana (PMMSY). The rise in the number of initiatives by governments in collaboration with environmental agencies to create awareness about sustainable means of ornamental fish breeding will likely create higher growth opportunities among the market players.

Integration of technology with living jewels cultivation has high growth potential

The ornamental fish sector has high growth prospects as there is a rise in the integration of novel technologies and ornamental fish cultivation or storage. This includes the launch of new tanks, sensors, and monitors that are used for monitoring the condition of the environment in which fish are kept and taking preventive measures in case of potential accidents.

In January 2023, the Industrial Technology Research Institute (ITRI) in Taiwan created a new Artificial Intelligence (AI) Aquarium. It is the world’s first fish center of its kind that can automatically detect aquatic species and display the information on a transparent display thus contributing to the global ornamental fish market.

Ornamental Fish Market: Challenges

Regulatory hurdles in terms of fish cultivation and transport across international borders are critical challenges

The global fish ornamental industry is challenged by the regulatory hurdles that limit the expansion of the industry in new markets. For instance, in 2017, new regulations were introduced in the Kochi Industry for ornamental fishing.

As per new laws, the official banned the display of around 158 species of fish. They also mandated the presence of a fisheries expert for monitoring fish health kept in tanks. The mandates are continuously evolving and become more complex when associated with international trade.

Ornamental Fish Market: Segmentation

The global ornamental fish market is segmented based on application, product, and region.

Based on application, the global market is segmented into commercial and household. In 2023, the highest demand was observed in the commercial segment. The use of ornamental fish in commercial centers is growing at a fast pace. Additionally, the industry is becoming more organized as processes become streamlined and with the introduction of new rules governing the industry. In 2022, as per official data, ornamental fish were in the top 4000 commodities traded in the world.

Based on product, the global market is divided into marine, temperate, and tropical freshwater. In 2023, the highest revenue-generating segment was tropical freshwater. The segment generated over 50% of the total segmental revenue in 2023. Freshwater fish species considered commercially important are loaches, barbs, freshwater sharks, puffer fish, glass fish, platy, goldfish, and others. On the other hand, marine ornamental fish species that are commercially critical are blennies, gobies, damsels, sea stars, and angel fishes. Rare species of ornamental fish can cost as much as USD 1500 while some extremely rare species may cost around USD 70,000.

Ornamental Fish Market Report Scope

Ornamental Fish Market: Regional Analysis

Asia-Pacific to hold its prominence as a crucial export market

The global ornamental fish market will be dominated by Asia-Pacific during the forecast period. It is an essential and one of the leading export markets for ornamental fish. Countries such as Japan, Thailand, India, and Singapore are leading the regional revenue. During the projection period, the region is expected to record a CAGR of over 10%. In March 2023, Kerala Aqua Ventures International Limited (KAVIL), India, announced that it would organize an advanced training camp to spread awareness about the large-scale production and breeding of ornamental fishes. Additionally, the Indian government has launched several new initiatives such as subsidies to fish farmers for sustainable ornamental fishing.

However, as per recent updates, China has banned the import of Nishikigoi, a type of ornamental fish from Japan. The ban has become a cause of concern among Japanese traders. Europe is an important market for ornamental fish. The region heavily exports living jewels from Asian countries. The growing number of fish pet owners and aquariums in critical European countries such as Holland, Spain, Belgium, and others will promote regional market expansion. North America is expected to grow at a steady rate. The US may become the largest contributor to the regional economy.

Ornamental Fish Market: Competitive Analysis

The global ornamental fish market is led by players like:

• Blue Ridge Fish Hatchery
• Segrest Farms
• Florida Tropical Fish Direct
• Quality Marine
• AquaScapeOnline
• Associated Koi Clubs of America (AKCA)
• Imperial Tropicals
• Exotic Aquariums
• AquariumFish.net
• Global Fish Importers Inc.
• Tangled Up in Cichlids
• Ocean Treasures Aquarium
• Live Fish Direct
• Discus Hans USA
• Pisces Fish Farm.

The global ornamental fish market is segmented as follows:

By Application

• Commercial
• Household

By Product

• Marine
• Temperate
• Tropical Freshwater

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa