Industry Background:
The ornamental fish sector is a widespread and global component of international fisheries trade and development. However, the scope of this sector and its impact on human and aquatic communities are often inaccurately recorded and unappreciated. Aquarium fish keeping is a centuries-old popular hobby, growing interest in which has resulted in a steady expansion in its trade in more than 125 countries. Most of the ornamental fish are sourced from developing countries in the tropical and sub-tropical regions. International trade in ornamental fish, in fact, provides employment opportunities for thousands of rural people in developing countries. As a result of advancements in breeding, transport, and aquarium technology, more and more species are being added every year. The ornamental fish industry includes more than 120 countries in the collection, breeding, import, and export of ornamental fish. FAO data suggest that exports were worth approximately USD 330 million USD in 2011, with the number of fish traded estimated at approximately 1.5 billion fish per annum. However, accurate trade data on the industry is difficult to obtain as statistics vary from different countries in terms of data collected, format, and reliability. The value of ornamental fish trade has grown significantly over the past decades. Between 2000 and 2011, global exports of ornamental fish increased from USU181 million to USU 372 million. Total trade in live marine ornamentals is estimated at around USD 44 million annually. Most of the market supplies originate from Asia, with Singapore dominating as the top exporting country in the world. In 2013, Singapore exported around USD 56 million worth of ornamental fish to over 80 countries.
According to AMA Research, the market for Ornamental Fish is expected to register a CAGR of 9.9% during the forecast period to 2028. This growth is primarily driven by Aquariums Have Become an Important Feature of the Home Décor
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Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Volume Unit | K Tons |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Marine sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Liuji (China), Jiahe (United Kingdom), Wanjin (China), Haojin (China), Oasis Fish Farm (SriLanka), Aqua Leisure (United States), Imperial Tropicals (United States), Florida Tropical Fish Direct (United States), BioAquatix (United States) and Captive Bred (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Leading global players are focusing on strategic partnerships to improve their products and services. In addition, companies are focusing on increasing their client base to strengthen market position and to enhance product & service offerings.
Regulatory Insights:
Philippine Fisheries Code of 1998, “Under Section 97 and 100, Chapter VI of Republic Act No. 8550, otherwise known as the Philippine Fisheries Code of 1998, it is unlawful to fish or take, export or import rare, threatened or endangered species as listed in the CITES (see below) and as determined by the government agency concerned. Violation is punishable by 8-20 years imprisonment and/or a fine of P80, 000-120,000 and forfeiture of catch and the cancellation of fishing permit.”
Influencing Trend:
Increasing Adoption for Household, Or In-House Aquariums and Growing Import and Exports of Ornamental Fish
Market Growth Drivers:
Aquariums Have Become an Important Feature of the Home Décor and Huge Demand for the Fresh Water Fishes
Challenges:
Increasingly Erratic Climatic Conditions and Seasonal Weather Patterns Prevailing In Asia and South America
Restraints:
Growing Concern Regarding Sustainable Management along the Supply Chain
Opportunities:
Huge Demand of Ornamental Fish in Emerging Countries
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Ornamental Fish Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Ornamental Fish Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Ornamental Fish players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Ornamental Fish Study Sheds Light on
The Ornamental Fish Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Ornamental Fish industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Ornamental Fish industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.