The Global Ornamental Fish Feed Market Growth Accelerated by Rising Demand for Ornamental Fish

 

Ornamental fish feed are specially formulated food for ornamental fish primarily used in aquariums and aquacultures. Ornamental fish feed provides balanced nutrition and vitamins to fish for their healthy growth. The global ornamental fish feed market comprises products such as dry pet food, wet pet food, and veterinary diets for goldfish, koi, tropical fishes, and others. The global ornamental fish feed market provides greater revenue generation opportunities for manufacturers as the popularity of keeping pet fishes is growing rapidly among millennial and urban population.

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:

One of the key trends driving the growth of the ornamental fish feed market is the rising demand for ornamental fish keeping as pets. Keeping ornamental fishes is becoming a popular hobby and way to relax among urban population globally. This has propelled the demand for specially formulated high-quality ornamental fish feeds. Moreover, the increasing awareness about water parameters, tank maintenance, and proper nutrition for fish health has also fueled the adoption of ornamental fish feeds. Manufacturers are focusing on developing organic, probiotic-enriched, and scientifically balanced feeds. They are also offering varied product types specific to different fish varieties populsr for aquariums. This wide range of product innovations and efforts by companies to cater to evolving consumer demands are expected to support the market growth over the forecast period.

Segment Analysis

The global ornamental fish feed market is dominated by freshwater fish segment. This segment accounts for more than 60% of total market share as freshwater fishes like guppies, mollies, platies are easier to breed and maintain as compared to saltwater fishes. Also, freshwater fishes have higher demand from customers for aquarium purpose which drives this segment's growth.

Key Takeaways

The global ornamental fish feed market is expected to witness high growth. According to recent research, the market is projected to grow at 8.5% CAGR during the forecast period of 2023 to 2030. The market size is estimated to reach US$ 3.47 Bn by 2024.

Regional analysis
The Asia Pacific region currently dominates the global ornamental fish feed market. Countries like China, India, Indonesia and Vietnamaccount for more than 50% share owing to easy availability of raw materials and high production of ornamental fishes especially goldfish and koi carp in this region. Moreover, growing aquarium ownership in Southeast Asian countries further accelerates the regional market growth.

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. Alltech Inc. is the largest player with highest market share owing to wide global presence and innovative product offerings.

Comments

Post a Comment

Popular posts from this blog

Banana Puree Market Global Industry Analysis, Key Players and Forecasts 2030

Image
The market for banana puree is largely driven by the growing demand for natural and organic food products, as well as the increasing popularity of plant-based diets. Banana puree is a versatile ingredient that can be used in a variety of applications, including smoothies, baked goods, desserts, and baby food. Additionally, banana puree is a good source of vitamins, minerals, and fiber, which makes it an attractive option for health-conscious consumers. Overall, the banana puree market is expected to grow in the coming years, driven by the increasing demand for healthy and convenient food products, as well as the growing popularity of plant-based diets. However, the market growth could be limited by factors such as the fluctuations in the supply and price of bananas, as well as increasing competition from other natural and organic food products. Some of the leading players operating in the global banana puree market include Döhler GmbH, Nestlé S.A., The Kraft Heinz Company, SunOpta Gra...
Read more

Industrial Alcohol Market Overview: Emerging Opportunities and Market Expansion Strategies The Industrial Alcohol Market is estimated for 2023 - 2030 forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: Industrial alcohol is primarily used as a solvent in manufacturing industries such as automotive, pharmaceutical, cosmetics and others. It finds major applications in cleaning products, sanitizers, and disinfectants. Market Dynamics: The industrial alcohol market is expected to witness significant growth over the forecast period, owing to rising demand from end-use industries like automotive, pharmaceuticals, cosmetics and more. Growing requirement for surface disinfectants and sanitizers due to increasing hygiene standards post-Covid is driving market growth. Additionally, escalating demand for methanol and ethanol in production of light olefins, solvents and fuel oxygenates is also fueling market expansion. The increasing use of bioethanol as automotive fuel on account of various environmental regulations is further augmenting the market growth. Industrial Alcohol Market Drivers: Rising Demand for Alcohol-based Disinfectants and Sanitizers During COVID-19 The outbreak of the COVID-19 pandemic has significantly increased the demand for alcohol-based disinfectants and sanitizers across the globe. Various government organizations and health bodies recommend using hand sanitizers containing at least 60% alcohol to help reduce the spread of novel coronavirus. As a result, the sales of alcohol-based sanitizers have surged exponentially since the start of 2020. The industrial alcohol market players have witnessed a substantial rise in orders from sanitizer formulators and manufacturers to fulfill this unprecedented demand. Moreover, with workplaces, public transportation, schools, and other commercial spaces adopting proper sanitization protocols, the demand for industrial alcohol in sanitizers is expected to remain higher than pre-pandemic levels even after the crisis is over. Increasing Adoption of Alcohol as Biofuel Rising environmental concerns and depleting crude oil reserves are encouraging governments worldwide to promote the usage of renewable biofuels. Ethanol, which is produced from biomass feedstock through fermentation and distillation processes, has emerged as one of the leading biofuels. Many countries offer incentives and tax credits to biofuel producers and blenders. For instance, the US mandates a certain percentage of biofuel to be blended with gasoline each year under the Renewable Fuel Standard program. This steadily growing demand for ethanol as a biofuel additive is positively impacting the industrial alcohol market. Leading beverage alcohol producers are expanding their distillation capacities to capitalize on this opportunity. Industrial Alcohol Market Restrain: Stringent Regulations on Alcohol Production and Trade All countries have formulated strict norms and policies governing the production, trade, distribution, and usage of alcohol to prevent illegal activities. Players in the industrial alcohol market need to obtain various licenses and permits from concerned authorities and regularly file compliance reports. Moreover, regulations on alcohol concentration limits in final products lead to wastage of high-proof or undenatured alcohol. Changes in policies also disrupt the supply chain. For example, during the initial phase of the COVID-19 outbreak, there were export restrictions on industrial alcohol and raw materials in several countries, restricting supplies. While regulations aim to curb alcohol misuse, overcompliance also adds to the operational costs for market participants. Industrial Alcohol Market Opportunity: Growing Demand for Denatured Ethanol in Pharmaceutical and Personal Care Products Denatured or undrinkable ethanol finds numerous applications as a solvent and extractant in medicines, cosmetics, detergents, and other consumer goods. It is used as an emollient, viscosity-controlling agent, and preservative in personal care formulations. In the pharmaceutical industry, ethanol acts as an antibacterial agent and solubilizer for active pharmaceutical ingredients. With rising health awareness and increasing spending on health and wellness products, the demand for various pharmaceutical and personal care products is surging globally. This rising demand offers opportunities for industrial ethanol producers to expand into new applications through product innovation and partnerships with end-user companies. Industrial Alcohol Market Trend: Focus on Renewable and Sustainable Alcohol Production Concerns around fossil fuel depletion and carbon emissions are driving the shift towards sustainable production methods. Industrial alcohol producers are investing in advanced fermentation technologies and using renewable biomass as raw materials like sugarcane molasses, corn, and wheat to produce cellulosic ethanol and bio-based chemicals. For example, some companies produce ethanol from agricultural and forestry waste through biochemical and thermochemical conversion processes. There is also a growing focus on reducing energy and water usage through process optimization. Technological advancements in the area of genetically modified yeast strains and complex sugar fermentation are further supporting green alcohol manufacturing. This emphasis on renewable resources and efficiency complements governments' push for a low-carbon economy.

Image
  The Industrial Alcohol Market is estimated for 2023 - 2030 forecast period, as highlighted in a new report published by Coherent Market Insights. Market Overview: Industrial alcohol is primarily used as a solvent in manufacturing industries such as automotive, pharmaceutical, cosmetics and others. It finds major applications in cleaning products, sanitizers, and disinfectants. Market Dynamics: The industrial alcohol market is expected to witness significant growth over the forecast period, owing to rising demand from end-use industries like automotive, pharmaceuticals, cosmetics and more. Growing requirement for surface disinfectants and sanitizers due to increasing hygiene standards post-Covid is driving market growth. Additionally, escalating demand for methanol and ethanol in production of light olefins, solvents and fuel oxygenates is also fueling market expansion. The increasing use of bioethanol as automotive fuel on account of various environmental regulations is further a...
Read more

Ultraviolet Uv Curable Resins Market 2023: Key Trends, Challenges and Standardization, Research

Image
  The ultraviolet (UV) curable resins market is a segment of the global resin industry that is experiencing significant growth due to its unique properties and wide range of applications. UV curable resins are liquid or semi-solid materials that polymerize and harden when exposed to ultraviolet light. This process is known as UV curing or photo-polymerization. Here is some full information about the UV curable resins market: Market Overview:  UV curable resins are increasingly being used as an alternative to traditional solvent-based resins due to their low volatile organic compound (VOC) emissions, fast curing time, and high performance characteristics. These resins find applications in various industries such as coatings, adhesives, inks, and electronics. Types of UV Curable Resins:  There are different types of UV curable resins available in the market, including: Acrylic Resins: Acrylic-based UV curable resins are widely used due to their excellent adhesion, chemical ...
Read more