Ornamental Fish Feed Market Trends: Sustainable Practices and Eco-Friendly Formulations

Ornamental Fish Feed Market Trends: Sustainable Practices and Eco-Friendly Formulations

Ornamental fish feed is the feed used to provide nutrition to ornamental fishes such as betta, koi, goldfish and tropical fishes for maintaining health, reproduction, and improved coloration. It enhances metabolism, enhances immunity, promotes proper growth and development. The global ornamental fish feed market is driven by the rising popularity of ornamental fish keeping as a hobby.

The global ornamental fish feed market is estimated to be valued at US$ 3.47 billion in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period between 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Improved fish production efficiency presents a key opportunity for the ornamental fish feed market growth. Ornamental fish feed formulated with balanced nutrients and live feeds helps in maintaining optimum health and improves growth rate and survivality of fishes. It also enhances reproductive efficiency leading to higher birth rates. Fish feed with specific nutrients as per different life stages such as fry feed, growing feed and broodstock feed supports consistent production. This significantly boosts the supply and lowers production costs, making ornamental fish farming a profitable business. The development of specialized nutrition-rich ornamental fish feeds catering to improved production efficiency can present lucrative prospects.

Porter's Analysis

• Threat of new entrants: The threat is moderate as ornamental fish feed is a growing market requiring significant capital investments and R&D. However, newcomers can leverage advanced feed technologies.
• Bargaining power of buyers: Buyers have moderate power due to presence of many feed brands but demand for specialized feeds increases their dependence on key brands.
• Bargaining power of suppliers: Suppliers of raw materials like fish meal and plant proteins have low to moderate power due to availability of substitutes.
• Threat of new substitutes: Threat is low as specialized diets suitable for different ornamental fish species are difficult to substitute.
• Competitive rivalry: Intense as major players compete on innovation, quality, branding and distribution.

SWOT Analysis

• Strength: Established brands have extensive R&D and product portfolios catering to diverse fish types. Strong distribution networks globally.
• Weakness: Smaller players have limited resources for new product development. Imports depend on global commodity price fluctuations.
• Opportunity: Growing aquarium hobby and pet fish keeping is spurring demand. Online sales platforms expand reach.
• Threats: Strict regulations on additives and genetically modified ingredients. Economic slowdowns impact discretionary pet expenditures.

Key Takeaways

The global ornamental fish feed market is expected to witness high growth during the forecast period driven by the increasing number of aquarium owners and growing popularity of fishkeeping as a hobby worldwide. The global ornamental fish feed market is estimated to be valued at US$ 3.47 billion in 2024 and is expected to exhibit a CAGR of 8.5% over the forecast period between 2024-2031.

The North America ornamental fish feed market holds the major share currently owing to high fishkeeping participation rates and consumption in countries like the US. The Asia Pacific region is expected to grow at the fastest pace led by emerging markets of India and China where ornamental fish keeping is gaining popularity aided by economic development and rising disposable incomes.

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. Players are focusing on differentiated formulations targeted at specific fish species and life stages to gain an edge.