The global aquarium market size was valued at USD 3.60 billion in 2023 and is expected to be worth USD 3.79 billion in 2024. The market is projected to reach USD 6.21 billion by 2032, recording a CAGR of 6.36% during the forecast period.
An aquarium is a variable-sized container with at least one transparent side used for keeping aquatic animals such as fish, invertebrates, and aquatic reptiles. The increase in the number of these containers in pet stores in both developing and developed nations is expected to fuel the growth of the global market.
The COVID-19 pandemic significantly impacted the global market. The surged adoption of ornamental fish during the pandemic resulted in increased product demand. However, the market also experienced low sales due to the disruptions in supply chains, which led to a decline in the import and export of the product.
Fortune Business Insights™ displays this information in a report titled, “Aquarium Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/aquarium-market-110692
Top Key Players in the Aquarium Market
- EHEIM GmbH & Co. KG. (Germany)
- Aqua Design Amano Co., Ltd. (Japan)
- Tropical Marine Centre (TMC) (U.K.)
- Sensen Group Co., Ltd. (China)
- TSUNAMI AQUARIUMS (U.S.)
- Spectrum Brands, Inc. (U.S.)
- UWEL Aquarium AG & Co. KG. (Germany)
- Guangzhou Akaida Aquarium Co., Ltd. (China)
- Aquarium Design India (India)
- JUWEL Aquarium AG & Co. KG. (Germany)
Segmentation:
Glass Segment Dominated Market Due to its Affordability, Easy Availability, and Durability
Based on material type, the market is segmented into glass, acrylic, and others. The glass segment held the dominating position in the market in 2023. Glass's properties, such as scratch resistance, clarity, affordability, easy availability, and durability, have resulted in its growing adoption among individuals, thereby contributing to its growth.
Residential Application Led Market Owing to Increasing Investments By Individuals in Home Interiors
Based on application, the market is divided into residential and commercial. The residential segment led the global market owing to increasing investments by individuals in home interiors to make them more fashionable and lucrative, resulting in increased product adoption.
Retail Outlets/Offline Segment Dominates Market Influenced By Convenience of Physically Purchasing and Verifying Product and its Quality
Based on distribution channel, the market is bifurcated into retail outlets/offline and e-commerce/online. The retail outlets/offline segment accounts for the largest aquarium market share. The growth of this segment is influenced by the convenience of physically purchasing and verifying the product and its quality.
With respect to region, the market covers North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, material types, distribution channels, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increasing Popularity of Ornamental Fish to Fuel Market Growth
The increasing popularity of ornamental fish for display, decoration, or as pets drives the global market growth. These fish exhibit different colors and peculiar, and they are kept in fish tanks to enhance or decorate the ambiance of homes, offices, restaurants, hotels, and others. The adoption of ornamental fish such as goldfish, neon tetra, and fantail is increasing significantly in developing and developed nations, which is expected to increase product demand. The increasing awareness of ornamental fish has resulted in its increased import in different nations. All these factors contribute to the aquarium market growth.
However, the government's restriction on ornamental fish and fish tank manufacturing has decreased product demand, thereby hindering market growth.
Regional Insights:
North America Dominates Market Owing to U.S. Being Major Consumer of Ornamental Fish
The North American region holds the dominant position in the global market. This dominance can be attributed to the country of the U.S. being the major consumer of ornamental fish, which leads to increased product demand.
Asia Pacific is projected to witness the highest CAGR during the forecast period. This growth is due to the increasing number of commercial spaces, such as restaurants, hotels, offices, and others, in nations such as China, Singapore, Australia, and India.
Competitive Landscape:
Major Players to Focus On Technological Innovations and Market Expansions to Strengthen its Market Presence
The global market is characterized by high competition. Some of the major players in the market are EHEIM GmbH & Co. KG., Aqua Design Amano Co., Ltd., Tropical Marine Centre (TMC), and others. These players are concentrating on technological innovations, forming partnerships, and market expansions to strengthen their market presence. They are also increasing their focus on marketing strategies to increase their brand awareness.
Notable Industry Development:
- December 2022: Xiaomi launched a smart fish tank equipped with temperature sensor, remote fish feeding, and RGB lighting. The launch will also help the company remain competitive in the market.
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