The 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.

The Ornamental Fish Feed Market provides nutrition and enhance the visual appearance of ornamental fish. Proper nutrition enhances the immunity, coloration and vitality of ornamental fish. Increase in popularity of ornamental fish keeping as a hobby has been driving the demand for ornamental fish feed products.

Market Overview:
Ornamental fish feed includes dried bloodworms, brine shrimp, tubifex worms, plankton, freeze dried krill, flakes and pellets. These feeds contain proteins, vitamins and minerals important for growth and health of ornamental fish. The rising adoption of aquarium keeping as a recreational activity has been boosting the sales of ornamental fish feeds.

Market key trends:
One of the key trend in the ornamental fish feed market is the rising demand for premium and specialized feeds. Fishkeepers are increasingly willing to spend more on premium feeds containing natural ingredients and targeting specific fish species or life stages. For example, flake feeds fortified with carotenoids are used for enhancing coloration of fish. Manufacturers are innovating specialized feed products for different types of fish like goldfish, betta, koi, tropical fish etc. to provide balanced nutrition as per their needs. This trend of utilizing premium and tailored feeds is expected to drive the ornamental fish feed market growth over the forecast period.

Porter’s Analysis

• Threat of new entrants: The ornamental fish feed market has high barriers for new entrants due to high capital investment required to set up manufacturing facilities. However, the market offers opportunities for new companies to offer innovative and customized feeds.
• Bargaining power of buyers: Buyers in the ornamental fish feed market have moderate bargaining power due to wide availability of feeds from different brands. Switching costs are low for buyers to change suppliers.
• Bargaining power of suppliers: Suppliers of raw materials like wheat bran, soybean, corn, fish meal and vitamins have moderate to low bargaining power due to availability of substitutes.
• Threat of new substitutes: New aquaculture feed substitutes pose low threat as ornamental fish have specially formulated dietary needs.
  Competitive rivalry: High as major players competing on pricing and new product innovations.

SWOT Analysis

• Strength: Wide product portfolio and global presence of key players. Innovation in formulation benefits fish health.
• Weakness: Seasonality in demand impacts production planning. High R&D costs to develop customized feeds.
• Opportunity: Growing aquarium market in developing nations offer new customers. Premium feeds segment presents opportunity.
• Threats: Strict regulations on fishmeal sourcing impact costs. Competition from local aquaculture and pet feed players.

Key Takeaways

The global ornamental fish feed market is expected to witness high growth, exhibiting CAGR of 8.5% over the forecast period, due to increasing popularity of aquarium and adopting ornamental fishes as pet. The Asia Pacific dominated the market with highest market share in 2023 attributed to large Chinese market. Region wise, Asia Pacific is expected to remain the fastest growing market over the forecast period.

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 and Cargill have broader product portfolio catering to shrimps, salmon farming in addition to ornamental fish feeds. Taiyo and Ocean Star specialize in ornamental fish feed categories.