Ornamental Fish Feed Market overview:
The global ornamental fish feed market is expected to grow at a 8.6% CAGR to USD 5.6 billion by 2030.
The Global Ornamental Fish Feed Market is expected to grow significantly in the pet food industry during the forecast period. Pet fish’s rising popularity, construction of aquariums as décor and demand for commercial feed are the key drivers driving the global ornamental fish feed market. The growing preference for fishkeeping is expected to be a significant factor in the growth of the ornamental fish feed market. The market is expected to grow during the forecast period due to driving factors such as rising disposable income and increased adoption of ornamental fishes due to consumers’ growing interest in aquarium fish.
The Covid-19 pandemic has had a global impact on society and the economy. The pandemic’s impact is growing daily, affecting the supply chain, including the Ornamental Fish Feed market. The Covid-19 crisis is causing stock market uncertainty, a massive slowing of the supply chain, a drop in business confidence, and increased panic among customer segments. Overall, the impact of the pandemic is affecting the production processes of several industries. Furthermore, government initiatives to promote the ornamental fisheries sector drive forward the ornamental fish feed market.
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The Global Ornamental Fish Feed Market is classified into type and distribution channel.
According to the type:
According to the distribution channel:
The Global Ornamental Fish Feed Market is divided into Latin America, North America, Asia-Pacific, Europe, the Middle East and Africa.
Europe dominated the market, accounting for 39.3% of revenue in 2021, and this trend is expected to continue throughout the forecast period. This is due to large-scale ornamental fish imports from Asian countries to meet the region’s enormous demand for decorative fish. Ornamental fishes contribute to import and export activities and foreign exchange because keeping fish is a simple and stress-relieving hobby.
Over the forecast period, Asia-Pacific is expected to show significant growth in the global ornamental fish feed market. This is due to the expansion of the ornamental fish trade in this region. The regional market expansion may be attributed to the increased demand for exotic and premium ornamental fishes. The popularity of fish in Japanese art and culture has increased the demand for a wide range of unusual fish species.
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NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.
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