In 2023, the United States ornamental fish market is valued at US$ 1.55 billion, projected to hit US$ 3.67 billion by 2033. Throughout the forecast period, the market maintains a steady compound annual growth rate (CAGR) of 9.0%.
Factors Driving the United States Ornamental Fish Market
- Rising Demand: The United States is witnessing a consistent uptick in demand for ornamental fish, driven by both individual hobbyists and commercial buyers. This surge can be attributed to the widespread popularity of aquarium fish and the increasing fascination with exotic and vibrant fish species.
- Availability of Different Species: Technological advancements have revolutionized the breeding and importation processes, facilitating the introduction of a diverse array of fish species from around the globe. This abundance of options has significantly expanded buyers’ choices, stimulating further demand in the market.
- Aquaculture Industry Growth: The burgeoning growth of the aquaculture sector in the United States has emerged as a key driver for the ornamental fish market. The establishment of numerous fish farms across the country has led to a substantial increase in the supply of locally sourced ornamental fish. Consequently, this has helped reduce dependence on imports and bolstered domestic production capabilities.
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Key Takeaways:
- The United States ornamental fish market is estimated to capture a CAGR of 9.0% with a valuation of US$ 3.67 billion by 2033.
- In a historic period, the market secured a valuation of US$ 1.4 billion in 2018.
Key Marketers are Executing Plans to Enhance the Market Expansion
To increase the expansion of a market, market players can employ various strategies, such as:
- Conducting Market Research: Marketers can conduct market research to gain insights into the market’s current state, identify consumer needs, and understand the competition. This information can help them to develop effective marketing strategies.
- Developing a Targeted Marketing Plan: Market players can develop a targeted marketing plan with their target audience based on the insights gained from market research. This plan should include tactics such as social media marketing, email marketing, and influencer partnerships.
- Building Brand Awareness: Building brand awareness is crucial for the growth of any market. Marketers can use various tactics, such as advertising, public relations, and content marketing, to increase brand awareness.
- Offering Unique Value Propositions: Marketers can differentiate their products and services by offering unique value propositions. It provides exceptional customer service to offer exclusive product features.
- Leveraging Technology: Technology has revolutionized the way key players approach their marketing efforts. Marketers can use technologies such as Artificial Intelligence, data analytics, and automation to optimize their marketing campaigns.
Prominent Players Operating in the Market
- Guangzhou JZX Aquarium Equipment Co., Ltd
- Tropical Marine Centre
- Aqua Leisure
- OASE Living Water
- Qian Hu Corporation Limited
- Blue Ridge Fish Hatchery
- PetSmart
- Aqua Design Amano
- Rolf C. Hagen Group
- Dennerle GmbH
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Recent Developments in the United States Ornamental Fish Market:
- AquaBounty Technologies is a biotechnology company that has developed genetically modified salmon. The company has recently received approval from the United States Food and Drug Administration to sell its salmon. The company’s innovative approach to aquaculture has implications for the ornamental fish market.
- Piscine Energetics is a company that produces and sells fish food made from marine zooplankton. The company’s products are marketed as being highly nutritious and sustainable. Recently, the company has expanded its product line to include fish feed for various species.
- Reef Nutrition is a company that produces and sells live phytoplankton and zooplankton for aquarium use. The company’s products are designed to support the growth and health of marine organisms, including fish and other invertebrates. The company has recently expanded its product line to include frozen and dried products.
United States Ornamental Fish Market by Category
By Application:
- Commercial
- Public Display
- Residential
By Product Type:
- Tropical Freshwater
- Marine
- Temperature
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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