Aquarium Supplies Market Forecast and CAGR
According to the latest research study by Fact.MR, Aquarium supplies market is set to witness substantial growth during 2021-2031. Owing to the increasing fascination with the aquatic environment and its impact on the atmosphere in homes and other commercial or residential areas, the global demand for aquarium supplies has grown among the population over the years.
Furthermore, the market is poised to see substantial growth soon as technology advances and developments have been observed in Aquarium supplies products offered around the world.
Covid-19 Impact on Aquarium Supplies Demand
Since a pandemic like covid-19 is unpredictable and uncontrollable, the market is expected to rebound in a V-shaped pattern over the forecast period. Health crises are a major setback for everyone. This effect was even more evident in the aquarium supplies market, as it also experienced a lack of demand from offline channels.
However, having switched to online sales channels during the pandemic helped them to overcome the supply chain disruptions to some extent. Owing to these factors demand has remained almost stagnant during the past year and is however going to return to normal growth track by the end of 2022.
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What is Driving the Demand for Aquarium Supplies?
The aquarium has become a valuable experience with nature for the younger generation and allows them to learn about aquatic animals. In recent years, fish keeping has become a collective interest among the people all over the world, commencing the development of the global market for aquarium accessories.
The global market for aquarium accessories is largely driven by escalating demand in the population for ornamental fish and the aesthetic benefits of keeping the aquarium indoors. The retention of fish in the aquariums and its decoration with ornamental plants and other invertebrate species are gaining significance, as it offers them therapeutic benefits.
Additionally, one of the main reasons for the increased demand for aquarium supplies is product innovation in decorative items. The aquarium is being recreated with smaller, smarter and more efficient equipment, making it easier to keep and clean. Owing to the aforementioned factors, aquarium supplies demand is poised to remain consistent throughout the forecast period.
US Demand Outlook for Aquarium Supplies
The United States is one of the leading markets for aquarium supplies across the globe. This is because over 13 million households in the country own a fish (either freshwater or saltwater) as of the 2019-2020 financial year. Besides, the US has an overall pet fish population of 18.8 Million, according to the pet owner’s survey conducted by American Pet Products Association in 2018.
According to a market study, more than 11 million reef fish are taken from the reefs of the world to meet 700,000 aquarium hobbyists demand in the United States every year. Furthermore, there are many fish clubs and societies in the area that promote the hobby of fish keeping among consumers while also raising awareness about endangered species.
Owing to the above-mentioned factors, the US is supposed to maintain its dominance in the market in the medium to the long-run forecast period.
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The advent of Online Sales Channel to Aid Market Growth
The growth of the e-commerce industry has benefited aquarium product manufacturers and distributors greatly. Key stakeholders are concentrating their efforts on promoting their products on several e-commerce websites to reach a global audience. Companies and social channels have provided a huge opportunity to partner to increase user interaction.
The adoption of an online sales channel, reduces the number of intermediaries between manufacturer and end-users, thereby leading to reduced margins. This is mutually beneficial for both the manufacturer as well as customers. As customers get access to 24/7 access to product sales and services and manufacturers benefit from reduced margins and can offer at much lower prices.
The ability to compare prices and product attributes, as well as the availability of a wide range of products offered by different brands, are expected to drive demand growth.
Who are the Key Manufacturers and Suppliers of Aquarium Supplies?
Some of the leading manufacturers and suppliers of aquarium supplies include
- Penn Plax
- Qian Hu
- Tropical Marine Centre Spectrum Brands Guangdong Boyu Group
- United Pet Group
- Blue Ribbon
- Hailea Arcadia
- Live Aquaria
- among others
Key manufacturers in the market are adopting a blend of organic and inorganic strategies to stay competitive in the market. Some of the players are launching an innovative product to expand their portfolio. Whereas others are strengthening their sales channel and utilizing e-commerce to improve their overall sales footprint and geographical reach.
An Adaptive Approach to Modern-day Research Needs
Aquarium Supplies Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company
By Product Type
- Decorative Items
- Aquariums, Stands & Canopies
- Filters & Filter media,
- Controllers & Testing,
- Pumps & Powerheads
- Temperature Control
- Water conditioners & Additives,
- Fish food & feeders
By Water type
By Aquarium size
- Less than 50 Gallon
- 50 - 100 Gallon
- Above 100 Gallon
By Sales Channel
- Convenience Stores
- Specialty Stores
- Supermarkets & Hypermarket
- Retailers & Wholesalers
- Other Distribution channels
- Direct Sales
- E-Commerce Sales
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Yes, the report on the radiation proctitis treatment industry has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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