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.
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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.
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.
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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.
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.
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