The Global Reef Aquarium Market size is expected to reach $8.4 billion by 2027, rising at a market growth of 10.5% CAGR during the forecast period.
Reef aquariums are marine aquariums that feature live marine invertebrates, corals such as hammer coral, candy cane coral, pulse coral, and frogspawn coral, as well as other live marine invertebrates. It also features a variety of fish, including clownfish, tangs, and gobies, all of which help to preserve the tropical coral reef habitat. Turbulent water movement, powerful lighting, and more stable water chemistry are all required in a reef aquarium.
Animal polyps that secrete a calcareous skeleton make up the group of creatures known as stony corals. They are trafficked globally for sale as souvenirs, jewellery, and aquarium organisms, and are utilised locally for building materials, road construction, and lime manufacture. Living specimens, skeletons, and live rock, which consists of coral skeletons and coralline algae with other coral reef creatures attached, are all available for trade.
The removal of live rock, which is typically broken out of the reef with crowbars, threatens or destroys habitat for other species. Extraction of stony corals and living rock has been shown to cause erosion, habitat destruction, and biodiversity loss. Unless conservation efforts are strengthened, the devastation of coral reef ecosystems is likely to continue.
The outbreak of the COVID-19 pandemic has significantly impacted various segments of the business domain. The imposition of various regulations like complete lockdown, travel ban and restrictions on imports & exports has resulted in the shutdown of many companies and several companies have taken initiatives and extra efforts to survive in these crises. The reef aquarium market was impacted by the COVID-19 pandemic due to stringent lockdowns in several locations and the temporary shutdown of non-essential enterprises.
Since everything is getting back on track, the demand for various non-essential things would increase in the coming years. However, due to an increase in the number of pet owners during the pandemic, the market will grow significantly. Furthermore, fish tanks take up a lot less space, which has fuelled demand. This trend is presenting a number of opportunities for the residential market to expand.
Aquariums have been increasingly popular in recent years. There are different types of aquariums available in the market. As a result, the aquarium sector as a whole is small in scale but extremely valuable. Unlike freshwater aquarium species, which are currently farmed in large numbers, the vast majority of marine aquariums are stocked with wild species primarily from coral reefs and nearby environments. Coral reef habitats have been degraded as a result of these fishing, as well as other activities.
The increasing prevalence of e-commerce and online sales is supporting the demand for various aquariums and its accessories. Consumers can access a variety of new products 24 hours a day, seven days a week through online platforms all over the world. Another advantage of aquarium accessories is that product information is more extensive, and it also provides consumers with insights in the form of consumer reviews and other means. Many reef aquarium vendors deal through online portals since their customer has high digital presence.
The live reef fish trade's most serious issues stem from its mobility. As fertile reefs have vanished and governments have caught on to their fishing practises and begun to impose laws restricting the use of cyanide and explosives, the frontier of cyanide fishing has steadily moved through Southeast Asia to tropical Pacific islands, and even across the Indian Ocean to the Seychelles and Tanzania. Many exporting countries have acknowledged the hazards posed by the coral trade and have taken initiatives to mitigate them.
On the basis of product, the reef aquarium market is segmented into component, natural and artificial. The natural aquarium segment garnered a significant revenue share in the reef aquarium market in 2020. Natural reef aquariums are becoming more popular as people become more conscious of sustainable practises and the need to protect the dwelling environments of numerous saltwater aquatic species. Furthermore, because these aquariums are closer to actual coral materials, creatures and flora can thrive in a healthier habitat.
Based on end-use, the reef aquarium market is classified into Household, Commercial and Zoo & Oceanarium. The commercial segment acquired a substantial revenue share in the reef aquarium market in 2020. This growth is attributed to the rising spending of the companies on interiors of commercial spaces. In addition, these reef aquariums are highly used at offices and hotels in order to improve the surroundings of the space, which would escalate the growth of the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2020 | USD 4.5 Billion |
| Market size forecast in 2027 | USD 8.4 Billion |
| Base Year | 2020 |
| Historical Period | 2017 to 2019 |
| Forecast Period | 2021 to 2027 |
| Revenue Growth Rate | CAGR of 10.5% from 2021 to 2027 |
| Number of Pages | 135 |
| Number of Tables | 260 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Product, End Use, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the reef aquarium market is analyzed across North America, Europe, Asia Pacific, and LAMEA. Europe emerged as the leading region in the reef aquarium market with the largest revenue share in 2020. Several coral farms are being created in the region, and reef livestock is exported or sold to individual and specialised stores for an average price of USD 5 to 150 per piece. For example, a Galician FLAG helped to fund the establishment of Europe's first commercial coral farm, which grows about 5,000 corals per year and attracts school visits from all over the region. This is likely to help the European regional market flourish.
Free Valuable Insights: Global Reef Aquarium Market size to reach USD 8.4 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Jebao Co. Ltd., Central Garden & Pet Company, Mars, Inc. (API Fish Care), EHEIM GmbH & Co. KG, Spectrum Brands Holdings, Inc., Aqua Design Amano Co., Ltd., Azoo Bio Corporation (Taikong Corporation), OASE GmbH (Argand Partners, LP), Tropical Marine Centre Ltd., and Monkfield Nutrition Ltd. (Arcadia Aquatic).
By Product
By End Use
By Geography
The reef aquarium market size is projected to reach USD 8.4 billion by 2027.
Increasing popularity of aquarium as a part of interiors are driving the market in coming years, however, strict government regulations limited the growth of the market.
Jebao Co. Ltd., Central Garden & Pet Company, Mars, Inc. (API Fish Care), EHEIM GmbH & Co. KG, Spectrum Brands Holdings, Inc., Aqua Design Amano Co., Ltd., Azoo Bio Corporation (Taikong Corporation), OASE GmbH (Argand Partners, LP), Tropical Marine Centre Ltd., and Monkfield Nutrition Ltd. (Arcadia Aquatic).
The Component market acquired maximum revenue share in the Global Reef Aquarium Market by Product 2020, thereby, achieving a market value of $3.9 billion by 2027.
The Household market is generating high revenue in the Global Reef Aquarium Market by End Use 2020, and would continue to be a dominant market till 2027.
The Europe market region shows high market share in the Global Reef Aquarium Market by Region 2020, and would continue to be a dominant market till 2027.
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