Overview of the global aquarium accessories market
Technavio’s market research analyst predicts the global aquarium accessories market to grow at a CAGR of almost 5% over the forecast period. Fish keeping has become one of the most popular hobbies among millions of enthusiasts across the globe, and most of the fish species kept in aquariums are freshwater species. The surging demand for ornamental fish among hobbyists is one of the major driving forces contributing to the sales of aquarium accessories. Hobbyists are increasingly seeking products such as aeration equipment, substrate, tanks, ornaments, and fish food. The growing interest of individuals in keeping aquarium fish has resulted in the establishment of new stores that sell aquarium-related products and services such as installations, maintenance, and cleaning. The aquarium stores are also employing skilled and knowledgeable staff to assist consumers in maintaining their aquariums regularly at their residence.
The aquarium industry is witnessing the growing preference for technology-integrated products among aquarists and hobbyists. As a result, most manufacturers are introducing equipment for recreating aquariums that are small, smart, and more efficient to facilitate the easy maintenance and cleaning of the aquarium. Aquariums are also being designed to be compact to house corals and delicate reef vertebrates. Furthermore, some vendors are also coming up with energy efficient aquarium accessories and new programmable smart devices that offer maintenance-free performance for aquarists and hobbyists. These devices are more reliable and require less monitoring. Smart devices such as aquarium control systems help hobbyist to manage pH, conductivity, dissolved oxygen, oxidation-reduction potential parameters, and lighting simultaneously.
Competitive landscape and key vendors
The global aquarium accessories market has several large vendors that manufacture several accessories. According to the aquarium industry statistics report, the market is extremely competitive as the players compete on the basis of product differentiation, portfolios, and pricing. The leading vendors have a vast geographical presence with production facilities located across the globe. There are also a few regional vendors in the market. The presence of various private labels offering products at affordable prices has come as a serious threat to the well-known brands in the market.
Leading vendors in the market are -
Guangdong Boyu Group
Other prominent vendors in the aquarium accessories market include API, Aqueon, Aquaria, Arcadia, AZOO, Blue Ribbon, EHEIM, Hailea, Interpet, Jebao, Jebo, Tropical Marine Centre, United Pet Group, and ZooMed.
Segmentation by product type and analysis of the aquarium accessories market
Temperature control systems
In 2015, the decorative items segment accounted for the largest share of the aquarium accessories market and will continue its market dominance throughout the forecast period. Much of this segment’s growth is primarily driven by the increasing popularity of aquascapes among hobbyists. Hobbyists are re-creating aquariums based on diverse themes and are incorporating a variety of plants, ornaments, backgrounds, substrates, and related decorative items in their tanks. The rising installations of aquariums for interior decoration and the therapeutic benefits associated with them will boost the growth of this segment over the next four years.
Geographical segmentation and analysis of the aquarium accessories market
The penetration of aquarium accessories was the highest in the North American region during 2015. In this region, countries like the US and Canada lead the market in terms of pet fish ownership. As per a market analysis, more than 11 million reef fish are taken from the world’s reefs each year to meet the high demand of 700,000 aquarium hobbyists in the US. Moreover, there are several fish clubs and societies in the region that are spreading the fish keeping hobby among consumers and are fostering awareness regarding these endangered species.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global aquarium accessories market?
What are the key market trends impacting the growth of the global aquarium accessories market?
What are the challenges to market growth?
Who are the key vendors in the global aquarium accessories market?
What are the market opportunities and threats faced by the vendors in the global aquarium accessories market?
Trending factors influencing the market shares of APAC, Europe, North America, and ROW.
What are the key outcomes of the five forces analysis of the global aquarium accessories market?
Technavio also offers customization on reports based on specific client requirement.