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Fish breeding Tank is basically a fish tank that is helping in the reproduction of young ones from parent brood fish. The fish breeding tank is becoming popular due to the increasing demand for the production of a certain type of fish. The creation of a learning opportunity of aqua life for children drives more demand for the product. Additionally, due to less requirement of maintenance of the tank and fish doesn’t require much time to be entertained or domesticate unlike other pets, which thus helps to generate more traction. Likewise, the fish breeding tank is also crucial for the prevention of a certain type of endangered fish from extinction. According to New Scientist Ltd, home aquarium hobbyists help to protect 30 rare fish from extermination.
Furthermore, due to having a health benefit of the consumption of fish like the reduction of stress, decreasing blood pressure, balancing heart rate, and others also acts as a flourishing factor for the escalation of demand of the product. According to National Fisheries Development Board India, the entire fish production throughout the year of 2017-18 is estimated to be 12.60 million metric tonnes, of which about 65% is from the inland sector, and around 50% of the whole production is as of culture fisheries.
Key Market Driver -
Increasing growth of the demand of fish for consumption act as a driving factor for the growth of the market.
Key Market Restraint -
Contamination of water acts as a restraining factor for the growth of the market.
The artificial breeding tank which has the ability to breed fish on a controlled temperature, water use, light use, and others also acts as an opportunity for the growth of the market.
The increasing growth of the consumption of fish worldwide acts as one of the major driving factor for the growth of the market. According to the Food and Agriculture Organisation of the United Nations 2018, fish is providing about 3.2 billion people, with nearly 20 percent of their regular per capita consumption of animal protein. Personal fish breeding at home or offices is also becoming popular due to the mesmerizing looks of the beautiful aqua life. Additionally, due to the rise in the cost of living homes are getting smaller and this results in the rising admiration of fish as an ideal pet as it is occupying lesser space.
Additionally, the innovative use of IoT technology to remotely control the feeding process, oxygen flow, and temperature of the tank with the use of smartphone act as a propelling factor for the market growth. According to eFisheryFeeder Indonesia, their innovative invention of fish feeding device has the ability to be operated and control fish feeder remotely using a smartphone.
However, due to the contamination of water sources like rivers, lakes, oceans with waste and chemicals act as a hampering factor for the growth of the market.
Global fish breeding tank market involves the number of key players such as Titan Aquatic Exhibits, Purewell Fish Farming Equipment, Sea Atlanta, Hagen Marina, Penn-Plax, Acrylic Tank Manufacturing, and others.
The global fish breeding market is segmented by material, by end-use, by distribution channel, and by geography.
On the basis of material use, the market is fragmented into plastic, glass, and fiber. Plastic is anticipated to be the highest market shareholder due to its lightweight, easy to assemble, convenient to carry around, and largely used for commercial purposes.
Based on end-use, the market is divided residential and commercial. Commercial is the larger market shareholder due to the growing demand of breeding fish for prevention of extinction, the increasing fish farming industry, and more requirement of fish for aquarium display, and others.
By the distribution channel, the market is fragmented into retail stores and e-commerce. Retail store is considered to hold the larger share due to the need to create a connection with the businesses for future issues, the availability of the salesman to show and explain the work of the product.
Based on geography, the global fish breeding market is segmented into North America, Europe, Asia Pacific, South America, Africa, and the Middle East.
The Asia Pacific is anticipated to be the major shareholder during the forecast period of 2016-2026 as this region has top fish producing countries like China, Indonesia, India, Vietnam, and others. According to The Jakarta Post, October 2019, The Maritime Affairs and Fisheries Ministry proclaimed that the aquaculture is anticipated to supply 8.76 million tons of fish to the national market in 2019. Furthermore, the good government support of fish producers in this region also drives more demand of the product. According to the Department of Animal Husbandry and Dairying India, fish feed unit which cost USD 6,943.43 with a volume of 1.2 quintals/day is given out at as subsidy rate of 20% with a ceiling of USD 1,387.11 per unit to entrepreneurs. Due to the advancement of science and technology in this region, most people are moving towards fish breeding tank instead of the traditional process.
North America is expected to show significant growth during the coming years accounted to the region having large number of fish pets in homes, hotels, hospitals, and offices. According to the American Pet Products Association, 2017, the United States household is estimated to have 12.5 million freshwater and 2.5 million saltwater aquaria. The growth of systematic fish farming also plays an important role in the driving need of the product. Moreover, North America includes good research and development centers. Therefore, manufacturers in this region can produce a better product, which could create the best possible environment for fish.
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Europe is projected to show a strong position during the forecast period 2019-2026 owing to the quick adoption of a hygienic and technologically advanced way of the fish breeding tank. Most of the people participate in breeding a fish as a hobby also generate more demand of the product in this region. Moreover, the growing demand of rare species of fish for aquarium display also generate more revenue, which in turn is expected to boost the market growth. According to the European Commission, in 2017, Europe is estimated to spend around USD 63.15 billion on its fish consumption.
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