Reef Aquarium Global Market Report 2024

A reef aquarium is a type of tank designed to replicate the habitat of an oceanic coral reef by housing live corals and specific fish species. It showcases a variety of corals, including candy cane coral, hammer coral, frogspawn coral, and pulse coral, along with different marine invertebrates such as tangs, clownfish, gobies, and others.

The primary components of a reef aquarium include the display tank, filtration system, lighting, heating, cooling, and water chemistry. The display tank, available in acrylic and glass types, holds the livestock. Reef aquarium products can be either natural or artificial and cater to various end-users, including households, commercial establishments, zoos, and oceanariums.

The reef aquarium market research report is one of a series of new reports that provides reef aquarium market statistics, including reef aquarium industry global market size, regional shares, competitors with a reef aquarium market share, detailed reef aquarium market segments, market trends and opportunities, and any further data you may need to thrive in the reef aquarium industry. This reef aquarium market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The reef aquarium market size has grown strongly in recent years. It will grow from $4.68 billion in 2023 to $5.12 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period for reef aquariums can be attributed to factors such as increased interest in marine hobbies, the rise of online communities dedicated to aquarium enthusiasts, growing awareness of conservation efforts, recognition of the health benefits associated with aquariums, and the increased popularity of aquariums as a part of interior design.

The reef aquarium market size is expected to see strong growth in the next few years. It will grow to $6.98 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period for reef aquariums can be attributed to various factors, including advancements in LED lighting technology, an increased focus on sustainability in the aquarium industry, a growing interest in nano aquariums, the rising interest of millennials in aquariums as a hobby, and the impact of urbanization. Additionally, major trends in the forecast period include the integration of smart technologies into aquarium setups, a heightened focus on coral propagation for conservation efforts, innovations in filtration systems, the do-it-yourself (DIY) culture in equipment, and increased community collaboration for conservation initiatives.

The growing awareness of the health benefits associated with maintaining aquariums is fueling the growth of the reef aquarium market. Keeping a home aquarium has been linked to various advantages, including stress reduction, improved sleep quality, and enhanced heart health. Reef aquariums contribute to pain and anxiety reduction while promoting better concentration and creativity. Research published in the journal Environment & Behavior suggests that spending time watching aquariums and fish tanks can enhance both physical and mental well-being. Consequently, the increasing awareness of the positive effects of reef aquariums is a key factor contributing to the expansion of the reef aquarium market.

The anticipated rise in disposable income is poised to drive the growth of the reef aquarium market in the future. Disposable income refers to the funds available to individuals or households for spending and saving after deducting necessary taxes and other obligations from their gross income. With higher incomes, consumers are inclined to choose premium and advanced aquarium equipment, fostering innovation and the development of more sophisticated, efficient, and technologically advanced products in the market. For example, a report from the Bureau of Economic Analysis in June 2022 revealed a monthly increase of $113.4 billion or 0.5 percent in personal income, with disposable personal income (DPI) rising by $96.5 billion (0.5%). Hence, the upward trajectory of disposable income is a significant driver of the reef aquarium market's growth.

Market players in the reef aquarium industry are prioritizing new product development to maintain competitiveness. This trend is positively impacting the market, as seen in the example of Orphek, a Canadian company specializing in LED aquarium lighting solutions. In September 2021, Orphek introduced the Atlantik iCon reef aquarium LED lighting, designed to promote coral growth and enhance color vibrancy. The user-friendly technology is smartphone-compatible, and the associated Orphek App works seamlessly on both Android and iOS, featuring voice control and iCloud support.

Major companies operating in the reef aquarium market are innovating by introducing products like light-emitting diode (LED) lights tailored for reef aquariums, aimed at boosting their revenues. LED lights for reef aquariums are energy-efficient and customizable illumination sources that simulate natural sunlight, supporting the growth of coral and other photosynthetic organisms. For example, in September 2021, Orphek launched the Atlantik iCon Reef Aquarium LED Lighting, equipped with 10pc 2022 new sorts of custom-made 5W dual-core LEDs, providing a natural look to the tank across various color temperatures.

In July 2021, Bulk Reef Supply, the largest online saltwater aquarium retailer in the United States, acquired Marine Depot, a California-based company, for an undisclosed amount. The consolidated company now operates under the name Bulk Reef Supply and includes the educational platform Reef Builders. MarineDepot. com, the acquired company, is an e-commerce platform selling aquarium supplies for fish-keeping and reef-keeping hobbyists.

Major companies operating in the in the reef aquarium market report are Jebao Inc., API Fish Care Inc., Aqua Design Amano Co. Ltd., EHEIM GmbH & Co. KG, AZOO Inc., Interpet Plc, JUWEL Aquarium AG & Co. KG, Arcadia plc, Tropical Marine Centre Limited, OASE GmbH, D-D The Aquarium Solution Ltd., Hagan Inc., Marukan Inc., Tetra Inc., Spectrum Brands, Inc., Red Sea Inc., Reef Pro Store Inc., CoralVue Inc., AquaCave. com Inc., Salty Bottom Reef Company Inc., Top Shelf Aquatics Inc., Aquaforest Plc, Maxspect Inc., Aqua Illumination Inc., Tunze Inc., Ecotech Inc., Aqua UV Inc., Neptune Systems Inc., Allegheny Technologies Incorporated, JBJ Companies Inc., Seachem Inc., Aqueon Inc., Blueline Inc., Brightwell Aquatics Inc., Caribsea Inc., Dolphin Pumps Inc., Eshopps Inc., Gryphon Inc., Hanna Inc., Hydros Inc., IceCap Inc., Kessil Inc., Pioneer Plastics Inc., Reeflo Inc., Salifert Inc., Sicce Inc., Sweetwater Inc.

Europe will be the largest region in the reef aquarium market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the reef aquarium market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the reef aquarium market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The reef aquarium market consists of sales of acrylic, glass, plastic, and polyvinyl chloride. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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