Press release
Reef Aquarium Market Report 2024: Strategies And Recent Developments
Reef Aquarium Market
The Business Research Company offers in-depth market insights through Reef Aquarium Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 can be attributed to increased interest in marine hobby, rise of online communities, conservation awareness, growing awareness of health benefits of aquariums, increased popularity of aquariums as a part of interiors.
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 can be attributed to advancements in led lighting, focus on sustainability, growing interest in nano aquariums, growing millennials' interest in aquariums, rising urbanisization. Major trends in the forecast period include integration of smart technologies, focus on coral propagation, innovations in filtration systems, diy culture in equipment, community collaboration for conservation.
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Market Segmentation:
The reef aquarium market covered in this report is segmented -
1) By Component Type: Display Tank, Filtration, Lighting, Heating And Cooling, Water Chemistry
2) By Product: Natural, Artificial
3) By End-Use: Household, Commercial, Zoo And Oceanarium
Major Driver - Rising Awareness Of The Health Benefits Drive The Reef Aquariums Market
The rising awareness of the health benefits of having aquariums is driving the reef aquarium market. There are many benefits associated with keeping a home aquarium, such as a reduction in stress, an improvement in sleep quality, and better heart health. Reef aquariums reduce pain and anxiety and help to improve concentration and creativity. According to the research published in the journal Environment &Behavior, there is an improvement in the physical and mental well-being of people who spend time watching aquariums and fish tanks. Thus, increasing awareness among people about having reef aquariums is contributing to the growth of the reef aquarium market.
Competitive Landscape:
Major companies operating 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.
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Top Trend - New Product Developments Drive Growth In The Reef Aquarium Market
Players in the reef aquarium market are focusing on new product development to stay competitive in the market. This trend is positively impacting the market. For instance, in September 2021, Orphek, a Canadian company engaged in providing a range of LED aquarium lighting solutions, launched the new AtlantikiCon reef aquarium LED lighting for coral growth and colour pop. This is developed with friendly technology that is easy to use and is smartphone compactible. Furthermore, the new Orphek App works with both Android and iOS, with voice control, iCloud support, and other such features.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Reef Aquarium Market Characteristics
3. Reef Aquarium Market Trends And Strategies
4. Reef Aquarium Market - Macro Economic Scenario
5. Reef Aquarium Market Size And Growth
…..
27. Reef Aquarium Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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