Fish Tank Water Additives Market Overview
Globally, fish are the 3rd most popular pets after dogs and cats, leading to increased demand for aquariums. To ensure a toxin-free environment, it becomes important to balance the ecosystem of fish tanks by providing additives for the neutralization of toxins. Therefore, demand for fish tanks water additives shall surge in the coming years.
Global Fish Tank Water Additives Market – Growth Drivers
Increasing adoption of aquarium setups in various commercial and residential sectors is promoting market growth. The need to increase life span of fishes across stimulated environments provides remunerative growth opportunities for fish tank water additives sales.
Umpteen benefits offered by these additives products further promotes market growth.Water conditioners are slated to grow at the highest CAGR during the forecast period (2020-2030).
These additives neutralize the toxicity and hardness of tap water by eliminating chlorines which can be very dangerous to the fish. Furthermore, biological additives will gain traction as they are used to breakdown fish waste.
Global Fish Tank Water Additives Market – Growth Restraints
High cost of additives and regular replacements of products restrains the market growth. These high costs are prompting people in the developing and under-developed countries to avoid usage of additives, opting instead to change the aquarium tank water on a regular basis.
Impact of COVID-19 on Global Fish Tank Water Additives Market
The coronavirus (COVID-19) pandemic has induced a significant drop in the demand for fish tank water additives. Due to government-imposed lockdowns in highly affected areas, the logistical arrangements for transporting these products have been severely hampered.
Thus, end-users are resorting to home-made additives to ensure a constant supply.On the other hand, online sales of fish tank water additives has significantly increased. Easy returns, payment methods and door step delivery satisfies consumer needs.
This trend is anticipated to continue in near future, and online market with suppress retail shops over the forecast period.
Global Fish Tank Water Additives Market – Regional Analysis
North America remains the hegemon in the global fish tank water additives market. This is owing to large adoption of aquariums in hotels, malls, aquatic museums and public places. The U.S. alone houses approximately 271 aquatic museums.
Europe is the second most lucrative region for the global fish tank water additives market growth. High adoption of fish as pets in this region proliferates market growth.
Global Fish Tank Water Additives Market - Competitive Landscape
The global fish tank water additives market is consolidated with the presence of a limited number of key players. These players focus upon innovation and expansion of product portfolios to acquire a competitive edge in the market space.
Players in global fish tank water additives market includes
- That Pet Place
- The Spruce Pets
- CD Aquatics
- Master pet and others.
Global Fish Tank Water Additives Market – Segmentation
The global fish tank water additives market is segmented on the basis of following,
- Water Conditioners
- Biological Additives
- Water Clarifiers
- Algae Control
- pH Modifiers and Buffers
- Re-Mineralizers/GH Modifiers
- Trace Elements
- Plant Fertilizers & Trace Elements