Reef Aquarium Market To Grow At Rate 10%, With The Increasing Product DevelopmentsMay 14, 2022
The Business Research Company’s Reef Aquarium Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026
LONDON, GREATER LONDON, UK, May 10, 2022 /EINPresswire.com/ — 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 Atlantik iCon 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 global reef aquarium market size is expected to grow from $4.05 billion in 2021 to $4.30 billion in 2022 at a compound annual growth rate (CAGR) of 6.20%. The growth in the reef aquarium market is mainly due to the companies’ resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global reef aquarium market size is expected to reach $6.25 billion in 2026 at a CAGR of 9.79%.
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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 market.
Major players covered in the global reef aquarium market are Jebao, API, Aqua Design Amano Co., Ltd., EHEIM GmbH & Co. KG, AZOO, Interpet, JUWEL Aquarium AG & Co. KG, Arcadia, Tropical Marine Centre Limited, OASE GmbH, D-D The Aquarium Solution Ltd, Hagan, Marukan, TMC, Tetra, Taikong Corp, and Spectrum Brands, Inc.
TBRC’s global reef aquarium market report is segmented by component type into display tank, filtration, lighting, heating and cooling, water chemistry, by product into natural, artificial, by end-use into household, commercial, zoo and oceanarium.
Reef Aquarium Global Market Report 2022 – By Component Type (Display Tank, Filtration, Lighting, Heating And Cooling, Water Chemistry), By Product (Natural, Artificial), By End-Use (Household, Commercial, Zoo And Oceanarium) – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provides a reef aquarium market overview, forecast reef aquarium market size and growth for the whole market, reef aquarium market segments, geographies, reef aquarium market trends, reef aquarium market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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