Reef Aquarium Market Size Is Poised To Reach Billion By 2028: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on October 18th, 2023 San Francisco, 18 October 2023: The ReportReef Aquarium Market Size, Share & Trends Analysis Report By Product (Component, Natural), By End Use (Household, Zoo & Oceanarium), By Region (Europe, Asia Pacific), And Segment Forecasts, 2021 - 2028 The global reef aquarium market size is expected to reach USD 11,020.6 million by 2028, registering a CAGR of 10.7%, according to a new report by Grand View Research, Inc. Rising development in aquariums with advanced designs is supporting the market growth as people seek to accent showpieces to feature in a room. Planted tanks and aquascaping are the most popular and developing trends that favor market growth. The rising awareness about the health benefits of having aquariums, such as relief from stress&anxiety, controlled heart rates, mood enhancements, which can also help Alzheimer's patients, are likely to contribute to market growth. For instance, as per researchers at the National Marine Aquarium in 2015, keeping aquariums has resulted in a significant reduction in people’s blood pressure. Constant advancements by companies through technological integration are rapidly transforming the adoption of reef aquariums, which, in turn, drives the market growth. For instance, in April 2020, EHEIM GmbH & Co. KG launched a new external aquarium filter to gain a competitive edge in terms of product differentiation. Component products accounted for the largest share in 2020 owing to strong developments in the products supporting these reef aquariums. Controllability and customization are two trends that continue to gain momentum. Moreover, various advancements in smart technology continue to add new functionalities to fish keeping from adjustable lighting to feeding and controlling water parameters. Growing millennials’ interest in colorful ornamental fish for aquariums as a part of a luxury lifestyle is expected to remain a key factor for the market growth. The COVID-19 pandemic affected the market as a result of strict lockdown across various regions and the temporary closure of non-essential businesses. However, with a rise in the number of companion animal owners during the pandemic, the market will have significant growth. Moreover, fish tanks occupy a lot less space, which also has been driving the demand. This trend is creating several growth opportunities for the market in the residential sector. Request sample report of Reef Aquarium Market@https://www.grandviewresearch.com/industry-analysis/reef-aquarium-market-report/request/rs1 The rising popularity of pet adoption across countries drives the penetration and growth prospects for reef aquariums. According to Insurance Information Institute, Inc., it has been estimated that there are over 128 million households in America and more than 85 million of them own a pet, with dogs, cats, and fish being the most popular. Reef Aquarium Market Report Highlights
Technological advancements in the pet care industry, such as pet cameras and automatic filters, have further augmented the market growth. Modern technology has made it easier than ever to cultivate and maintain a thriving aquarium at home. For instance, monitoring water chemistry in aquariums has been a constant concern for many years, but new in-tank devices can now deliver real-time measurements for everything, from pH levels to water hardness. Reef Aquarium Market Report Scope
A significant driver of market expansion is the growing interest among millennials in the colorful aquarium as a component of a luxurious lifestyle. Due to the COVID-19 pandemic, there was a strict lockdown in several areas, and non-essential companies had to temporarily close. However, the industry experienced significant growth due to an increase in pet owners during the pandemic. Additionally, fish tanks take up a lot less room, which has also been boosting demand. List of Key Players of Reef Aquarium Market
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