Koi Market

Koi Market Size and Forecast (2023-2028):

The Global Koi Market share value is expected to grow at a CAGR of 11.95% during the forecast period 2023–2028 to reach USD 4717.04 million by 2028 from USD 2396.211 million.

Market Overview:

Koi are ornamental freshwater fish in the carp family, scientifically it is known as Cyprinus rubrofuscus. They are known for their vibrant colors, patterns, and graceful appearance. It has been cultivated in Japan for centuries and is a descendant of common crap. Koi fish holds a cultural significance and it is associated with good fortune and luck. Koi comes in a variety of colors, such as including red, yellow, orange, black, white, and many shades in between. Their patterns can be simple or complex and have single-color scales or combinations of dots, patches, and stripes. They are adaptable and survive in a variety of aquatic environments. One of the significant features is their ability to tolerate different water temperatures and conditions. However, they are cultured mostly in well-maintained ponds and tanks with clean water, plenty of swimming space, and proper filtration systems. Koi are omnivores and eat plants and small aquatic creatures. They have a voracious appetite and will eat commercial koi pellets, live or frozen food, such as insects, worms, and prawns. Also, koi require essential nutrients for their growth and color development. These fishes are becoming increasingly popular all over the world, and there are many koi farms and clubs for their breeding and care.

REPORT COVERAGE:

Drivers:

One of the significant factors that is increasing the koi market share is the rise in demand for koi as an ornamental fish. Koi has exceptionally vibrant colors and distinct patterns with a graceful appearance. And therefore, it is being increasingly used as an ornamental fish in ponds and aquariums around the world. Traditionally koi was a part of Japanese culture and is considered a sign of luck, wealth, and endurance, and over the years, koi is found all around the globe in houses, restaurants, and cafes. Since they are adaptable and can survive in a variety of aquatic environments, maintenance of these fishes becomes easy. Moreover, the high disposable income also contributes to the demand for koi fish. Hence, the demand for koi fish has led to a rise in the koi market share. 

Furthermore, the growing koi breeding and trading industry has also caused a remarkable surge in koi market share. the increasing global demand for koi fish, due to its aesthetic look and cultural significance as a good luck sign. And therefore, the global demand has caused breeders and animal farmers to expand the koi population. The industry expansion can be attributed to innovative breakthroughs in breeding techniques, because of advancements in genetics and controlled breeding, it has enabled the creation of koi varieties with different colors and unique patterns. By using recombinant technology, breeders can select specific traits. These developments have elevated the aesthetic appeal of koi leading to its increased demand. thus fuelled the koi market expansion.

Moreover, social media platforms have also contributed to the demand for koi fish. Social media platforms such as Instagram, Facebook, and YouTube have played a pivotal role, where the breeder promotes and showcase vibrant pictures of ki fishes that highlight the beauty of fishes. And this has led many consumers especially for hobbyists to demand attractive koi fish causing an increase in koi market share.

Restraints:

Koi fish is popular for their vibrant beauty, colors, and patterns, but are vulnerable to a range of diseases that can present significant challenges, particularly when proper care is neglected. The aquatic environment if not carefully maintained, can foster the growth and transmission of various pathogens. Poor water quality is one of the primary reasons for disease outbreaks. Conditions such as high ammonia and nitrite levels, fluctuating pH, and inadequate filtration can stress koi and affect their immune systems. This weakened immunity leaves them susceptible to bacterial, fungal, and parasitic infections. And some common diseases include "Ich" (white spot disease), fin rot, ulcers, and "Koi Herpesvirus Disease" (KHV), among others.

Stressors like temperature fluctuations, improper handling, or transportation stress can further compromise the fish's immune system, making them susceptible to infections. Therefore, the risk of infection and stress can decline the demand for koi fish, affecting its market size.

Opportunities:

The increasing awareness of the therapeutic benefits of koi-fish interaction is creating opportunities for businesses to provide koi-therapy services. This innovative approach of using koi fish as calming and stress-relieving by spending time near and interacting with koi fish has created an opportunity for koi market expansion. Koi therapy is often referred to as "koi fish spa" or "aquarium therapy," in which observe and even interact with koi fish. The soothing movements of the fish, combined with the ambiance of water, create a unique sensory experience that aids in relaxation and a sense of calmness. And also lowers blood pressure, stress, and anxiety, and provides a general sense of well-being. Businesses offering koi therapy services can cater to diverse consumers, especially consumers with busy lifestyles. Spas, wellness centers, meditation retreats, and even healthcare facilities can incorporate koi therapy as a complementary offering. Thus, expanding the koi market. In addition to providing relaxation and stress reduction, koi therapy services can cater to the growing interest in nature-based therapies and eco-therapy. This trend aligns well with individuals seeking to reconnect with nature and promote mental and emotional balance. Thus, businesses can leverage this opportunity and can increase koi market share.

Impact of Covid-19 on Koi Market:

The Covid-19 pandemic had a significant impact on the koi market share, due to the implementation of lockdown and travel restrictions, which led to disruption in the global supply chain of koi fish, which reduced the demand for koi fish. These disruptions resulted in potential shortages and delays in the sourcing of necessary products for koi enthusiasts. With restricted access to imports, breeders, and hobbyists faced difficulties in acquiring new koi stock and maintaining the proper nutrition and care for their existing fish. And this caused a decline in the koi market size. Also, economic uncertainties and many people losing jobs, with low disposable income, affected the willingness of people for purchasing koi fish. Since koi fishes require high-cost maintenance and diet to keep their immunity healthy for preventing the spread of infections. Thus this is another major factor that reduced the koi market size.

Koi Market Segmentation Analysis:

By Type:

• KOHAKU
• TAISHO SANKE
• SHOWA SANKE

Based on the type, the koi market is divided into KOHAKU, TAISHO SANKE, and SHOWA SANKE. The KOHAKU type has the highest market share and CAGR since KOHAKU is a popular fish in the koi industry, and it is distinguished by its red and white markings, being the oldest koi fish, it has more traditional and cultural significance, therefore KOHAKU segment dominated the koi market. The TAISHO SANKE has the largest market share and CAGR, the black and white markings on the red base color create a beautiful and dramatic contrast making it appealing and eye-catching. The Showa Sanke is another popular type of koi. It has a black base color with red and white markings.

By Application:

• Commercial
• Retail

Based on the application, the koi market is divided into commercial and retail. The retail segment dominated the market and has the highest market share and CAGR since the beauty and distinctive feature of koi fishes has attracted individuals and families for use in home aquariums and ponds. The commercial segment is also growing in popularity, as businesses are increasingly using koi fish to create attractive and inviting outdoor spaces.

Geographical Segmentation Analysis:

• North America - the United States and Canada
• Europe - United Kingdom, Spain, Germany, Italy, and France
• The Asia Pacific - India, Japan, China, Australia, Singapore, Malaysia, South Korea, New Zealand, and Southeast Asia
• Latin America  - Brazil, Argentina, Mexico, and Rest of LATAM
• The Middle East and Africa - Africa and Middle East (Saudi Arabia, UAE, Lebanon, Jordan, Cyprus)

By Region Analysis:

Based on the region, the koi market is classified into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The Asia Pacific dominated the koi market and has the highest market share and CAGR, this is due to the long history of koi farming and breeding in the region such as Japan, China, and Taiwan since they are the leading producers of koi fish in the world. The region also has a large and growing middle class with disposable income to spend on koi fish. Europe has the largest market share and CAGR, this is due to the increasing popularity of Japanese culture and the growing interest in ornamental fishkeeping. North America has significant growth in the koi market, this is due to the increasing popularity of home aquariums and ponds. Latin America, the Middle East, and Africa have the smallest market share as compared to other regions,

Key Players in the Market:

Major Key Players in the Global Koi Market are

• Liuji
• Jiahe Tianyuan
• Wanjin
• Haojin
• Chongqing Shanghua
• Guangzhou Zhengda Aquatic
• Marusei Koi Farm
• Dainichi Koi Farm
• Sakai Fish Farm
• Ogata Koi Farm
• Isa Koi Farm
• Matsue Koi Farm
• Omosako Koi Far
• Konishi Koi Farm
• Hiroi Koi Farm