Fishing Nets Market

Market Snapshot

Global Fishing Nets is expected to reach USD 2,017.7 Million by 2028, exhibiting a CAGR of 3.85% from 2022 to 2028.

Market Synopsis:

Global Fishing Nets was valued at USD 1,627.63 Million in 2021. The global fishing nets market is expected to witness substantial growth during the forecast period 2022–2028. This is accredited to the swift expansion of the global aquaculture industry combined with the rising demand for fish and other marine animals. Since the last few years, the fisheries and aquaculture sector have witnessed rapid expansion in terms of trade and production & consumption and is likely to continue the same trend in the near future as a result of increasing demand for seafood across the globe. According to the latest FAO report published in 2020, 32.4 million tonnes of aquatic algae, 82.1 million tonnes of aquatic animals, and 26,000 tonnes of ornamental seashells and pearls were produced globally. Though a variety of fishing nets have been developed since the ancient past, sustainable development of fisheries and environmental concern has led to the invention of biodegradable fishing nets. Such biodegradable fishing nets can be degraded by microorganisms in saltwater after a certain period of time which is likely to stimulate market growth during upcoming years.

Market Segmentation:

The global Fishing Nets is segmented into Type, End-User, Distribution Channel. The type segment is further divided into Purse Seine, Cast Net, Trawl Net, and Others. The application segment is further segregated into Commercial and Residential. Based on distribution channels, the market is divided into Offline Stores and Online Platforms.

Commercial to Dominate the Global Market

The Commercial segment accounted for the largest share of the global market in 2021. The Commercial segment held 79.51% in 2021 and is likely to dominate the market throughout the forecast period. This is accredited to the rising number of commercial fisheries in the world as the major source of income. According to the FAO, an estimated 59.5 million people were engaged in the primary sector of fisheries and aquaculture. In total, about 39.0 million people were employed in fisheries. Moreover, increasing demand for seafood along with the increasing selection of fishing is a major source of disposable income in many emerging countries and is likely to augment the growth of the market in near future.

Surged in the Adoption of Online Platforms During COVID-19

The global fishing nets market has witnessed a little surge in the adoption of Online Platforms during the pandemic time. This is accredited to the globally employed social distancing norms and restrictions on physical movements during peak hours. Moreover, the emergence and rapid growth of cross-border B2C eCommerce is projected to stimulate purchases from online platforms during the forecast period 2022–2028.

Asia Pacific Emerged as the Largest Market for Fishing Nets

Asia Pacific was the largest market for fishing nets in 2021 and is likely to continue the same trend during the forecast period 2022–2028. This is accredited to the increasing demand from economies like India, China, and Indonesia in the region. China, India, Indonesia, and Thailand are the major producers as well as consumers of aquaculture in the region. Asia Pacific is highly unorganized and faces issues such as illegal, unreported, and unregulated (IUU) fishing which is likely to create sustainable issues along with the decline in coastal fishery resources. This is likely to hamper the growth of the market during the upcoming years. However, the Food and Agriculture Organization of the United Nations (FAO) is targeting IUU issues and working on production improving in the Asia Pacific; which is also likely to reduce the fish prices that will ultimately boost the fish consumption in the region. Furthermore, the rising popularity of fishing as a recreational activity is also supporting the growth of the fishing nets market in the Asia Pacific. Moreover, North America is likely to witness substantial growth with a CAGR of over 3.12% from 2022 to 2028. This is accredited to the rising demand for fish and aquaculture from the pharmaceutical industry for various medicinal purposes. Apart from that, rising fish consumption in the U.S. is expected to maintain the steady demand for fishing nets during the forecast period.

Competitive Landscape:

Some of the key players in the Fishing Nets include, Amco Polymers, BASF SE, Advan Six Inc., TORAY INDUSTRIES, Inc., Royal DSM N.V., Indorama Ventures, Formosa Chemicals, Fiber Corporation, Teijin Limited, Garware Wall Ropes. among others.

Recent Developments in the Industry

1. August 2020: Teijin Limited and Kinoshita Fishing Net Mfg. Co., Ltd. jointly announced that they have developed the world’s first high-performance knotless fishing net made with an ultra-high molecular weight polyethylene (UHMWPE) film.

The Fishing Nets Market is segmented as follows:

The Fishing Nets Market is tabulated as below: