The fishing nets market is expected to reach USD 2,017.7 Million by 2028, growing at a CAGR of 3.85% from 2021 to 2028. The increasing expansion of the fishing industry along with rising demand for fish by consumers from various regions is expected to fuel the global fishing nets market during the forecast period.
- The purse seine segment is projected to grow at a CAGR of over 2.68% over the forecast period. This is owing to the increasing adoption of these nets by commercial fishermen.
- The commercial segment held a market share of around 80.04% in 2020. This share is due to the increasing demand for seafood along with the increasing selection of fishing as a major source of disposable income in many emerging countries.
- The online platforms segment is projected to hold a market share of around 23.99% in 2020. This is attributable to the direct doorstep delivery and cash-on-delivery offered by various online portals and hygiene precautions taken by the delivery people.
- North America is expected to expand at a CAGR of over 3.24% from 2021 to 2028. This surge is attributed to the rising awareness about the health benefits of fish and krill oil along with the increasing demand for fish within the region.
Some of the key players in the fishing nets market include Miller Net Company Inc., Siang May, Magnum polymers Pvt. ltd., Brunsonnet and Supply Inc., Memphis Net and Twine, Viet AU ltd., Nagara Net Co. Inc., Nitto Seimo, and SNC.
The rising aquaculture industry is anticipated to augment the growth of the fishing nets market in the years to come. In the past few years, the fisheries and aquaculture sector tremendously expanded in terms of total production, trade, and consumption. This sector is rapidly gaining importance as a result of the increasing demand for seafood across the globe. The latest FAO report on The State of World Fisheries and Aquaculture 2020 (SOFIA 2020), launched on World Oceans Day, revealed that 82.1 million tonnes of aquatic animals, 32.4 million tonnes of aquatic algae, and 26,000 tonnes of ornamental seashells and pearls were produced. Furthermore, the various government policies and subsidiaries to support the fisheries sector are also expected to increase the sale of the fishing net across the globe. However, increasing rules and regulations to help preserve endangered sea animals worldwide is expected to hamper the growth of the global fishing nets market in the years to come. Moreover, the advanced improvements by the major market players, like the launch of biodegradable fishing nets that can be degraded by microorganisms like bacteria or fungi in saltwater after a certain period of time are further expected to augment the market growth in the near future. Additionally, the use of reusable plastic that is used for the manufacturing fishing net is also positively impacted the fishing net market growth during the estimated timeframe.
The Asia Pacific is projected to hold the largest shares in 2020. This is attributable to the increasing demand from economies like India, China, and Japan in the region. Furthermore, the rising popularity of fishing due to the presence of a diverse variety of fish and other marine creatures is also supporting the growth of the fishing nets market in the region. Additionally, the regional growth of the market is also supported by increasing per capita fish consumption and the emergence of the organized food retail industry, especially in developing economies.