What Factors Propelled The Growth Of The Fishing Market In The Past?
The fishing market has seen considerable growth due to a variety of factors.
• The size of the fishing market has seen substantial expansion in the past few years. The industry will see growth from $689.33 billion in 2024 to $736.51 billion in 2025, climbing at a compound annual growth rate (CAGR) of 6.8%. The increase in the historic period can be credited to factors such as cultural and traditional norms, economic reliance, global seafood demand, governmental policies and laws, tourism, and leisurely fishing activities.
How Will the Fishing Market?
The Fishing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the fishing market is projected to witness significant growth, hitting an estimated market size of $964.73 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.0%.
This growth during the projected period can be linked to factors such as eco-friendly fishing methods, effects of climate change, eco-accreditations and labels, worldwide population increase, and a surge in consumer demand for sustainable seafood. The projected period will also see prominent trends like personalized fishing gear, the influence of social media, the advent of smart fishing technologies, emphasis on family-oriented fishing, and a worldwide increase in fishing tourism.
Which Factors Are Boosting Growth In The Fishing Market?
The surging demand for seafood is poised to stimulate the expansion of the fishing market in the future. Signifying a broad spectrum of aquatic animals consumed by humans, ranging from fish and shrimps to even octopuses, seafood primarily comes from fishing. Fishing, the primary method of procuring cod, perch, salmon, sardines, trout among other marine creatures for consumption, broadens the market and enhances the accessibility of seafood, subsequently giving a boost to the fishing market. For instance, as disclosed by Statistics Iceland, a governmental agency of Iceland, in July 2022, the cumulative fish catch for June 2022 approximated to roughly 35,000 metric tons, representing a boost of 14,000 tons when compared to June 2021. Hence, the upsurge in seafood consumption is a key facilitator in driving the fishing market's growth.
What Key Areas Define The Segmentation Of The Global Fishing Market?
The fishing market covered in this report is segmented –
1) By Fishing Method Type: Pots And Traps, Line And Pole, Large Nets, Single Line Trolling
2) By Location Type: River, Lake, Sea
3) By Species Type: Clams, Carp, Cord, Tuna, Salmon, Squids, Shrimp, Cephalopod, Groundfish
4) By Distribution Channel: Online, Offline
5) By End-User: Individual Consumers, Clubs, Sports Organizers
Subsegments:
1) By Pots And Traps: Crab Pots, Lobster Traps, Shrimp Traps
2) By Line And Pole: Rod And Reel Fishing, Handline Fishing, Trotline Fishing
3) By Large Nets: Seine Nets, Gill Nets, Purse Seine Nets
4) By Single Line Trolling: Manual Trolling, Mechanical Trolling
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How Are Emerging Trends Reshaping The Dynamics Of The Fishing Market?
Technological advancements are becoming an increasingly significant trend in the fishing industry. Major corporations involved in the fishing market are concentrating their efforts on creating novel solutions in order to strengthen their standing in the market. For example, in July 2022, Garmin Ltd., an American marine electronics producer, introduced the LiveScope XR System. It is a live-scanning sonar technology delivering real-time visuals of fish and structures up to 350 feet distant in saltwater, without compromising image sharpness or resolution. The technology's transducer is capable of providing both long-range and near-range views simultaneously. Additionally, the distinctive attributes of this technology include built-in stabilizing systems for maintaining steady sonar images, bright color palettes, and the option of forward, downward, and perspective modes.
Who Are the Key Players In The Fishing Market?
Major companies operating in the fishing market include:
• Daiwa Corporation
• Johnson Outdoors Inc.
• Maver UK Limited
• Rome Specialty Company Inc.
• Shanghai Kai Chuang Marine International Co. Ltd.
• Pure Fishing Inc.
• Maruha Nichiro Corporation
• Nissui Corporation
• Thai Union Group Public Company Limited
• Mowi ASA
• Dongwon Enterprise Co. Ltd.
• Red Chamber Co.
• Skretting AS
• Trident Seafoods Corp.
• Austevoll Seafood ASA
• Sildarvinnslan HF
• Aleutian Spray Fisheries Inc.
• Sahlman Seafoods Inc.
• Admiralty Island Fisheries Inc.
• Beaver Street Fisheries Inc.
• High Liner Foods Inc.
• Inland Seafood Inc.
• Sysco Corporation
• Salmar Farming AS
• Andrew Marr International Ltd.
• Grieg Seafood ASA
• Marubeni America Corp.
• Charoen Pokphand Foods Group Co. Ltd.
• Kyokuyo Co. Ltd.
• Cooke’s fishing division Inc.
• Bakkafrost P/F
• Biofish Holding A/S
• Blue Island plc
• Brim hf
• PT Central Proteina Prima Tbk
• PT Cilacap Samudera Fishing Industry Tbk
• Clean Seas Seafood Ltd.
What Is The Most Dominant Region In The Fishing Market?
Asia-Pacific was the largest region in the fishing market in 2024 and is expected to be the fastest-growing region in the fishing market report during the forecast period. The regions covered in the fishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
