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.
- 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.
The Fishing Nets Market is segmented as follows:
- Purse Seine
- Cast Net
- Trawl Net
- Distribution Channel
- Offline Stores
- Online Platforms
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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.
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.
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