Categories: Food & Beverages

Fishing Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Fishing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/fishing-global-market-report

According to The Business Research Company’s Fishing, The fishing market size has grown strongly in recent years. It will grow from $656.96 billion in 2023 to $703.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to cultural and traditional practices, economic dependence, global demand for seafood, government policies and regulations, tourism and recreational fishing..

The fishing market size is expected to see strong growth in the next few years. It will grow to $916.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to sustainable fishing practices, climate change impacts, eco-certifications and labels, global population growth, increased consumer demand for sustainable seafood. Major trends in the forecast period include customization in fishing gear, social media influence, introduction of smart fishing technologies, focus on family-friendly fishing, global expansion of fishing tourism..

The increased consumption of seafood is expected to propel the growth of the fishing market going forward. Seafood refers to a variety of aquatic creatures that are eaten by people, including fish, shrimp, and even octopuses. The main supply of seafood is fishing. Fishing is the only way to catch cod, perch, salmon, sardines, trout, and many other watery creatures that are seafood. Fishing expands the market and increases the availability of seafood, thus boost the fishing market. For instance, in July 2020, according to the OECD-FAO Agricultural Outlook 2020–2029 report shared by the Organization for Economic Co-operation and Development (OECD), a France-based international organization, global fish production is anticipated to increase by 25 million tons (or 14%) from the baseline period to 200 million tons by 2029. By 2029, it is expected that aquaculture will produce 105 Mt, 10 Mt more than the capture sector. It is likely that over the next ten years, fish waste production will be used more frequently to produce fish oil and fishmeal, leading to 10% and 17% increases in total production, respectively. Therefore, increased consumption of seafood is driving the growth of the fishing market.

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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

Technological development is a key trend gaining popularity in the fishing market. Major companies operating in the fishing market are focused on developing innovative solutions to strengthen their position in the market. For instance, in July 2022, Garmin Ltd., a US-based marine electronics manufacturing company, launched the LiveScope XR System, a live-scanning sonar technology that delivers real-time images of fish and structure up to 350 feet away in salt water. This technology ramps up the live-scanning sonar range without sacrificing image clarity or resolution. Its transducer can see both long- and close-range views in real time. Additionally, this technology’s unique features include built-in stabilization systems that keep sonar images steady, vivid color palettes, and forward mode, down mode, and perspective mode options.

The fishing market report table of contents includes: