Fishing Net Fiber Market Set to Surge at 3.1% CAGR to Reach $5.5 million by 2034

Constantly Increasing Seafood Consumption Augmenting Requirement for Efficient Fishing Net Fibers for Aquaculture: Fact.MR Report

Although the trend of veganism appears to be gaining momentum globally, food consumption of seafood has been on the rise, thus propelling the associated industries ahead. The global fishing net fiber market is estimated by a recent study conducted by Fact.MR is to be valued at US$ 4.05 billion in 2024 and go on to progress further at a CAGR of 3.1% from 2024 to 2034.

Demand for fishing net fibers is increasing as seafood lovers demand a variety of fish, such as tuna and shark. Physicians typically prescribe seafood for different ailments, such as hypertension and other cardiovascular diseases. As a result, demand for fish and other seafood has increased among people with health challenges, bringing in significant revenues for manufacturers of fishing nets.

Some species of fish, like anchovies, sardines, and menhaden, are employed to make fish emulsion or fish meal that acts as organic fertilizers. They are nutritious products widely applied in organic agriculture and horticulture, hence creating potential for market for net providers in fishing.

Fishing operations involve different devices, such as navigational tools for controlling boats on the high seas and within harbors, fish-finding devices like sonar, electronic support for operation, and radio communication, which are crucial for security and overall communication.

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Key Takeaways from the Market Study:

• The global fishing net fiber market is anticipated to reach a value of US$ 5.5 billion by 2034.
• The North American market is expected to grow at a CAGR of 3.3% from 2024 to 2034.
• The United States is expected to capture a 73.5% value share of the North American market by the end of 2034.
• The South Korean market is expected to grow at a CAGR of 5.3% from 2024 to 2034.
• The East Asia market is expected to reach US$ 2.11 billion by 2034.
• Polyamide fishing net sales are expected to grow at a CAGR of 3.5% through 2034.

"Growing demand for effective fishing methods fueled by continuously increasing seafood consumption in many regions of the world driving demand for fishing net fibers," says a Fact.MR analyst.

Leading Players Driving Innovation in the Fishing Net Fiber Market

A few of the key players in the fishing net fiber market are BASF SE, Advan Six Inc., Toray Industries, Inc., Royal DSM N.V., Indorama Ventures, Amco Polymers, Formosa Chemicals, and Fiber Corporation, which are adapting themselves to evolving market trends such as innovative fishing hooks and fishing rods.

Government Policies and Subsidies Supporting Fisheries Sector Growth in the United States

The growing popularity of the benefits of fish and krill oil in the United States is anticipated to impact the growth of the fisheries industry and escalate demand for fishing nets. The availability of products by leading players such as Miller Net Company Inc., Memphis Net & Twine, and others are anticipated to propel the market growth in the nation. Apart from this, a broad range of government subsidies and policies favoring fisheries development is further propelling fishing industry expansion, thus raising fishing net sales throughout the nation.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the fishing net fiber market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on type (gill nets, cast nets, hoop nets), material (polyamide, polyester, others [HDPE, specialty, etc.]), distribution channel (offline, online), and end user (commercial, household), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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