Fishing Net And Aquaculture Cage Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The fishing net and aquaculture cage market size has grown steadily in recent years and is showing promising growth projections. It is expected to rise from $2.59 billion in 2023 to $2.71 billion in 2024, marking a compound annual growth rate CAGR of 4.7%. Plus, looking ahead, the market size is set to reach $3.27 billion by 2028, suggesting a CAGR of 4.8%. This growth can be attributed to various factors, including an increasing cost of raw materials, growth in demand for seafood products, rising popularity of fishing equipment, and a higher consumer focus on sustainable seafood.
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What Is Driving The Growth Of The Fishing Net And Aquaculture Cage Market?
One of the primary factors fueling market growth is the rising popularity of seafood products. Seafood products, which comprise a broad range of food derived from marine life—including fish and shellfish—are increasingly available, thanks to several factors. These include population and income growth, a shift towards greater seafood consumption, and the expansion of aquaculture.
Fishing nets and aquaculture cages play a significant role in this context by offering efficient and sustainable means of fisheries and aquaculture operations, thereby elevating the quality and availability of seafood products. An example of this growing demand is illustrated by figures from the Department of Agriculture, Fisheries, and Forestry, an Australia-based government department. These show that Australians consumed approximately 350,000 tonnes of seafood in 2021–2022, averaging 13.8 kilograms per person.
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Which Companies Are Key Players In The Fishing Net And Aquaculture Cage Market?
An array of key industry players are spearheading the development and growth of the fishing net and aquaculture cage market. These businesses are primarily focusing on creating long-fiber composites based on nylon to enhance sustainability and reduce ocean plastic waste. For instance, Avient Corporation, a U.S.-based manufacturer of specialized polymer materials, launched Complet R—a new line of long fiber-reinforced composites in February 2022. These composites use post-consumer recycled PCR nylon 6 sourced from discarded fishing nets, thus mitigating ocean plastic pollution and informing responsible practices.
How Does The Fishing Net And Aquaculture Cage Market Segment?
The fishing net and aquaculture cage market can be segmented by product type, application, and end-user:
By Product Type: Fishing Nets, Aquaculture Cages
By Application: Marine Water, Inland Water
By End User: Individual Use, Commercial Use
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