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Fishing Global Market Report 2023
Major players in the fishing market are 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, Mowi ASA, Dongwon Enterprise Co.
New York, June 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fishing Global Market Report 2023" - https://www.reportlinker.com/p06464066/?utm_source=GNW
Ltd., Red Chamber Group, Skretting, Trident Seafoods, Austevoll Seafood ASA, and Sildarvinnslan HF.
The global fishing market is expected to grow from $621.96 billion in 2022 to $670.97 billion in 2023 at a compound annual growth rate (CAGR) of 7.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The fishing market is expected to reach $920.65 billion in 2027 at a CAGR of 8.2%.
The fishing market includes revenues earned by entities by providing services such as culturing, processing, preserving, storing of fishing related consumables items.The market value includes the value of related goods sold by the service provider or included within the service offering.
The fishing market also includes sales of hooks, fishing rods, nets, traps which are used in providing fishing services.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Fishing refers to a activity or business of catching fish. Fishing techniques include fly-fishing, baitcasting, spinning, trolling, and any other type of fishing that involves a person or a boat propelled by a paddle, oar, or sail.
Asia-Pacific was the largest region in the fishing market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in fishing report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of fishing methods are pots and traps, line and pole, large nets, and single-line trolling.Traps and pots refer to a method of catching fish that uses a net or other structure to direct the fish into an enclosure where exiting is more difficult than entering.
It is done over several locations such as rivers, lakes, and sea.It is used to catch various types of species, including clams, carp, cord, tuna, salmon, squids, shrimp, cephalopods, and groundfish, which are sold through both online and offline distribution channels.
Individual consumers, clubs, and sports organizers are the various end-users.
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.
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.
In August 2022, Vista Outdoor Inc., a US-based product manufacturer and marketer of outdoor sports and recreation products, acquired Simms Fishing Products for $192.5 million. Through this transaction, Vista Outdoor Inc. aims to strengthen its market position by acquiring a high-end, creative brand with significant market potential. Simms Fishing Products is a US-based fishing company that provides fishing equipment.
The countries covered in the fishing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fishing market research report is one of a series of new reports that provides fishing market statistics, including fishing industry global market size, regional shares, competitors with a fishing market share, detailed fishing market segments, market trends and opportunities, and any further data you may need to thrive in the fishing industry. This fishing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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