Commercial Fishing Market Size, Share, Growth, and Industry Analysis, By Type (Fishing Trawler, Longliner and Redger), By Application (Deep Sea and Offshore), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Commercial Fishing Market REPORT OVERVIEW

• 

• Request a Free Sample to learn more about this report

The global commercial fishing market size was USD 221300 million in 2021 and is projected to touch USD 325450 million by 2031, exhibiting a CAGR of 3.9% during the forecast period.

The COVID-19 pandemic has been unprecedented and staggering, with experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden decline in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

The act of catching fish, shellfish, and other aquatic species from oceans, seas, rivers, and lakes with the intention of reselling them on the market is referred to as marketable fishing. This type of fishing is carried out on a larger scale with the main objective of turning a profit. Depending on the target species and fishing site, commercial harpooning may require using a variety of fishing techniques including as trawling, seining, longlining, gillnetting, and potting. It frequently uses bigger boats and fishing equipment specialized for catching and managing larger numbers of fish. A sizable amount of the world's fish and seafood supply comes from commercial fishing, which is important to the global seafood business.

It involves skilled fisherman who may work alone or as employees of larger fishing fleets or businesses. Normally, the caught fish are prepared, preserved, and sent to seafood markets, eateries, and other locations for consumer sale. To ensure sustainable fishing methods, safeguard marine ecosystems, and regulate fish populations, commercial harpooning is subject to rules and regulations. To reduce bycatch and prevent overfishing, this includes establishing catch limits, enforcing fishing quotas, establishing fishing seasons, and encouraging the use of selective fishing gear. In coastal towns all around the world, the sector sustains a large number of employment and livelihoods, boosting local economies and ensuring food security. However, it also encounters difficulties such overfishing, habitat destruction, bycatch of species that are not intended for consumption, and the requirement for efficient fisheries management to ensure long-term sustainability.

COVID-19 Impact: Disrupted Supply Chains to Hinder Market Growth

Global seafood supply chains have been hampered by lockdowns, travel restrictions, and decreased international trade. Fishing boats had trouble unloading their catch, processing plants had to close or operate with fewer workers, and transportation networks were interfered with. This resulted in increased costs for fishermen and seafood businesses as well as delays in the delivery of seafood items to markets. The demand for fish items decreased as a result of the closing of hotels, dining venues, and other food service businesses. Fishermen and seafood processors faced difficulties as a result of this movement in demand from food service to retail and e-commerce channels because they had to modify their business operations to satisfy shifting consumer needs. Price volatility was also noted, with variations in seafood costs brought on by changes in the dynamics of supply and demand.

LATEST TRENDS

"Sustainability and Responsible Fishing to Enhance Market Growth"

Sustainable fishing methods and ethical resource management are receiving more attention. More openness and traceability in the supply chains for seafood are being demanded by consumers and regulatory organisations. Sustainable fishing practises including the use of selective gear and ecosystem-based management are being implemented, and certification programmes like the Marine Stewardship Council (MSC) have grown in popularity. Modern technology is being adopted by this sector to increase productivity and lessen its negative environmental effects. This includes enhancing fishing operations, increasing catch efficiency, and reducing bycatch through the use of fish finders, sonar technologies, and data analytics. Fish cultivation, often known as aquaculture, is a growing sector that supports wild-caught fisheries. The need for seafood is growing, and aquaculture offers a sustainable solution to this problem.

Commercial Fishing Market SEGMENTATION

• 

• Request a Free Sample to learn more about this report

• By Type

Based on type market is classified as fishing trawler, longliner and redger.

• By Application

Based on application market is classified as deep sea and offshore.

DRIVING FACTORS

"Demand for Seafood to Augment Market Growth"

One major driving force is the increased demand for seafood on a global scale, including fish, shellfish, and other aquatic items. A huge portion of the global population relies on seafood as a valuable source of protein and other nutrients. The demand for products from commercial fishing is influenced by shifting dietary tastes, health-conscious eating habits, and growing knowledge of the nutritional advantages of seafood. Demand for seafood is driven by a growing global population, particularly in urban and coastal locations. The need for fresh and processed seafood rises as more people live in coastal areas and metropolitan centres, which raises the demand for items made from commercial harpooning. More consumers can now purchase fish because to economic expansion and rising disposable income levels. The desire for more expensive fish species and upscale goods tends to increase as economies grow. As a result, producers work hard to meet the demand for a range of seafood items, which drives the fishing sector.

"Global Trade and Export Opportunities to Propel Market Growth"

The international trade is extremely important to the commercial fishing business. The growth and development of commercial fishing operations is influenced by factors like the demand for seafood globally, accessibility to new markets, and the capacity to export goods at reasonable costs. The export potential for products derived from commercial fishing are shaped by trade agreements, market access regulations, and tariff structures. The effectiveness and productivity of fishing are improved by technological developments in fishing gear, ship navigation systems, fish locating technology, and processing methods. Modern technology help increase capture rates, lessen bycatch and the impact on the environment, and maximise the use of fishing resources. The development of new technologies and innovation are key factors in the commercial fishing business.

RESTRAINING FACTORS

"Overfishing and Depleted Fish Stocks to Impede Market Expansion"

Overfishing, which occurs when fish are caught at a pace quicker than they can reproduce, is a serious constraint. It has resulted in the depletion of fish stocks in several locations and jeopardises commercial fishing's long-term viability. Fish population reduction affects the availability of target species, decreases catch sizes, and increases the complexity and cost of locating commercially valuable fish. Commercial harpooning practises can have a harmful impact on the ecosystem. Trawling and longlining are two methods that can destroy habitats and harm marine ecosystems. Bycatch, or the unintended capture of non-target species, such as endangered or protected species, is also an issue. To reduce the ecological impact of commercial harpooning, bycatch reduction strategies such as the use of selective fishing gear are required.

Commercial Fishing Market REGIONAL INSIGHTS

• 

• Request a Free Sample to learn more about this report

"Asia-Pacific to Dominate the Market Due to Huge Fishing Fleets"

The Asia-Pacific region contributes significantly to the worldwide commercial fishing market share. Countries with huge fishing fleets and broad coastal seas, such as China, Japan, Indonesia, Thailand, and Vietnam, support significant fishing activity. These countries have a long history of fishing practises and make a substantial contribution to world fish output.

The region has a long history of offshore and inshore fishing, and it plays an important role in delivering fish and seafood products to both domestic and international markets.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Armon Shipyards (Spain)
• Astilleros Jose Valiña (Spain)
• Astilleros Zamakona (Spain)
• Barkmeijer Stroobos BV (Netherlands)
• Blount Boats (U.S)
• BOAT TRIP (U.S.)

REPORT COVERAGE

The report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.