Fishing Vessels Market Report 2024

This Fishing Vessels market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The fishing vessels market size has grown strongly in recent years. It will grow from $1.43 billion in 2023 to $1.54 billion in 2024 at a compound annual growth rate (CAGR) of 8%. The growth during the historic period can be attributed to several factors such as increasing demand for fish in the hotel, restaurant, and cafe (HORECA) industry, expansion of global trade and seafood consumption, rising fuel costs and environmental concerns, a growing emphasis on sustainable fishing practices, and increasing government regulations.

The fishing vessels market size is expected to see strong growth in the next few years. It will grow to $2.13 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The projected growth during the forecast period can be attributed to several factors such as an increasing focus on deep-sea fishing, higher fishing production, rising launches of new fishing vessels, growing concerns for crew safety and well-being, and intense competition among fishing companies. Key trends expected to drive this growth include technological advancements, innovations in trawler design, smart vessel design, improvements in route planning and communications, and advancements in fishery technologies.

The increasing consumption of seafood is projected to drive the growth of the fishing vessels market. Seafood, which includes fish and shellfish consumed by humans, is seeing rising demand due to factors such as population growth, increasing income levels, a shift toward seafood diets, and advancements in aquaculture. Fishing vessels play a crucial role in the efficient harvesting, preservation, and transportation of seafood, supporting sustainable fishing practices, benefiting coastal communities, and enabling access to remote fishing areas. For example, in July 2024, the Food and Agriculture Organization (FAO) reported in its The State of World Fisheries and Aquaculture (SOFIA) report that global fisheries and aquaculture production reached 223.2 million tonnes in 2022, marking a 4.4% increase from 2020. Thus, the growing popularity of seafood is driving demand for fishing vessels.

Key companies in the fishing vessels market are focusing on innovative designs, such as multipurpose fishing vessels capable of accommodating various fishing methods. Multipurpose large fishing vessels are maritime craft designed to handle multiple fishing activities efficiently, equipped to use different types of fishing gear, such as trawl nets and longlines, without extensive modifications. For instance, in November 2023, NAVANEX, a Canada-based boat building company, introduced a new Multipurpose Large fishing vessel. This vessel is designed for year-round fishing, capable of targeting species from snow crab in the spring to redfish in the autumn and winter. It features a refined hull shape, a recessed stabilizer fin system to improve flow resistance, and is powered by a Yanmar propulsion engine with a NOx exhaust gas treatment system to meet environmental standards.

In August 2022, Daniels Trawlers, a US-based seafood company, acquired five double-dredge scallop vessels from Blue Harvest Scallop Vessels for an undisclosed amount. This acquisition aims to enhance Daniels Trawlers' scallop fleet. Blue Harvest Scallop Vessels is a US-based company specializing in the manufacture of fishing vessels.

Major companies operating in the fishing vessels market are HD Hyundai Heavy Industries Co. Ltd., Mitsubishi Heavy Industries Ltd., Rolls-Royce PLC, Fincantieri S.p.A., Wärtsilä Corporation, Damen Shipyards Group, Lerøy Havfisk AS, Vard Group, Austal Limited, Sanford Limited, Talley's Limited, Eastern Shipbuilding Group Inc., Groupe PIRIOU, Heinen & Hopman Engineering BV, Zamakona Yards, Nauta Shiprepair Yard, Master Boat Builders Inc., Karstensens Skibsvaerft A/S, Freire Shipyard, MacGregor.

North America was the largest region in the fishing vessels market in 2023. The regions covered in the fishing vessels market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the fishing vessels market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Fishing vessels are specialized boats or ships designed for catching fish and other seafood from various bodies of water, including oceans, seas, rivers, and lakes. They come in a range of sizes, designs, and technological configurations based on their intended fishing activities and operating conditions.

The main types of fishing vessels include those measuring below 14 feet, between 14-16 feet, and above 16 feet. Vessels below 14 feet are generally small boats used for inshore fishing. Fishing vessels also vary by deck type, including large decks, medium decks, and small decks. Various types of trawlers are used in the industry, including freezer trawlers, wet-fish trawlers, side trawlers, outrigger trawlers, factory trawlers, and stern trawlers. These vessels are employed in different applications such as commercial and recreational fishing.

The fishing vessels market research report is one of a series of new reports that provides fishing vessels market statistics, including fishing vessels industry global market size, regional shares, competitors with a fishing vessels market share, detailed fishing vessels market segments, market trends, and opportunities, and any further data you may need to thrive in the fishing vessel industry. This fishing vessels 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.

The fishing vessels market consists of sales of longliners, gillnetters, and dredgers. 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.

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.


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