Fishing Global Market Report 2024

The fishing market size has grown strongly in recent years. It will grow from $656.96 billion in 2023 to $703.06 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The historical growth in fishing can be attributed to factors such as cultural and traditional practices, economic dependence on the industry, the global demand for seafood, government policies and regulations supporting the sector, and the impact of tourism and recreational fishing.

The fishing market size is expected to see strong growth in the next few years. It will grow to $916.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The forecasted growth in the fishing industry can be attributed to the adoption of sustainable fishing practices, the impacts of climate change on fishing ecosystems, the significance of eco-certifications and labels, global population growth, and the rising consumer demand for sustainable seafood. Noteworthy trends in the forecast period include the customization of fishing gear, the influence of social media on fishing trends, the introduction of smart fishing technologies, a focus on family-friendly fishing experiences, and the global expansion of fishing tourism.

The surge in seafood consumption is anticipated to be a driving force behind the growth of the fishing market moving ahead. Seafood encompasses various aquatic species consumed by individuals, ranging from fish to shrimp and octopuses. The fishing industry serves as the primary source for acquiring seafood, thereby expanding the market and enhancing the accessibility of aquatic edibles. For instance, as per the OECD-FAO Agricultural Outlook 2020-2029 report shared by the Organization for Economic Co-operation and Development (OECD), global fish production is predicted to witness a rise of 25 million tons (or 14%) by 2029, reaching 200 million tons. This projection indicates an expected increase in aquaculture production, surpassing the capture sector by generating 105 million tons, 10 million tons more than the capture sector. Consequently, there will likely be an increased utilization of fish waste for producing fish oil and fishmeal, leading to respective 10% and 17% total production increments. Hence, escalated seafood consumption serves as a catalyst for the fishing market's growth.

The expansion of aquaculture is set to drive the fishing market forward. Aquaculture involves the controlled cultivation of various aquatic organisms such as fish, crustaceans, mollusks, and algae. Fishing plays a pivotal role by providing the fundamental raw materials for cultivating these aquatic entities. The integration of aquaculture with capture fisheries aims to supplement the natural supply of marine and freshwater organisms. For instance, in 2021, aquaculture farming within the European Union (EU) yielded around 1.1 million tons of aquatic organisms, valued at roughly $4.6 billion (€4.2 billion), as per Eurostat reports. This expansion in aquaculture underscores its substantial contribution to the fishing market's growth trajectory.

Technological advancements represent a prominent trend shaping the fishing market landscape. Key companies within the fishing industry are prioritizing the development of innovative solutions to fortify their market standings. As an illustration, Garmin Ltd., a US-based marine electronics manufacturing company, introduced the LiveScope XR System in July 2022. This live-scanning sonar technology enables real-time visualization of fish and structures up to 350 feet away in saltwater. It amplifies the live-scanning sonar range while maintaining image clarity and resolution, offering long-range and close-range views in real-time. Notable features include built-in stabilization systems for steady sonar images, vibrant color palettes, and multiple viewing mode options such as forward, down, and perspective modes. This technological advancement signifies the ongoing evolution within the fishing market to enhance efficiency and accuracy in fishing practices.

Major companies within the fishing industry are actively engaging in strategic partnerships to promote sustainable fishing practices and secure a competitive advantage. These collaborations involve diverse stakeholders such as fishery representatives, seafood enterprises, retailers, and non-governmental organizations (NGOs), all working toward advancing sustainable seafood production. For example, Allianz SE, a Germany-based financial services company, formed a partnership with the Sea Shepherd Conservation Society, a US-based non-profit marine conservation organization. This partnership aims to support sustainable fishing practices and effective marine conservation efforts. Allianz has committed to integrating ambitious environmental and climate objectives into its core business operations, facilitating the transition toward a more environmentally friendly economy. By 2025, Allianz plans to achieve intermediate goals, including a pledge to achieve net-zero greenhouse gas emissions in its investment portfolio by 2050. Additionally, the company aims to reduce operational greenhouse gas emissions by 30% within the next five years compared to 2019 levels.

In August 2022, Vista Outdoor Inc., a prominent US-based manufacturer and marketer of outdoor sports and recreation products, completed the acquisition of Simms Fishing Products for $192.5 million. This strategic acquisition is expected to fortify Vista Outdoor Inc.'s market presence by adding a high-end, innovative brand with substantial market potential to its portfolio. Simms Fishing Products, the acquired company, specializes in providing fishing equipment and solutions.

Major companies operating in the fishing market report 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 Public Company Limited, Mowi ASA, Dongwon Enterprise Co. Ltd., Red Chamber Co., Skretting AS, Trident Seafoods Corp., Austevoll Seafood ASA, Sildarvinnslan HF, Aleutian Spray Fisheries Inc., Sahlman Seafoods Inc., Admiralty Island Fisheries Inc., Beaver Street Fisheries Inc., High Liner Foods Inc., Inland Seafood Inc., Sysco Corporation, Salmar Farming AS, Andrew Marr International Ltd., Grieg Seafood ASA, Marubeni America Corp., Charoen Pokphand Foods Group Co. Ltd., Kyokuyo Co. Ltd., Cooke’s fishing division Inc., Bakkafrost P/F, Biofish Holding A/S, BKV Industries Ltd., Blue Island plc, Brim hf, Casa Emtia Petrol Kimyevi ve Turevleri Sanayi Ticaret A.S., PT Central Proteina Prima Tbk, PT Cilacap Samudera Fishing Industry Tbk, Clean Seas Seafood Ltd.

Asia-Pacific was the largest region in the fishing market in 2023 and is expected to be the fastest-growing region in the fishing market report during the forecast period. The regions covered in the fishing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the fishing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary fishing methods include pots and traps, line and pole, large nets, and single-line trolling. Pots and traps involve using nets or structures to guide fish into an enclosure, making it challenging for them to exit. This method is employed in diverse locations, including rivers, lakes, and seas, to catch various species such as clams, carp, tuna, salmon, squids, shrimp, cephalopods, and groundfish. The harvested fish are distributed through both online and offline channels, serving individual consumers, clubs, and sports organizers as end-users.

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.

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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