Vietnam Nylon Knotted Fishing Net Market 2023-2029 Industry, Size, Analysis, Share, Outlook, Forecast, Revenue, Growth, Trends, Value, Segmentation & COVID-19 Impact: Market Forecast By Product Type, By End User And Competitive Landscape

Vietnam Nylon Knotted Fishing Net Market Synopsis

The Vietnam Nylon Knotted Fishing Net Market has experienced significant growth in recent years, driven by the increasing global demand for seafood and government support for the fishing industry. Vietnam is the second-largest exporter of aquatic animals in 2020 after China, with a 15% share in exports, has seen a surge in its seafood export business. However, the COVID-19 pandemic had a dampening effect on the market as restrictions on the export of aquatic animals and reduced fishing vessel activities in ports led to a 10-30% decrease in their frequency.

According to this research, the Vietnam Nylon Knotted Fishing Net Market is projected to grow at a CAGR of 3.4% from 2023 to 2029, this growth could be attributed to the 'National Program on Aquaculture Development for the period 2021-2030' which broadly outlines a development plan for the fisheries sector and aquaculture. It includes targets for two five-year periods and aims for aquaculture production to contribute 106 million tons by 2030, with the overarching goal of achieving a total production of aquatic animals reaching 202 million tons. Vietnam benefits from favourable natural sea conditions for aquaculture, along with abundant freshwater aquatic resources in the Red River and the Mekong Delta basins, allowing for year-round aquaculture activities. Furthermore, foreign corporations such as Japfa, which has invested over US$6.5 million, and other global firms like C.P., New Hope, and Emivest, have injected substantial capital into the production and processing of marine products in Vietnam. This influx of investments is expected to further boost the production and processing of aquatic animals. As a result, the increased production and export of aquatic animals are poised to drive the demand for fishing gear, especially nylon-knotted fishing nets, leading to growth in the Vietnam nylon-knotted fishing net market in the coming years.

Market by Product Type

By product type, depthway acquired the majority share in Vietnam nylon knotted fishing net market owing to their applicability in the commercial fishing industry for species such as fish and squid. However, in the coming future, the rising aquaculture sector in Vietnam will create the demand for lengthy segment to grow at the fastest pace.

Market by End Users

By end user, commercial has accounted for the largest revenue share in 2022 as Vietnam is one of the world's leading seafood exporters, driving the growth and dominance of the commercial fishing sector in the market. Furthermore, the commercial sector is poised for future expansion, owing to government initiatives aimed at increasing aquaculture production to 106 million tons by 2030.

Market by Region

The presence of major ports and the shipping route along with the Mekong River delta provides a diverse and fertile ecosystem that supports both freshwater and saltwater species, contributing to the overall abundance of fish and seafood in the southern area.

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 11 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Vietnam Nylon Knotted Fishing Net Market Overview
• Vietnam Nylon Knotted Fishing Net Market Outlook
• Vietnam Nylon Knotted Fishing Net Market Forecast
• Historical Data and Forecast of Vietnam Nylon Knotted Fishing Net Market Revenues for the Period 2019-2029F
• Historical Data and Forecast of Market Revenues, By Product Type, for the Period 2019-2029F
• Historical Data and Forecast of Market Revenues, By End Users, for the Period 2019-2029F
• Historical Data and Forecast of Market Revenues, By Region, for the Period 2019-2029F
• Market Drivers and Restraints
• Vietnam Nylon Knotted Fishing Net Market Trends
• Industry Life Cycle
• Porter’s Five Force Analysis
• Market Opportunity Assessment
• Vietnam Nylon Knotted Fishing Net Market Share, By Companies
• Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Market Scope and Segmentation

The report provides a detailed analysis of the following market segments:

By Product Type

• Depthway
• Lengthway

By End Users

• Individual
• Commercial
• Recreational
• Aquaculture

By Region

• Northern
• Central
• Southern