Fishing Line Market To Generate Massive Revenue in Future by 2029
The global fishing line market size is projected to expand at a notable pace due to the increased awareness towards innovative fishing cord, shares Fortune Business Insights, in its report, titled, “Fishing Line Market-2022-2029”. As per the report, Sunline, in August 2019, came up with Night FC and Powder 2C fishing lines. These lines are fluorocarbon products with enhanced properties. Their triple resin processing prevents them from abrasion. They have low memory, long life, and uniform line diameter. Their fluorochrome property and green color give them an increased invisibility for ultra-clear water conditions when secrecy is vital in catching fish.
COVID-19 Impact:
The pandemic has crippled down the global economy across the globe. Key countries that consume seafood, such as China, Japan, and Taiwan, were heavily affected by the virus. Due to the sudden lockdown, there was a disruption in fishing line manufacturing industries and it further halted the import-export of these cords, and this all slashed the market.
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Segmentation
By type, the market is divided into mono-filamentous and braided. On the basis of raw material, it is divided into, polyvinyl chloride nylon, polyvinylidene fluoride polyethylene, and ultra-high molecular weight polyethylene. The market has been categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa based on geography.
Salient Features of the Report:
This report provides information about the emerging trends in the fishing line industry, its drivers, and restraints. It also gives information about key player’s strategies that are fueling the market growth. It provides an in-depth analysis of the market segments, regional analysis and includes products, applications, operations, and impact of COVID-19 on the market.
Drivers & Restraints
Rising Awareness of Seafood to Promote Fishing Line Industry
The considerable growth in seafood can be seen due to the rising public awareness regarding the health benefits of diversified fish diets as they are a great source of protein. Moreover, in developing economies, different aquaponics practices are done to combat malnutrition. Other factors that are positively promoting seafood, include reduced wastage, better utilization, and improved distribution channels for the growing demand for seafood.
According to the Food and Agriculture Organization of the United Nations (FAO), the global food fish consumption grew from 9 kg in 1961 to 20.2 kg in 2015. This shows that there is an increase in the average expansion rate by 1.5 percent per annum.
On the flip side, the rising vegan population worldwide and the negative impact caused by plastic fishing lines in the environment are the major restraints of the market.
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Regional Insights
Europe to Lead Backed by High Import-export of Seafood in the Region
Europe is expected to hold a significant share in the fishing line market, as a report published by EUMOFA in 2019 states that the value of trade of fisheries and aquaculture products in the European region comprising both import and export, reached EUR 32,28 billion in 2018, making it the highest in the world. Out of this total share, imports accounted for around EUR 26,53 billion, making it 82% in total. Thus, the EU is the largest importer of seafood, and this will positively promote the market.
On the other hand, North America is also anticipated to grow faster due to the increased consumption of seafood in this region. According to a report by Alaska Fish radio published in December 2018, shrimp was one of the favorites with Americans, and its sales increased by 4.4 pounds per person. The demand for salmon was also high, and it marked a 10.5 percent increase. Thus, the high demand for fish will positively promote the fishing line industry in the region.
Competitive Landscape:
Key Players Aim to Broaden Product Portfolios by Introducing Unique Products
Manufacturers are persistently striving to expand their presence and enhance their product portfolios. To do so, they are implementing strategies, such as new product launches. Below is one of the latest industry developments:
June 2019:Cyberfishing Inc. launched its Cyberfishing Smart Fishing Rod Sensor. It is an ultra-lightweight rod sensor that can be connected to a smartphone application. This will help the angler take records of data from their past fishing journey, resulting in making bigger catches.
List of Key Players Covered in the Fishing Line Market Report:
- Purefishing
- Sufix International
- Shimano Inc
- Maxima Fishing Line
- Ultima
- Fortune
- Mercan Fishing Lines
- Schneider Fishing Lines
- Schneider Fishing Lines
- Toray
- Sunline
- Fox International
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