FISHING NET AND AQUACULTURE CAGE MARKET ANALYSIS

Fishing net is used to catch fresh, inland, and marine water fishes. Fishing net can be made from polyamide, polyester, polyethylene, polypropylene, and high-density polyethylene. Aquaculture or aqua farming is rearing of aquatic animals for food such as fish mollusks, aquatic plants, algae, shrimp, and others. Aquaculture cages are usually made from plastic and steel. To protect the inland fishes and aquatic animals from other sea animals, aquaculture cages are covered with nets. Catching of fishes by fishing net also leads to catching of non-target fish. Bycatch is the catch of non-target fish and ocean wildlife, including what is brought to port and what is discarded at sea.

Market Dynamics

• Growing popularity among fishermen and invention of synthetic fibers are key factors driving the fishing net and aquaculture cages market growth. Fishing is very popular as a leisure and recreational activity. Therefore, people are adopting this activity. According to Department of Fisheries and Oceans, there was an increase of 2% in number of people going for fishing from 26% to 28% during 2005 to 2010 in Canada. Fishing net helps fishermen in capturing more fishes in one go. Fishing nets are light in weight and have strong grip, which helps to catch more number of fishes. Aquaculture has flexibility in use of water bodies such as lakes, ponds and tanks, simplified husbandry practices such as observation of fish and feeding behavior and simplified harvesting are the factors which are driving the growth of the aquaculture.
• Growth in the production of aquaculture has fueled the growth in demand of aquaculture cages. According to Food and Agriculture Organization (FAO), the production of fishes and other aquatic animals from aquaculture have grown from 61.8 million tons to 80.0 million tons during 2011-16 inhabiting a CAGR 5.3%.
• According to statistics by Food and Agriculture Organization, production of fisheries by capture is constant or declining from past five years, and registered a negative CAGR of 1.4% for the period of 2011-16. Declining population of fishes may result in declining growth of the market of fishing nets.

Market Outlook

• Among the product type, fishing net segment accounted for the highest market share in the market in 2017. According to a report of Food and Agricultural Organization (FAO), global domestic production of fisheries by capture was 55% of the total global production of fisheries and aquaculture.
• Marine water is the largest application through which most of the fisheries and aquaculture produced. According to Food and Agriculture Organization, capture of fishes and aquatic animals in marine water accounted for 87.2% of the total capture in 2016. Marine water accounted for 63.2% of the total production in the same year. The segment is projected to have dominant position in the market over the forecast period.
• Asia Pacific held highest market share in the global market in 2017. The region is projected to maintain its dominance over the forecast period, owing to less labor costs, abundance of raw material to catch and harvest aquatic animals, and abundant production of aquatic animals due to suitable temperature of water bodies help to boost the fishing net and aquaculture cage market. Asia-Pacific is the highest producer and consumer of fish and other sea animals. According to Food and Agricultural Organization (FAO), Asia Pacific produced 90% (approximately) of the world’s fishery and aquaculture production in 2016.
• Middle East and Africa is projected to be the fastest growing region in the market over the forecast period. This is owing to growing aquaculture industry in the region. For instance, according to a report by Food Agriculture Organization (FAO), Africa region produced 2.0 million tons of aquaculture and it grew at the rate of 12% from 2015 to 2016.              

Key players in Global Fishing Net and Aquaculture Cage Market

• Key players operating in the global fishing net and aquaculture cage market include Miller Net Company Inc., Brunsonnet and Supply Inc., Magnum polymers Pvt. ltd., Siang May, Memphis Net and Twine, Viet AU ltd., Nitto Seimo, Naguara Net Co. Inc., Siang May, and SNC.

Key Developments in Global Fishing Net and Aquaculture Cage Market

• Key players operating in the global fishing net and aquaculture cage market adopting inorganic growth strategies such as new product launch, merger and acquisition in order to expand its product portfolio.
• For instance, in May, 2019, Bubba has launched its new Bubba Fishing net brand in the market. The new Bubba fishing net is PVC coated, knotless nylon netting facilitates cleaning and protects fish from harmful abrasion. With this product company wants to expand its product portfolio in the market.
• In July, 2019, Poseidon Ocean Systems of Campbell River, British Columbia, installed its new cage system design at cermaq Canada’s fortune channel site. The new trident hybrid steel cage system offers a unique design that combines the rectangular or square configuration of standard steel cages with the continuous high-performance polypropylene (HDPE) pipe characteristic of circular pens.

Fishing Net and Aquaculture Cage Market Taxonomy

On the basis of product type, the global fishing net and aquaculture cage market is segmented into:

• Fishing Net
• Aquaculture Cages

On the basis of application, the global fishing net and aquaculture cage market is segmented into:

• Marine Water
• Coastal Water

On the basis of region, the global fishing net and aquaculture cage market is segmented into:

• North America
  • U.S.
  • Canada
  • Mexico
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Europe
  • U.K.
  • Germany
  • Italy
  • Spain
  • France
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ASEAN
  • Australia
  • Rest of Asia Pacific
• Middle East & Africa