FISHING NET AND AQUACULTURE CAGE MARKET ANALYSIS

Market Challenges And Opportunities

• 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 Dynamics