Fishing Net and Aquaculture Cage Market Future Growth |Top Key Players are Miller Net Company, Brunsonnet and Supply, Magnum polymers, Siang May, Memphis Net and Twine, Nitto Seimo, Naguara, Siang May and SNC

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.

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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.

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