Global Fishing, Hunting, and Trapping Market Trends 2024

"The Business Research Company recently released a comprehensive report on the Global Fishing, Hunting And Trapping Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The fishing, hunting and trapping market size has grown strongly in recent years. It will grow from $1085.26 billion in 2023 to $1162.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to traditional subsistence, recreational and sport hunting, commercial fishing, conservation and wildlife management, cultural and heritage practices.

The fishing, hunting and trapping market size is expected to see strong growth in the next few years. It will grow to $1518.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to sustainability and conservation, ecotourism, the adoption of technology, such as gps tracking, mobile apps, and drone-assisted hunting and fishing, climate change impact, changing regulations. Major trends in the forecast period include wildlife photography, catch and release fishing, hunting for conservation, ethical and sustainable hunting, farm-to-table and local seafood.

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Market Drivers and Trends:

The increasing demand for seafood products is expected to propel the growth of the fishing, hunting, and trapping market going forward. Seafood products refer to a wide variety of food items derived from aquatic animals and plants that are harvested from freshwater and marine environments. Fishing, hunting, and trapping are used to obtain seafood products which are rich in nutrients and it involves catching fish, shellfish, and other aquatic organisms with the help of nets, lines, traps, and fishing vessels. For instance, in March 2023, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES),a Australia based government department, the Australian fisheries and aquaculture production has increased by 8% to $3.63 billion 2022-23 and it is estimated that it will increase by 2% in 2023-24.Therefore, increasing demand for seafood products is driving the growth of the fishing, hunting and trapping market.

Major companies operating in the fishing, hunting and trapping market are focusing on developing new technologies, such as artificial intelligence (AI)-guided fish harvesting machine, to provide a competitive edge in the market. Artificial intelligence (AI)-guided fish harvesting machine plays a significant role in fishing, hunting and trapping as it is more humane and less wasteful than traditional fish harvesting methods. For instance, in July 2022, Shinkei Systems., a US-based automation agency that provides automation for fish harvesting launched artificial intelligence (AI)-guided fish harvesting machine. Artificial intelligence (AI)-guided fish harvesting machine is a machine that uses Japanese method of killing fish that involves inserting a spike into the brain to kill the fish instantly and humanely. This machine includes a hopper for incoming fish, an operational area, and an output where it can go into an ice bath. It uses computer vision system that identifies the species and shape of the fish it is holding.

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Major Key Players of the Market:

Nippon Suisan Kaisha Ltd., Maruha Nichiro Corporation, Leroy Seafood Group ASA, Angler's Legacy, American Sportfishing Association, Keep America Fishing Organization, National Association of Sporting Goods Wholesalers, National Rifle Association (NRA), Orvis, Simms Fishing Products, The Orvis Company, Duck Commander, Costa Del Mar, Berkley Fishing, Mossy Oak, G. Loomis, Yeti Holdings, Abel Reels, Sage Fly Fishing, Penn Fishing, St. Croix Rods, Abu Garcia, Pure Fishing, Zebco, Ranger Boats, Winchester Repeating Arms, Mossberg, Browning Arms Company, Federal Premium Ammunition, Benelli Q.J., Kimber Manufacturing, Fabbrica d'Armi Pietro Beretta, Savage Arms, Remington Arms, PSE Archery, Bowtech Archery.

Fishing, Hunting And Trapping Market 2024 Key Insights:

• The fishing, hunting and trapping market size is expected to see strong growth in the next few years. It will grow to $1518.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Increasing Demand For Sea Food Products In Fishing, Hunting, And Trapping Market
• Innovative Technologies Transforming The Fishing, Hunting, And Trapping Market
• The Asia-Pacific was the largest region in the fishing, hunting, and trapping market in 2023

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