The Global Commercial Fishing market accounted for $230.4 billion in 2014 and is expected to reach $318 billion by 2022 growing at a CAGR of 4.13% between 2014 and 2022. Ample presence of different kinds of fish such as Tuna, Cord, and Salmon, the expanding demand for a variety of seafood, and increasing awareness about the health benefits of seafood are the major factors stimulating the commercial fishing market.
On the other hand, there are a number of harmful effects caused by commercial fishing, such as the exhaustion of marine resources, which has had detrimental effects on the stocks. However increased demand for Aquaculture is a key market trend observed in the recent years.
Several new regulations combined with international treaties and various fishing allocation schemes aim to generate efficiency and restrict the fishing activities. India, Indonesia, Japan, Thailand, and China are highly prominent in commercial fishing in Asia Pacific. Amongst those, China represented more than 30% of the global market for commercial fishing. The Asia Pacific dominates world fisheries market in terms of value, production, and employment. After Asia Pacific, North America constituted the biggest share, led by the U.S. All over the Asia pacific, captured and cultured marine fisheries persist to play a vital role in the food security, poverty mitigation and in the economies of many countries.
Commercial Fishing market is segmented by type, by species and by geography. Depending on the various types, market is classified as large nets, Line and pole, trolling with single lines and others. Based on species, the market is categorized as Cephalopods, Groundfish, Salmon, Shrimp, Tuna and others. Based on geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Significant mergers and acquisitions, collaborations, and joint ventures are the industry trends that are playing a major role for the market growth.
The key players in the Commercial Fishing market include K R M Marine Exports Limited, Liberty Frozen Foods Private Limited, Sri Siddhi Freezers & Exporters Private Limited, Andenesfisk As, Armana Limited, Atlantex Sp, High Liner Foods, Iglo Group, Sajo Industries and Marine Harvest.
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