Commercial Fishing Market Highlights

The global commercial fishing market was estimated at USD 51.06 billion in 2023 and is expected to grow at a CAGR of 7.17% during 2023-2033 to reach USD 102.01 billion in 2033.

Commercial fishing is the activity of catching fish and other seafood for profit, either for sale in the market or for use as ingredients in various products. It involves the use of various fishing techniques, such as netting, trapping, and angling, often using specialized fishing vessels. Commercial fishing plays a crucial role in supplying seafood to meet the global demand for fish products, providing employment for millions of people worldwide, and contributing significantly to the economy of many coastal communities. However, it also raises concerns about overfishing, environmental impact, and sustainability of fish stocks.

Commercial Fishing Market CAGR

2023-2033

CAGR OF

7.17%

Commercial Fishing Market

As the global population increases and consumer preferences shift towards healthier diets, there is a growing demand for seafood, driving the need for increased commercial fishing activities. Increasing disposable income in emerging economies is leading to higher consumption of seafood, boosting the demand for commercial fishing products. Advances in fishing technologies, such as fish-finding equipment, GPS navigation, and more efficient fishing gear, are increasing the efficiency and productivity of commercial fishing operations. The growth of aquaculture, or fish farming, has increased the demand for wild fish as feed, supporting the commercial fishing industry. Government policies and regulations that support sustainable fishing practices, such as quotas and fishing bans, are driving the adoption of more sustainable fishing methods in the commercial fishing industry. The globalization of trade has increased the demand for seafood in international markets, driving growth in the commercial fishing industry. The development of new technologies such as AI, IoT, and blockchain are enabling better management of fisheries, improving traceability, and reducing operational costs, thus driving the growth of the commercial fishing market.
The commercial fishing business faces a complex set of issues. One important worry is overfishing, which occurs when fish are captured at a rate that exceeds their ability to replenish, resulting in falling populations and damaged marine ecosystems. This problem is exacerbated by illegal, unreported, and unregulated (IUU) fishing, which undermines conservation efforts and creates unfair competition for those who follow regulations. Beyond the fish themselves, pollution, climate change, and other factors all contribute to habitat degradation, which harms the ecosystems in which fish live and breed. Bycatch, or the unintended capture of undesirable marine species such as dolphins or turtles, is another risk posed by fishing gear. Managing these concerns properly is another challenge.

Striking a balance between the needs of the fishing industry and the need for conservation is complex, and sometimes regulations are crafted without fully considering the economic impact on fishing communities. Adding to these difficulties, consolidation within the industry creates a competitive disadvantage for smaller fishing businesses.

Commercial Fishing Market Segments’ Analysis

Commercial Fishing Market

By Species Type

Clams

Carp

Cord

Tuna

The Market will Grow

At the CAGR of:

7.17%

The Forecast Market

Size for 2033 in USD:

$102.01B

The commercial fishing market is based on type, application, and region.

Capture fisheries include Pots or Taps, Line and Pole, Large Nets, and Single Line Trolling.
Capture fisheries use a variety of gear types based on the goal capture. Small-scale fisheries commonly use pots and taps to target shellfish and bottom feeders near shore. Line and pole fishing provides greater adaptability for catching a wider variety of fish in both inshore and offshore settings. Large nets used in industrial fishing are efficient at harvesting pelagic fish, however they raise concerns about unintended catch. Finally, single-line trolling focuses on large, desirable fish and is employed for both leisure and commercial purposes.

Commercial Fishing Market

By End User

XX%

Consumers

Processors

Distributors

Food Service Industry

51.06

Total Market Size

USD (Billion), 2023

7.17%

CAGR

2023 - 2033

Aquaculture provides a variety of fish-rearing methods like ponds, cages, and tanks, each with unique benefits and drawbacks. Ponds, the most basic design, are ideal for freshwater fish such as carp and catfish. They demand less investment but have restrictions on water quality control and total production output. Cages utilized in lakes, rivers, and even offshore locations provide greater environmental control and may produce a wider range of fish such as salmon and sea bass. However, they require a bigger initial investment. Finally, tanks are the most intensive aquaculture system. Tanks are ideal for high-value species such as shrimp or fingerlings because they provide the most environmental control while incurring the highest operational costs.

Commercial Fishing Market Regional Analysis

Commercial Fishing Market

By Region

The Market will Grow

At the CAGR of:

7.17%

The Forecast Market

Size for 2033 in USD:

$102.01B

North America has a significant commercial fishing industry, with the United States and Canada as major players. The U.S. has a large fishing fleet operating in both coastal and offshore waters, with a focus on species like salmon, tuna, and shellfish. Europe has a diverse commercial fishing industry, with countries like Norway, Spain, and Iceland playing key roles.

Asia-Pacific is a major region for commercial fishing, driven by countries like China, Japan, and India. China is the largest producer of seafood globally, with a significant portion of its catch exported. Japan has a well-established fishing industry, known for its focus on high-value species like tuna. India has a large coastal population dependent on fishing for livelihood, with a focus on both marine and inland fisheries.

Commercial Fishing Market Key Players

The commercial fishing market is competitive, with several established players and emerging companies vying for the commercial fishing market share. Companies are constantly innovating to improve efficiency, sustainability, and profitability in their operations. Nowadays, companies are investing in technology to improve their fishing operations, such as advanced sonar systems, satellite tracking, and fish-finding equipment, which can gain a competitive advantage.
Some of the key players include:

•    Waterbased Ltd.
•    Hudson Fish Co.
•    Shanghai Kaichuang Marine International Co. Ltd.
•    Toyo Suisan Kaisha Ltd.
•    Tassal Group Ltd.
•    Umami Sustainable Seafood Inc.

Commercial Fishing Market Scope: