Monofilament Fishing Line Market is Estimated to Witness High Growth Owing to Increased Fishing Participation
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28 Aug 2024 10:00:48 am.
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The global monofilament fishing line market size is estimated to be valued at US$ 413.61 million in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2024 to 2031.
Monofilament fishing lines are available in different lb tests and action types to suit all water bodies and fishing needs. Continuous innovations to enhance strength, distance and durability have made them a popular choice among anglers across all experience levels.
Key Takeaways
Key players operating in the monofilament fishing line market are Berkley Fishing, Sufix Fishing Line, PowerPro, Spiderwire, Stren Fishing Line, Ande Monofilament, Seaguar, Momoi Fishing Line, Daiwa Corporation, Shimano Fishing, Rapala Fishing Line, P-Line, Yo-Zuri Fishing, Sunline, and YGK Fishing Line. These companies dominate the global market with extensive product portfolios and widespread distribution channels.
The Monofilament Fishing Line Market Growth opportunities in developing regions of Asia Pacific and Latin America owing to the increasing popularity of fishing as a leisure and sporting activity. Domestic monofilament line manufacturers are augmenting production capabilities to cater to the rising local demand.
Globally, key players are focusing their expansion efforts on China, India, Brazil, Mexico and other emerging economies through strategic partnerships, joint-ventures and acquisition deals. This allows them to leverage the low-cost manufacturing environment and tap into the fast growing regional markets.
Market drivers
The increasing participation in recreational fishing across regions is a major driver for this market. Growing environmental awareness campaigns have also fueled the demand for specialized fishing lines that cause minimal damage to aquatic life. Continuous product innovations catering to changing consumer requirements regarding strength, feel and casting provides ongoing momentum to the monofilament fishing line market growth over the forecast period.
PEST Analysis
Political: Fishing licenses and regulations set by local and federal governments impact the monofilament fishing line market. Changes to fishing seasons, bag limits, tackle restrictions can positively or negatively affect sales.
Economic: Economic conditions influence discretionary consumer spending on fishing equipment like lines. A strong economy with rising incomes boosts the market. High unemployment or inflation cutting into household budgets weighs on demand.
Social: Popularity of recreational fishing as a hobby drives line sales. Younger generations interested in outdoor activities contribute to market growth. Conservation efforts also impact line materials and designs to reduce littering of broken lines.
Technological: Advancements in line materials allow for thinner diameters, greater strength, and reducing visibility in water. New coatings improve casting distance and knot strength. Developments in line-free fishing also present new opportunities.
The North American region accounts for the largest share of the Monofilament Fishing Line Market Regional in terms of value. This is due to strong participation in recreational fishing activities across the United States and Canada. Estimates from industry sources peg sales of monofilament fishing line in North America at over 30% of global figures. The region is characterized by advanced fishing tackle markets and availability of wide product ranges catering to beginners as well as avid anglers.
The Asia Pacific region exhibits the fastest growth in the monofilament fishing line market. Rising incomes and exposure to water sports in youth have boosted fishing as a mainstream hobby rather than just a source of livelihood. Countries with large coastlines like Australia and Indonesia along with emerging fisheries in India and China are driving higher demand. Between 2024-2031, the Asia Pacific region is forecast to register a CAGR of over 5% in terms of value sales of monofilament fishing lines.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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