Fishing Vessel Market

Global Fishing Vessel Market: Overview

A fishing vessel is any floating contraption that can enable capture of fish. Water bodies that this vessel can be employed in range from placid lakes made for pisciculture to rough seas where economic activity is allowed. The make of said fishing vessel is changed accordingly. Subparts attached to a fishing vessel can change accordingly to capture any quantity of fish. Also, these vessels can be motorized or manually driven according to the area of deployment. 

Pisciculture has taken off in a big way, notes Transparency Market Research. People are realizing the importance of fish meat and the benefits it offers. Fish meat is rich in healthy cholesterol and helps keep fat low. Hence, more and more people are including fish in their daily diet. Moreover, the market for fish as pets is also witnessing an upward trend owing to increase in disposable income with people. Both these trends should keep growth steady for the fishing vessel market from 2020 to 2030. 

Global Fishing Vessel Market: Competitive Landscape

A number of manufacturers are involved in the production of fishing vessels. This makes the market scenario fragmented. A few are specialists for this kind of boat, whereas other have diversified operations from other kinds of floating vessels. Some players in the fishing vessel market are-

• Master Boat Builders, Inc.
• Nichols Bros Boat Builders
• Lund’s Fisheries
• Chantier de constructions navales Martinez
• Astilleros Armon
• KARSTENSENS SKIBSVÆRFT A/S
• Simek AS
• Kleven AS
• Rolls-Royce plc.
• Wärtsilä

A rising demand for fishing vessels has brought these manufacturers to increase production by acquisition of smaller production facilities which make subparts of boats. Innovations in the fishing industry to help increase capture rates should also be funded by these manufacturers. 

Global Fishing Vessel Market: Key Trends and Drivers

• The pet industry is increasing globally as more and more people acquire disposable income. Fish are becoming popular as pets because of their relative ease of maintenance and possible use as meat. In the United States alone, approximately 13.1 million households keep fish as pets, making them the third most popular type of pet after cats and dogs. This trend is expected to give a steady boost to the fishing vessel market in the coming years. 
• Fish meat has been globally recognized as one of the best food products one can have to increase overall health. This has led to an increase in capture world over. In 2018, total global capture fisheries production reached the highest level ever recorded at 96.4 million tones, an increase of 5.4 percent from the average of the previous three years. More demand for fish should ensure steady demand for fishing vessels globally.
• A hindrance to the growth of this market could be the increasing demand for sustainable development. Fishing vessels often extract more from water bodies than can be replenished in a short span of time, eliminating stores of fish rapidly. But this effect can be buffered by bringing strict fishing and maritime regulations globally that ensure a steady supply of fish. 

Global Fishing Vessel Market: Regional Analysis

The Asia Pacific region (APAC) is currently the global leader in the fishing vessels market. The presence of rich natural reservoirs of fish makes this region lucrative for fishing industries. Not only are local vessels allowed to ply but setting up large scale fishing industries is also easier here. The absence of strict regulations on fishing makes this possible. China, Japan, India and Indonesia are major contributors to this market here. The Latin American market for fishing vessels also has lucrative opportunities.

North America and Europe are estimated to register modest growth with regards to this market. These regions import most of their fish stores and are not committed to small scale fishing deployments, though industrial fishing is still present in parts of these regions.