by The Monofilament Fishing Line Market is estimated to be valued at US$ 382.4 Mn in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Monofilament fishing line is commonly used fishing line made from a single fiber of plastic. It is suitable for different types of fishing including spinning, baitcasting and trolling. It has superior qualities such as durability, strength and sensitivity that allows anglers to cast and set hook effectively. Fishing line is available in different types based on material used like nylon, fluorocarbon and braided line.
Market Dynamics:
The growing popularity of recreational fishing as a hobby and leisure activity is a key driver boosting the monofilament fishing line market growth. According to National Marine Manufacturers Association, there was around 5% increase in recreational fishing participation in the US in 2021. Additionally, increasing number of fishing associations and clubs promoting fishing activities is also fueling the market expansion. Furthermore, technological advancements in the material and manufacturing of fishing lines are enhancing strength and sensitivity that is supporting their rising adoption rate among anglers. The development of multifilament braided lines blended with other materials is creating lucrative opportunities for market players. However, strict environment regulations on fishing activities in some regions pose a challenge for market growth.
Segment Analysis
The global monofilament fishing line market is dominanted by the freshwater fishing segment which holds around 65% share of the overall market. This is because monofilament fishing lines are ideal for freshwater fishing applications due to properties like low memory, good abrasion resistance and casting distance. Monofilament lines are preferred for freshwater fishing which requires casting and retrieving techniques for catching fish varieties such as bass, trout etc.
PEST Analysis
Political: Fishing regulations and licenses set by local governments influence the monofilament fishing line market. Regulations around fishing line diameters and hook sizes affect product specifications.
Economic: Growth in disposable incomes is increasing recreational fishing activities. This is driving demand for high-performance yet affordable monofilament lines.
Social: Rising popularity of fishing as a hobby and sport isfueling market growth. Social media is promoting new fishing techniques requiring specialized line types.
Technological: Advancements in line materials allow for thinner diameters while retaining strength. Superlines made of dyneema and spectra now offer extreme durability important for saltwater fishing.
Key Takeaways
The Global Monofilament Fishing Line Market Size is expected to witness high growth, exhibiting CAGR of 4% over the forecast period, due to increasing popularity of recreational fishing activities. The market size for 2023 is US$ 382.4 Mn.
North America dominates the global monofilament fishing line market holding around 35% share due to large number of anglers and availability of fishing spots across major countries like US. Asia Pacific is expected to be the fastest growing region owing to rising disposable incomes, increasing standards of living and developing fishing infrastructure in countries like China and India.
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, YGK Fishing Line. PowerPro and Berkley are the market leaders due to their innovative product portfolio and strong distribution network across various regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
