Monofilament Fishing Line Market is Estimated To Witness High Growth Owing To Increased Angling Participation

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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Monofilament fishing line is a single synthetic monofilament fiber used in fishing to form the line on fishing nets, fishing rods, and fishing reels. Its advantages include strength, abrasion resistance, low memory, and near-complete invisibility underwater. Monofilament line is preferred by anglers due to its durability, sensitivity, and smooth casting ability.

Market key trends:
One of the key trends driving the monofilament fishing line market growth is the increasing participation in recreational angling activities. According to the American Sportfishing Association’s 2022 Sportfishing Participation Report, angler participation increased 4% from 2021 levels to over 53 million anglers in the US. The report also highlighted that 73% of anglers fished from shorelines or boat and 25% used rods or poles with artificial or natural bait. The rising popularity of recreational fishing has bolstered demand for superior quality monofilament lines from major fishing line brands. Furthermore, technologically advanced fishing line variants like braided lines coated with newer polymeric materials for improved strength, longevity, and knot resistance are gaining higher adoption among sports anglers. Product premiumization through continuous innovations is further propelling the monofilament fishing line market expansion over the forecast period.

Porter’s Analysis

Threat of new entrants: New players will face high initial investment for manufacturing plant and distribution network. Bargaining power of buyers: Buyers have moderate to high bargaining power due to the presence of many established brands. Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to availability of substitutes. Threat of new substitutes: Threat is moderate as quality multifilament variants and braided lines are used for specific applications. Competitive rivalry: Intense due to presence of global and regional players.

SWOT Analysis

Strength: Wide product portfolios and strong brand recognition among key players. Weakness: Threat from substitutes like braided lines for certain applications. Opportunity: Growth in recreational fishing activities and demand from emerging economies. Threats: Stringent regulations regarding fishing line dumping in oceans and volatility in raw material prices.

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. North America dominates the global monofilament fishing line market currently. The US accounts for the major consumption of monofilament fishing lines owing to rising fishing enthusiasts.

Regional analysis Asia Pacific is expected to witness the fastest growth in the monofilament fishing line market during the forecast period. The growth of the region is attributed increasing fishing activities and rising disposable income of middle-class population.

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.

Read More: https://www.rapidwebwire.com/monofilament-fishing-line-market-demand-growth-and-regional-outlook-by-2030/

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