Fishing, Hunting And Trapping Global Market Report 2024

The fishing, hunting and trapping market size has grown strongly in recent years. It will grow from $1,085.26 billion in 2023 to $1,162.13 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed during the historical period can be attributed to various factors, including traditional subsistence activities, recreational and sport hunting, commercial fishing endeavors, conservation and wildlife management efforts, as well as cultural and heritage practices.

The fishing, hunting and trapping market size is expected to see strong growth in the next few years. It will grow to $1,518.66 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to several key factors, including a heightened focus on sustainability and conservation, the flourishing ecotourism industry, the adoption of cutting-edge technology such as GPS tracking, mobile apps, and drone-assisted hunting and fishing, the impact of climate change, and evolving regulations in the sector. Major trends expected in the forecast period encompass wildlife photography, the practice of catch and release fishing, hunting initiatives driven by conservation goals, the promotion of ethical and sustainable hunting practices, and the growing emphasis on farm-to-table and local seafood sourcing.

The growing demand for seafood products is poised to drive the expansion of the fishing, hunting, and trapping market in the future. Seafood products encompass a diverse range of food items derived from aquatic animals and plants harvested from freshwater and marine environments. Fishing, hunting, and trapping are the primary methods employed to acquire seafood products, which are renowned for their nutritional value. These methods involve capturing fish, shellfish, and other aquatic organisms using nets, lines, traps, and fishing vessels. For example, as of March 2023, according to the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), a government department based in Australia, the country's fisheries and aquaculture production experienced an 8% increase to reach $3.63 billion in 2022-23. Furthermore, it is estimated to grow by 2% in 2023-24. This underscores the significant role played by the increasing demand for seafood products in propelling the growth of the fishing, hunting, and trapping market.

The primary categories within fishing, hunting, and trapping are fishing, hunting, and trapping itself. Fishing pertains to the pursuit of catching fish, whether for recreational purposes or as part of a commercial enterprise. Diverse applications of fishing include sports fishing associations, fishing organizations, and various other related activities.

The fishing, hunting, and trapping market research report is one of a series of new reports that provides fishing, hunting, and trapping market statistics, including global market size, regional shares, competitors with a fishing, hunting, and trapping market share, detailed fishing, hunting, and trapping market segments, market trends and opportunities, and any further data you may need to thrive in the fishing, hunting, and trapping industry. This fishing, hunting, and trapping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Prominent companies in the fishing, hunting, and trapping market are placing a significant focus on the development of cutting-edge technologies, including artificial intelligence (AI)-guided fish harvesting machines, to gain a competitive advantage in the market. AI-guided fish harvesting machines play a pivotal role in these industries by providing a more humane and less wasteful alternative to traditional fish harvesting methods. For example, in July 2022, Shinkei Systems, a U.S.-based automation agency specializing in fish harvesting automation, introduced an artificial intelligence (AI)-guided fish harvesting machine. This machine employs a Japanese fish-killing method that involves inserting a spike into the fish's brain to ensure instant and humane euthanization. The machine comprises a hopper for incoming fish, an operational area, and an output section where the fish can be directed into an ice bath. It utilizes a computer vision system to identify the species and shape of the fish it is handling. This innovation reflects the industry's commitment to more ethical and efficient practices in fishing, hunting, and trapping.

Companies within the fishing, hunting, and trapping market are embracing innovative approaches, such as the CARE Aquaculture Model, to strengthen their position in the industry. The CARE Aquaculture Model is founded on the integration of scientific knowledge, technology, and innovation to address the multifaceted challenges encountered in the aquaculture sector. For instance, in April 2021, CP Foods (Charoen Pokphand Food), a Thailand-based conglomerate in the agro-industrial and food sectors, introduced a CARE model designed for freshwater aquaculture. This innovative farming technique is acronym-based, with CARE representing Consumer focus, Achievement that is consistent and accessible, a Reliable System, and Environmentally Friendly practices. The CARE model is a farming system dedicated to prioritizing consumer well-being, food safety, and environmental sustainability while delivering highly nutritious fish products. The fish are nourished with aqua feed produced from meticulously selected, high-quality ingredients. This new farming method also yields improved production, surpassing 10 tons per rai, and it is more cost-effective, being 5% cheaper than conventional practices. This demonstrates a commitment to evolving and responsible practices within the industry.

Major companies operating in the fishing, hunting and trapping market include Nippon Suisan Kaisha Ltd., Maruha Nichiro Corporation, Leroy Seafood Group ASA, Angler's Legacy, American Sportfishing Association, Keep America Fishing Organization, National Association of Sporting Goods Wholesalers, National Rifle Association (NRA), Orvis, Simms Fishing Products, The Orvis Company, Duck Commander, Costa Del Mar, Berkley Fishing, Mossy Oak, G. Loomis, Yeti Holdings, Abel Reels, Sage Fly Fishing, Penn Fishing, St. Croix Rods, Abu Garcia, Pure Fishing, Zebco, Ranger Boats, Winchester Repeating Arms, Mossberg, Browning Arms Company, Federal Premium Ammunition, Benelli Q.J., Kimber Manufacturing, Fabbrica d'Armi Pietro Beretta, Savage Arms, Remington Arms, PSE Archery, Bowtech Archery.

The Asia-Pacific was the largest region in the fishing, hunting, and trapping market in 2023. Western Europe was the second-largest region in the fishing, hunting, and trapping market. The regions covered in the fishing, hunting, and trapping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the fishing, hunting and trapping market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa

The fishing, hunting, and trapping market includes revenues earned by entities by cage traps, enclosed foothold traps, footing traps, and some kinds of cable devices. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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