Published on : Sep 23, 2019
Global fishing net fibers market is expected to reach prominence by making rapid strides during the period of assessment, thanks to the remarkable growth of the fishing industry. According to The State of World Fisheries and Aquaculture 2018, fisheries and aquaculture are extremely important for nutrition and food. Across the globe, it also provides employment to millions of people, many of whom struggle to make their ends meet.
As estimated by the Food and Agriculture Organization of the United Nations, the total production of fish in 2016 reached 171 million tones, an all-time high. Nearly 88 % of the total production was used for direct human consumption. Continued and impressive growth of aquaculture, less wastage, and stable production of fish are fuelling the global fishing net fibers market.
Specific Fishing Equipment for Certain Species of Fish Accelerated Market Growth
From large-scale to small-scale industrial fishing setups, all make use of a wide range of fishing gears and practices to catch fish. Traditional fishing equipment have undergone several changes and become more efficacious, which is likely to spell growth for the global fishing net fibers market.
Manufacturers of fishing equipment have responded to the needs of fisherman positively through development of particular fishing gear that cater to specific needs. This is likely to generate accelerated demand for fishing net fibers.
In addition to that, certain ground and environmental conditions also generate positive influence on the global fishing net fibers market. Not until long ago, making of fishing equipment was solely aimed at increasing production through enhancement of effectiveness of fishing gear and offering better fishing net fibers.
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However, the present situation is different as overfishing hit the headlines and depletion of some of the fish stock, such as cod, herring, and others make authorities set quotas on catch levels. For instance, in 2005, the European Union has implemented quotas on like herring, whiting, and cod and reduced the permitted catch level by 15%.
Furthermore, in December, 2017, at the WTO 11th Ministerial Conference in Buenos Aires, stakeholders agreed to engage constructively on acting against subsidies that are given to the fisheries. Such developments have led to the development of responsible fishing equipment, which would indirectly impact the global fishing net fibers market.