by The global 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 made from a single thickness of monofilament material without any additional elements or layers. Compared to other materials such as braided fishing line, monofilament line offers benefits such as durability, abrasion resistance, low visibility in water and consistent performance in both fresh and saltwater. It is widely used among recreational and commercial fishermen across the globe for activities such as sport fishing, boat fishing and deep sea fishing.
Market key trends:
One of the key trends gaining traction in the monofilament fishing line market is the rising popularity of recreational fishing in developing nations such as China and India. With increasing fishing enthusiast population and development of fishing infrastructure in these countries, the demand for high quality monofilament lines is expected to grow significantly. Another trend is the introduction of customized monofilament lines tailored to specific fishing conditions and target fish species. Manufacturers are focused on developing lines with desired characteristics such as strength, elasticity and thickness as per water bodies and fish types. This is augmenting customized product offerings and enhancing the consumer experience in the monofilament fishing line market.
Porter’s Analysis
Threat of new entrants: Low capital requirement and easy availability of raw materials has led to threat of new entrants in the monofilament fishing line market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple fishing line brands in the market.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of raw material substitutes and less differentiation in raw materials.
Threat of new substitutes: Braided fishing lines act as substitutes but are unable to replace monofilament lines completely due to latter’s advantages.
Competitive rivalry: High due to presence of numerous global and regional players offering varied product portfolios.
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.
North America dominates the monofilament fishing line market owing to large number of fishing enthusiasts and presence of key players in the US and Canada. Asia Pacific is expected to be the fastest growing market for monofilament fishing lines led by countries like China, Japan 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. Berkley Fishing and Sufix Fishing Line captured significant market share due to wide product portfolio and global footprint.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
