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 of a single fiber or filament allow anglers to catch fish with ease. Its uniform structure provides abrasion resistance and strength. The thin and nearly invisible nature of monofilament line allows anglers to camouflage lures and baits for catching fish.
Market key trends:
The increasing popularity of recreational fishing has boosted the demand for monofilament fishing lines over the years. According to industry sources, nearly 50 million Americans go fishing in freshwaters each year, spending over $40 billion annually on fishing tackle and related equipment. Additionally, the rising trend of eco-friendly fishing is fueling the adoption of thinner monofilament lines that cause minimal harm to fish when removed from their mouths. Technological advancements in line coating and manufacturing processes have led to the development of abrasion-resistant, durable and nearly-invisible monofilament lines.
SWOT Analysis
Strength: Monofilament fishing line is made from a single strand of nylon that gives it strength without sacrificing flexibility. It has high breaking strength and abrasion resistance which helps it withstand wear and tear during fishing.
Weakness: Monofilament line is prone to breaking if it gets nicked or cut and has low visibility in water which makes it harder for anglers to see strikes. It also loses strength and stiffness when wet.
Opportunity: Growing popularity of recreational fishing around the world and increasing spending on fishing equipment and gears is fueling demand for fishing lines including monofilament lines. Emergence of eco-friendly and biodegradable fishing lines also presents an opportunity.
Threats: Presence of substitutes like braided and fluorocarbon fishing lines that offer better hardness, feel and invisibility in water thus gaining preference over monofilament lines. Stringent regulations around the use of nylon and other synthetic materials also poses a threat.
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 across the globe.
Regional analysis:
North America holds the largest share in the monofilament fishing line market attributed to high participation in fishing activities in the US and Canada. Europe and Asia Pacific also offer lucrative growth opportunities led by countries like Japan, China and South Korea.
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 and PowerPro capture significant market share due to their diverse product portfolio and widespread distribution network across regions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
