Dynamic Growth in Fishing, Hunting, and Trapping Market Fueled by Seafood Demand and Technological Innovations

The Business Research Company’s Fishing, Hunting, and Trapping Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, January 16, 2024 /EINPresswire.com/ — Dynamic Growth in Fishing, Hunting, and Trapping Market Fueled by Seafood Demand and Technological Innovations

The fishing, hunting, and trapping market has witnessed robust growth, poised to escalate from $1,085.26 billion in 2023 to $1,162.13 billion in 2024, exhibiting a compelling compound annual growth rate (CAGR) of 7.1%. This growth trend is anticipated to persist, with projections estimating the market size to reach $1,518.66 billion by 2028, driven by a steadfast CAGR of 6.9%. Key factors contributing to this expansion include the escalating demand for seafood products and the adoption of innovative technologies in the industry.

Seafood Demand Drives Market Growth
The rising demand for seafood products emerges as a significant driver propelling the growth of the fishing, hunting, and trapping market. Seafood products, encompassing a diverse range of items derived from aquatic animals and plants, are obtained through fishing, hunting, and trapping methodologies. These methodologies involve the use of nets, lines, traps, and fishing vessels to catch fish, shellfish, and other aquatic organisms. Notably, the Australian fisheries and aquaculture production experienced an 8% increase to $3.63 billion in 2022–23, with an estimated 2% growth expected in 2023–24, indicating the market’s responsiveness to the growing demand for seafood products.

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Technological Innovations Reshape the Market
Major players in the fishing, hunting, and trapping market are actively engaged in developing innovative technologies to gain a competitive edge. The introduction of artificial intelligence (AI)-guided fish harvesting machines exemplifies this trend. These machines, leveraging AI technology, contribute to more humane and less wasteful fish harvesting compared to traditional methods. Shinkei Systems, a US-based automation agency, launched an AI-guided fish harvesting machine that employs a computer vision system to identify fish species and shapes. The machine follows a Japanese method, inserting a spike into the fish’s brain for instant and humane killing.

Advance Aquaculture Models Enhance Market Competitiveness
Companies operating in the fishing, hunting, and trapping market are adopting advanced aquaculture models to strengthen their market position. The CARE Aquaculture Model, integrating science, technology, and innovation, addresses the complex challenges of the aquaculture sector. CP Foods, a Thailand-based conglomerate, developed the CARE model for freshwater aquaculture. This model prioritizes consumer safety, consistent achievement, a reliable system, and environmental friendliness. It ensures the production of nutritious fish through carefully selected aqua feed components, leading to better yields and cost-effectiveness.

Regional Landscape and Market Segmentation
In 2023, the Asia-Pacific emerged as the largest region in the fishing, hunting, and trapping market, with Western Europe following as the second-largest region.The fishing, hunting and trapping market covered in this report is segmented –
1) By Type: Fishing, Hunting And Trapping
2) By Application: Sportfishing Association, Fishing Organization, Other Applications

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Fishing, Hunting And Trapping Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Fishing, Hunting And Trapping Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on fishing, hunting and trapping market size, fishing, hunting and trapping market drivers and trends, fishing, hunting and trapping market major players, fishing, hunting and trapping market competitors’ revenues, fishing, hunting and trapping market positioning, and market growth across geographies. The fishing, hunting and trapping market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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