Monofilament Fishing Line Market Forecast: Anticipating Market Trends and Challenges

Monofilament Fishing Line Market Forecast: Anticipating Market Trends and Challenges

Monofilament fishing line refers to a single fiber or filament used for fishing. It is now the most common fishing line material due to its strength, durability and sensitivity. The growing interest of people in recreational fishing as well as commercial fishing activities is driving the demand for monofilament fishing lines across the globe. Monofilament fishing lines have advantages such as smoothness, limpness, translucency, transparency, strength, and casting distance. In addition, their properties like memory and stretch helps setting the hook properly and allows anglers to feel the bite with precision.

The global Monofilament Fishing Line Market is estimated to be valued at US$ 3.5 billion in 2024 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The opportunity of developing new and advanced fishing line products is estimated to witness high growth in the monofilament fishing line market. Manufacturers are focusing on developing enhanced fishing line products with advanced material properties that can perform better in different fishing terrains and water conditions. They are investing in R&D to manufacture lines with improved castability, strength, stiffness and durability properties. Development of lightweight, highly sensitive and customizable fishing lines as per the fishing needs is expected to open lucrative growth opportunities for manufacturers in the coming years. This will help gain competitive advantage and increase market share in the global monofilament fishing line market.

Porter's Analysis

• Threat of new entrants: The threat of new entrants is moderate as the monofilament fishing line market requires high capital investment in R&D and manufacturing facilities. However, barriers to entry are low with availability of raw materials.
• Bargaining power of buyers: The bargaining power of buyers is high given the availability of substitutes and fragmented nature of buyers who can negotiate on prices.
• Bargaining power of suppliers: The bargaining power of suppliers is moderate as key raw materials require sophisticated technologies but many suppliers are available.
• Threat of new substitutes: The threat of new substitutes is low as braided lines provide a viable substitute but monofilament lines still offer advantages in durability and casting.
• Competitive rivalry: Competitive rivalry is high among leading players to gain market share through product differentiation, branding and marketing.

SWOT Analysis

• Strengths: Monofilament lines are durable, cast well and offer value. Leading brands have established global distribution networks.
• Weaknesses: Monofilament lines are prone to abrasions and cuts compared to substitutes. High dependence on seasons affect demand fluctuations.
• Opportunities: Growth prospects in emerging markets of Asia Pacific and Latin America. Product innovation through nano-technology can enhance strength and sensitivity.
• Threats: Stricter regulations on plastics may increase production costs. Substitutes like braided lines are increasingly popular.

Key Takeaways

The global monofilament fishing line market is expected to witness high growth over the forecast period supported by growing fishing activities and product innovations. The global Monofilament Fishing Line Market is estimated to be valued at US$ 1.64 billion in 2023 and is expected to exhibit a CAGR of 4.0% over the forecast period 2023 to 2030.

The Asia Pacific region dominates the global market currently accounting for over 35% of the overall share in 2024. Rising discretionary incomes and popularity of recreational fishing in countries like China, Japan and India will drive future growth. Countries like India and Vietnam are emerging as high growth markets. North America currently accounts for around 30% market share led by the US. Growth will be steady supported by avid angling population and product advancements. Europe is a significant regional market although growth may be moderate compared to developing regions.

Key players operating in the monofilament fishing line market are Pure Fishing, Sunline, Sufix Performance Fishing, Seaguar, Simms, Berkley, Pline, Daiwa, MOWI (Berkley). Leading players focus on technical developments to manufacture durable yet sensitive lines suited for various water conditions and fish species. Branding and enhancing e-commerce presence is a key strategy.