Monofilament Fishing Line Market Trends: A Deep Dive into Anglers' Preferences

Monofilament Fishing Line Market Trends: A Deep Dive into Anglers' Preferences

Monofilament fishing lines are synthetic fibers that are thin, strong, and clear to help anglers catch fish with ease. They come in different strengths and diameters to suit different fishing needs. Strength and sensitivity make them preferable over braided fishing lines. The global monofilament fishing line market offers a wide variety of lines for saltwater, freshwater, and ice fishing. Their durability and low cost make them a popular choice among novice and professional anglers alike. 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 4.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increased Angling Activities
The popularity of recreational fishing and angling activities has significantly increased over the years. With growing environmental awareness, more people are inclined toward outdoor activities like fishing that also provide mental relaxation. According to the American Sportfishing Association’s 2018 recreational fishing report, over 147 million Americans participated in recreational fishing like freshwater, saltwater, and ice fishing. This increased participation in angling activities is driving demand for essential fishing gear and equipment including monofilament fishing lines. Moreover, growing government initiatives to promote recreational fishing are further expected to boost the monofilament fishing line market during the forecast period.

Porter's Analysis

Threat of new entrants: Low-medium threat as the market is fragmented with the presence of many players. However, establishing manufacturing facilities and distribution networks require large investments.

Bargaining power of buyers: Medium bargaining power as fishing line products are basic necessities for recreational and commercial fishing. Buyers can opt for substitutes if prices significantly rise.

Bargaining power of suppliers: Low bargaining power as raw materials required for production such as nylon, fluorocarbon polymers are commoditized and available from numerous suppliers globally.

Threat of new substitutes: Medium threat from new substitute materials for fishing lines emerging in the market like Dyneema and Spectra which offer superior strength.

Competitive rivalry: High competition exists among established players to gain market share and expand geographical presence. Companies compete based on product quality, pricing and innovation.

SWOT Analysis

Strengths: Established brands, wide product portfolio, global manufacturing and distribution networks.

Weaknesses: Seasonal demand fluctuations, dependency on raw material prices.

Opportunities: Expanding recreational fishing activities, product innovation to cater niche requirements.

Threats: Regulations restricting fishing in certain regions, substitutes offering better performance.

Key Takeaways

The global monofilament fishing line market is expected to witness high growth over the forecast period owing to rising recreational fishing activities globally. The North American region currently dominates the market attributed to strong fishing culture and supportive government policies encouraging outdoor activities in countries like the US and Canada. 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, and YGK Fishing Line. The market is highly competitive with companies focusing on new product developments catering to specialty requirements to gain market share. For instance, Berkley and PowerPro launched thin diameter and specialty sinking lines suitable for finesse fishing techniques. The Asian region is anticipated to be the fastest growing market over the forecast period supported by increasing fishing and boating activities along with population growth. However, regulations restricting fishing practices pose challenges for market players in certain countries/regions.

Regional analysis
The Asia Pacific region is projected to experience the highest growth during the forecast period on account of rising disposable incomes, increasing fishing and boating activities particularly in China, Japan and Southeast Asian countries. Growing population coupled with government initiatives to promote water sports is driving the monofilament fishing line market in the region. Players are expanding manufacturing facilities and distribution networks across high potential countries to leverage opportunities.

Key players analysis
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, Rap