Vietnam Nylon Knotted Fishing Net Market is projected to grow at a CAGR of 3.4% from 2023 to 2029

Southern region garnered the highest revenue share in Vietnam Nylon Knotted Fishing Net Market – 6Wresearch

The southern region held the majority of revenues in 2022, and this trend is anticipated to persist in the coming years owing to the presence of the Mekong River delta, which fosters a high level of fishing production in this region. Agriculturally productive regions in Vietnam play a significant role in the country's economy, driving the expansion of aquaculture to increase fishing production. This, in turn, is expected to fuel demand for nylon-knotted fishing nets in Vietnam in the coming years.

According to 6Wresearch, the Vietnam Nylon Knotted Fishing Net Market is projected to grow at a CAGR of 3.4% from 2023 to 2029. The government plans to fuel the production of aquatic animals under the “National Programme on Aquaculture Development” for the period 2021-2030 along with increasing FDI in animal feed and the supply of seeds is expected to drive increased demand for nylon knotted fishing nets in the coming years. By 2030. the growth rate of fishery products is expected to reach 3.0- 4% per year as the government is promoting public as well as private investment and securing favourable policies for the fishing and aquaculture sector which would further push the fishing net market in Vietnam.

The overfishing of various marine species has depleted fish stocks, impacting the availability of target species. This poses a significant environmental challenge, as it disrupts the marine ecosystem. Abandoned or lost fishing nets, referred to as "ghost nets," continue to trap marine life and cause ecological harm. These nets persist in the marine environment for years, posing a threat to wildlife. Improperly managed fishing nets contributes to overfishing and bycatch which lead to the capture of non-target species, such as endangered sea turtles and dolphins which further could result in a significant reduction in populations of these species and disrupt the balance of marine ecosystems.

According to Ravi Bhandari, Research Head, 6Wresearch, the potential for significant growth in the utilization of depthway net types in the near future is more, due to their remarkable versatility and broader range of applications as these nets could be deployed to greater depths and cater to a wider spectrum of fishing activities, which include trawling, purse seining, and gill netting. Lengthway segment can also propel in the years to come.

The Vietnam Nylon Knotted Fishing Net Market (2023-2029) report provides an in-depth analysis with 12 figures and 8 tables, covering 62 pages. The report comprehensively covers the market by product type, end users, and region. The report provides a detailed as well as unbiased analysis of the ongoing drivers, opportunities/high growth areas, and trends of the sector which are projected to support the stakeholders to align as well as devise their market strategies as per the latest and future market dynamics.