Fishery Vessel Market Estimated to Expand with Market Size of USD 24.13 Billion with 6.61% CAGR by 2032 | Fujian Mawei Shipyard, Zhejiang Shipbuilding

Fishery Vessel Market Size was estimated at 13.56 (USD Billion) in 2023. The Fishery Vessel Market Industry is expected to grow from 14.46(USD Billion) in 2024 to 24.13 (USD Billion) by 2032. The Fishery Vessel Market CAGR (growth rate) is expected to be around 6.61% during the forecast period (2025 - 2032).

The global fishery vessel market is a vital component of the maritime and seafood industries, playing a central role in meeting the world’s rising demand for fish and other marine products. Fishery vessels range from small artisanal boats to large industrial trawlers and factory ships, and their application spans commercial fishing, aquaculture support, fish processing, and deep-sea exploration. With increasing consumption of seafood, modernization of fishing fleets, and the need for sustainable fishing practices, the market is experiencing consistent growth.

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Market Overview

In 2024, the fishery vessel market was estimated at over USD 3 billion, with projections indicating steady growth through 2032. This growth is supported by factors such as global population expansion, increasing per capita seafood consumption, and technological advancements in shipbuilding and fisheries monitoring. Fishing vessels are being retrofitted or newly built with more fuel-efficient engines, improved cold storage systems, and digital navigation tools, leading to higher productivity and reduced environmental impact.

Additionally, as regulatory bodies impose stricter sustainability guidelines, vessel owners are opting for newer ships that comply with international standards, reducing emissions and minimizing overfishing.

Market Drivers

One of the primary growth drivers is the increasing demand for seafood, driven by shifting dietary preferences, health awareness, and expanding middle-class populations, particularly in Asia-Pacific. Aquaculture is also expanding rapidly, and modern fishery vessels play a crucial role in transporting feed, monitoring stock, and supporting offshore farms.

Technological innovation is transforming vessel capabilities. Advanced sonar and fish-finding systems, GPS navigation, and onboard processing equipment are improving efficiency and reducing operating costs. Automation and remote vessel monitoring are also becoming standard features, especially in larger fleets.

Supportive government policies and funding programs in several countries aim to encourage the transition to modern, sustainable fishing practices. These initiatives include financial incentives for building energy-efficient vessels and subsidies for small and medium-scale fishermen to upgrade aging fleets.

Key Companies in the Fishery Vessel Market Include:

• Fujian Mawei Shipyard Co.,Ltd.
• Zhejiang Shipbuilding Co.,Ltd
• Yantai CIMC Raffles Shipyard Co., Ltd.
• Hanjin Heavy Industries Construction Co., Ltd.
• Vard Group AS
• Oshima Shipbuilding Co., Ltd
• HudongZhonghua Shipbuilding (Group) Co., Ltd.
• Jiangsu Zhenjiang Shipyard Co., Ltd
• Shanghai Waigaoqiao Shipbuilding Co., Ltd.
• Jiangsu Yangzijiang Shipbuilding Group Co.,Ltd
• COSCO Shipyard Group Co., Ltd.
• Damen Shipyards Group
• CSIC Qingdao Beihai Shipbuilding Heavy Industry Co., Ltd.
• New Century Shipbuilding Co.,Ltd.

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Regional Analysis

Asia-Pacific holds the largest share of the global fishery vessel market, led by countries like China, Japan, Indonesia, and India. These nations possess extensive coastlines, long-standing fishing traditions, and large domestic seafood markets. The region also benefits from strong shipbuilding capabilities, low labor costs, and large fleets that operate in both domestic and international waters.

Europe maintains a strong presence in the market, driven by the modernization of fleets under the European Union’s Common Fisheries Policy. Countries such as Norway, Iceland, and Spain are leaders in deep-sea trawling and high-value fisheries. Europe’s emphasis on sustainability, vessel safety, and environmental compliance is shaping innovation in the sector.

North America shows consistent demand, particularly in the United States and Canada, where commercial fishing and seafood processing are mature industries. The focus in this region is shifting toward environmentally responsible fishing and improving efficiency through the adoption of green technologies.

Latin America, Africa, and the Middle East represent emerging markets with vast untapped marine resources. However, the development of these markets depends on investment in port infrastructure, fleet modernization, and fisheries management. These regions are increasingly recognizing the economic potential of their marine sectors and investing in vessels capable of operating in deeper and more sustainable fisheries.

Industry Trends

The fishery vessel market is undergoing a significant transformation as stakeholders adapt to regulatory, environmental, and economic pressures.

1. Green Propulsion Systems: The adoption of hybrid and electric propulsion systems is rising. Vessels with reduced fuel consumption and emissions are not only environmentally beneficial but also cost-effective over time.
2. Digital Integration: Many modern fishing vessels now come equipped with advanced navigation, communication, and monitoring technologies. Real-time data on fish stock, weather, and vessel performance helps optimize operations and reduce waste.
3. Modular Design and Versatility: Shipbuilders are increasingly offering modular vessels that can be customized for specific fishing techniques (trawling, longlining, gillnetting) and operational environments. These designs enhance fleet versatility.
4. Focus on Vessel Safety: Enhanced safety standards are prompting the incorporation of better life-saving equipment, hull integrity features, and onboard crew monitoring systems. This trend is especially significant for deep-sea and long-haul vessels.

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Challenges

Despite promising growth, the fishery vessel market faces several challenges. Overfishing remains a serious issue in many parts of the world, leading to stock depletion and increasing regulatory pressure. Compliance with international fisheries management protocols is essential but often difficult for small-scale operators with limited resources.

Rising fuel prices and maintenance costs also pose operational risks, particularly for older vessels. Access to capital for fleet modernization remains limited in developing regions, which can hinder competitiveness and sustainability.

Additionally, illegal, unreported, and unregulated (IUU) fishing continues to undermine legitimate operations, causing ecological damage and financial losses. Governments and international agencies are working to curb these activities by enforcing vessel tracking systems and strict penalties.

Competitive Landscape

The fishery vessel market features a mix of global shipbuilders and regional manufacturers. Major players offer fully integrated services—from vessel design to construction and delivery. These firms are focusing on developing eco-friendly and digitally equipped vessels to meet evolving market requirements.

Smaller shipyards cater to artisanal and coastal fishing communities with affordable, reliable boats. Customization, quick turnaround, and after-sales service are key competitive advantages in this segment.

As demand for smart and sustainable vessels grows, competition is intensifying around innovation, fuel efficiency, and cost optimization.

Future Outlook

The fishery vessel market is set to continue growing through the next decade, bolstered by global seafood demand and technological evolution. While regulatory and environmental pressures may reshape traditional fishing practices, they also open the door to modernization and long-term resource management.

Sustainable vessel designs, electrification, and integration of digital systems will define the next generation of fishing fleets. Moreover, collaborations between governments, private sector stakeholders, and marine conservation organizations will play a pivotal role in aligning economic growth with ecological stewardship.

In the long term, companies that prioritize adaptability, environmental responsibility, and technological innovation will lead the market and contribute to a more resilient global fishing industry.

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