Fishing equipment market size is worth $31.83 billion, globally, by
New York, 10 Feb. 2022 (GLOBE NEWSWIRE) — The latest research study on “fishing equipment market Forecast to 2028 – Impact of COVID-19 and global analysis by type (fishing rods, nets and traps, hooks, reels, fishing line, sinkers and others) and distribution channel (supermarkets and hypermarkets, specialized stores, sale Online Retail and Others)”, published by The Insight Partners. The growth of the fishing equipment market is driven by fishing-based tourism in developing countries and increasing participation in recreational fishing.
|Market size Value in||US$23,799.79 million in 2021|
|Market Size Value by||$31,835.53 million by 2028|
|Rate of growth||CAGR of 4.2% from 2021 to 2028|
|Number of pages||139|
|Number of tables||61|
|Number of graphs and figures||67|
|Historical data available||Yes|
|Segments Covered||Distribution type and channel|
|Regional scope||North America; Europe; Asia Pacific; Latin America; AEM|
|Country scope||United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report cover||Revenue Forecast, Business Ranking, Competitive Landscape, Growth Factors and Trends|
Fishing Equipment Market: Competition Landscape and Key Developments
Eagle Claw Fishing Tackle Co.; Okuma Fishing Tackle Co.Ltd. ; SHIMANO INC. ; TICA FISHING GEAR; AFTCO; RAPALA MVC CORPORATION; Weihai Guangwei Group Co., Ltd.; Decathlon SA; Daiwa; and Pure Fishing Inc. are among the leading players in the fishing equipment market. These market players are highly focused on developing high quality and innovative products to meet customer requirements. For example, in January 2021, Shimano Inc. launched five new fishing reels: Ultegra, TwinPower SW, TwinPower XD, Exsence and Calcutta Conquest. These five new reels have improved strength, durability and efficiency.
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In 2020, the size of the European fishing equipment market was one third of the global market. European countries are witnessing an upsurge owing to the growth in sports and recreational activities, which is expected to fuel the growth of the fishing equipment market over the forecast period. E-commerce and social media platforms are among the main avenues used by many businesses and organizations to market their product offerings to target customers. Thus, Fishing Equipment market players operating in the region are focusing on strategies such as R&D and expansion. This is further expected to contribute to the growth of the fishing equipment market.
Increase in e-Commerce Channels to unlock lucrative opportunities for Fishing Equipment Market growth over the forecast period:
The use of the internet across the world has led to a significant growth in the number of social media users. As a result, most players in the fishing gear market plan to promote their products and services on social media platforms. This is expected to be one of the major factors influencing the fishing equipment market trends. Companies are expanding their product line and implementing new technologies to meet consumer demand for fishing tackle. For example, Fishbrain, a social network for anglers, introduced an integrated tackle shop in October 2019, allowing members to locate and purchase tackle from different brands. Many developments have taken place in the online domain over the past few years. For example, Asia Portal Fishing, a Japanese fishing tackle company, launched a new cross-border online platform in June 2018, supplying around 200,000 fishing gear globally.
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Thus, the global fishing gear market sees key opportunities to build momentum and improve customer reach among its target groups through an e-commerce marketing approach, thereby contributing to the growth of the fishing gear market .
Fishing Equipment Market: Segmental Overview
By type, the fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers and others. The fishing rod segment held the largest share in the global fishing equipment market in 2020 owing to its ease of use and simplicity. These products improve crank baits, jerk baits, shake heads and drop shot by effectively casting lighter lures in deeper water. Plus, these rods help anglers get their baits and lures into the water with precision, power, and distance.
Based on distribution channel, the fishing equipment market is segmented into supermarkets & hypermarkets, specialty stores, online retail and others. The online retail segment is expected to register the highest CAGR during the forecast period. Manufacturers prefer to sell fishing tackle because it eliminates the need for wholesalers and retailers, giving them a bigger share of the profits. Additionally, selling online can help fishing gear manufacturing companies build brand strength, control pricing, and connect directly with customers. Companies such as Walmart, Amazon and Flipkart are among the few online sellers of fishing tackle.
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Impact of COVID-19 Pandemic on Fishing Equipment Market:
Due to the COVID-19 pandemic, many industries, such as the consumer goods industry, have faced unprecedented challenges. However, a few countries allowed recreational fishing during the lockdown, which had a positive impact on the demand for fishing gear. Countries like Denmark, the United States and Canada had no restrictions on recreational fishing activities during the lockdown. In Denmark, sales of compulsory licenses for recreational fishing increased by 24% compared to previous years.
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