Fishing Equipment Market Size Worth $31.83Bn, Globally, by 2028 at 4.2% CAGR - Exclusive Report by The Insight Partners
The fishing equipment market size was valued at $23,799.79 million in 2021 and is projected to reach $31,835.53 million by 2028; it is expected to register a CAGR of 4.2% from 2021 to 2028.
New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Fishing Equipment Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Fishing Rods, Nets and Traps, Hooks, Reels, Fishing Line, Sinkers, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)”, published by The Insight Partners. The fishing equipment market growth is driven by the fish-based tourism in developing countries and increasing participation in recreational fishing.
| Report Coverage | Details |
| Market Size Value in | US$ 23,799.79 million in 2021 |
| Market Size Value by | US$ 31,835.53 million by 2028 |
| Growth rate | CAGR of 4.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 139 |
| No. Tables | 61 |
| No. of Charts & Figures | 67 |
| Historical data available | Yes |
| Segments covered | Type, and Distribution Channel |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company 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 TACKLE; AFTCO; RAPALA VMC CORPORATION; Weihai Guangwei Group Co., Ltd.; Decathlon SA; Daiwa; and Pure Fishing Inc. are among the key players in the fishing equipment market. These market players are highly focused on developing high-quality and innovative products to meet the customer’s requirements. For instance, 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 Europe fishing equipment market size accounted for a third of the global market. European countries are witnessing an upsurge due to growth in sports and recreational activities, which is likely to fuel the fishing equipment market growth during the forecast period. E-commerce and social media platforms are some of the major avenues used by numerous businesses and organizations to raise awareness about their product offerings among target customers. Thus, the 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 fishing equipment market growth.
Surge in E-Commerce Channels to Open Lucrative Opportunities for Fishing Equipment Market Growth During Forecast Period:
The use of the internet across the globe has resulted in significant growth in the number of social media users. As a result, most players in the fishing equipment market are planning 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 novel technology to address consumer demand for fishing equipment. For instance, Fishbrain, a social network for anglers, introduced an in-app fishing tackle shop in October 2019, allowing members to locate and purchase fishing equipment from various brands. Numerous developments have occurred in the online domain over the last few years. For instance, Asia Portal Fishing, a Japanese-based fishing tackle company, launched a new cross-border online platform in June 2018, providing ~200,000 fishing equipment worldwide.
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Thus, the worldwide fishing equipment market sees key chances to develop momentum and enhance customer reach among its target groups through an e-commerce marketing approach, thus contributing to fishing equipment market growth.
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 rods segment held the largest share of the global fishing equipment market in 2020 due to its ease of use and simplicity. These products enhance crankbaits, jerk baits, shaky heads, and drop shotting by effectively launching lighter lures into deeper water. Furthermore, these rods assist anglers in getting their baits and lures into the water with precision, power, and distance.
Based on distribution channel, the fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register the highest CAGR during the forecast period. The manufacturers prefer selling fishing equipment because it eliminates the need for wholesalers and retailers, thereby giving them a larger share in profits. Besides, selling online can help fishing equipment manufacturing companies strengthen their brand, control pricing, and directly connect with customers. Companies such as Walmart, Amazon, and Flipkart are among a few online sellers of fishing equipment.
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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, faced unprecedented challenges. However, a few countries allowed recreational fishing during the lockdown, positively impacting the demand for fishing equipment. Countries such as Denmark, the US, and Canada had no restrictions on recreational fishing activities during the lockdown. In Denmark, the sales of mandatory licenses for recreational fishing increased by 24% compared to previous years.
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