A $15.4 Billion Global Sport Fishing Equipment Opportunity by 2026
Editing: 17; Published: February 2022
Executive Pool: 2319
Companies: 159 – Players covered include Aftco Mfg. Co., Inc.; Daiwa Corporation; Eagle Claw Fishing Tackle Co.; Eppinger Mfg. Co.; Gamakatsu Co., Ltd. ; Grandt Industries, Inc.; Jim Teeny, Inc.; Koppers Fishing and Tackle Corp. ; O. Mustad & Son AS; Okuma Fishing Tackle Corporation; Plano Synergy Holdings, Inc.; PRADCO Outdoor Brands, Inc.; Pure Fishing, Inc.; Rapala VMC Corporation; Rome Specialty Company, Inc.; Sea Master Enterprise Co., Ltd. ; Shimano, Inc.; Holy Cross of park falls, ltd. ; Taylor fly fishing; TICA fishing equipment; Zebco Holdings, Inc. and others.
Blanket: All major geographies and key segments
segments: Product Segment (Rods, Reels and Rods; Lures, Flies and Baits; Fishing Lines; Hooks; Other Product Segments); End use (individuals, sports organizers, clubs)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Rest of the world.
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Global Sport Fishing Equipment Market to Reach $15.4 billion by 2026
Fishing as a commercial, leisure and sporting activity has grown in popularity thanks to the recognition of fishing as a flagship sport by several associations. Globally, fishing is a large market and is expected to maintain a steady growth rate in the coming years. Rapid growth in the food and beverage industry and increasing demand for seafood products are expected to propel the growth of the fishing industry in the near future. As many people around the world increasingly turn to consuming fish and other seafood products, the demand for fishing gear is expected to increase significantly over the next few years. Furthermore, the rapid growth in the global population coupled with the changing trend towards non-vegetarian diet is also expected to increase the growth of the fishing equipment market. Additionally, recreational fishing programs and fisheries conservation are gaining prominence globally with increasing spending by sport fishers and anglers across the world.
Amid COVID-19 crisis, Global Sport Fishing Equipment Market Estimated at US$13.2 billion in 2022, is expected to reach a revised size of US$15.4 billion by 2026, growing at a CAGR of 3.4% over the analysis period. Rods, Reels, & Poles, one of the segments analyzed in the report, is expected to register a CAGR of 3.1% and reach US$6.5 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the Lures, Flies & Baits segment is readjusted at a revised CAGR of 4.7% for the next 7-year period.
The US market is estimated at $4.6 billion in 2022, when China is expected to reach $1.9 billion by 2026
The sport fishing equipment market in the United States is estimated at US$4.6 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$1.9 billion by 2026 with a CAGR of 5.9% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 1.8% and 2.3% respectively over the analysis period. In Europe, Germany is expected to grow at around 3.4% CAGR. In developed countries, such as the United States and the United Kingdom, fishing platforms are growing, improving access to bodies of water for fishing and transforming the activity into a social sport. In these countries, the governments allow sport fishing enthusiasts better access to available bodies of water. New bodies of water are also being developed for sport along reservoirs and canals. China represents the fastest growing market over the analysis period. There is enormous potential to provide sophisticated equipment to fishermen in the region, as the majority of them continue to use traditional products produced locally, mainly by a national manufacturer. Other growth drivers include the under-penetrated nature of the market; increasingly westernized lifestyles, increasing stress levels, growing interest in fishing and an expanding population.
Segment of fishing lines to reach $1.8 billion by 2026
In the global fishing line segment, United States, Canada, Japan, China and Europe will drive the CAGR of 3.7% estimated for this segment. These regional markets representing a combined market size of US$1.1 billion will reach a projected size of US$1.5 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$120.9 million by 2026.
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