Fishing Equipment Market Size Worth USD 31,835.53 Million at a CAGR of 4.2% by 2028 | Industry research by The Insight Partners
Increase participation in recreational fishing to accelerate the growth of the fishing equipment market during the period 2021-2028
NEW YORK, USA, Jan. 25, 2022 /EINPresswire.com/ — According to our latest market research on “Fishing Equipment Market Forecast to 2028 – Impact of COVID-19 and Global Analysis – by Type ( Fishing rods, nets and traps, Hooks, reels, fishing lines, sinkers and others) and distribution channel (supermarkets and hypermarkets, specialty stores, online retail and others)”, the size of the fishing equipment market is expected to grow from US$23,799.79 million in 2021 to 2021. 31,835.53 million by 2028, it is likely to register a CAGR of 4.2% from 2021 to 2028. The report highlights the Key factors driving the Fishing Equipment market growth and major market players along with their developments in the Fishing Equipment market.
Report Cover – Details
Market size value in – 23,799.79 million US$ in 2021
Market size value of – US$31,835.53 million by 2028
Growth rate – CAGR of 4.2% from 2021 to 2028
Forecast Period – 2021-2028
Base year – 2021
Number of pages – 139
Tables – 61
Number of graphs and figures – 67
Historical data available – Yes
Segments Covered – Type and Distribution Channel
Regional scope – North America; Europe; Asia Pacific; Latin America; AEM
National reach – United States, United Kingdom, 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
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Recreational fishing, often referred to as sport fishing, is recreational or competitive fishing. The most typical type of recreational fishing is done using a rod, reel, line, hooks and various baits. In addition, recreational fishing is becoming very important in coastal areas and developing countries. Water bodies such as lakes and rivers have also seen an increase in fishing in recent years. Recreational activities help improve physical well-being, emotional health, and cognitive functioning. They also provide opportunities for socializing with others. Thus, owing to the increase in profits, there is an increasing demand for recreational fishing, which is driving the growth of the market.
Fishing equipment is in high demand due to the increase in fishing activities across the world. For example, according to the Outdoor Industry Association’s 2019 Special Fishing Report, an estimated 49.4 million people went fishing in the United States in 2018. Additionally, fishing activity in the country increased by 300 000 in 2018, reaching its highest level since 2007. Increasing engagement of younger population, especially young people, as anglers is contributing to the growth of the market. For example, participation in the United States among the population aged 6 to 12 increased by 1.9% on average in 2018, while adolescents (13 to 17 years old) increased by 4.0% on average in 2018. during the previous three years. In addition, there is increasing participation in various types of fishing activities in various countries. For example, the fishing engagement rate in Japan increased from 8.1% in 2011 to 8.7% in 2016. Thus, the increase in spending on fishing tackle and accessories due to an increase in the number of participants increases the sales of fishing equipment.
Impact of the COVID-19 Pandemic on the Fishing Equipment Market
The ongoing pandemic has significantly influenced the consumer goods sector and negatively impacted the growth of the fishing equipment market. The implementation of measures to combat the spread of COVID-19 has had an impact on the growth of several industrial sectors. Many sectors, including the consumer goods industry, have faced unprecedented challenges due to the COVID-19 pandemic. Various countries imposed nationwide lockdowns during the pandemic, which negatively impacted recreational fishing activities. In Europe and Asia-Pacific, restrictions on recreational fishing and travel have reduced the number of fishing activities, which has negatively impacted the demand for fishing gear. Tourism, recreational activities and cultural services have faced an indefinite lockdown in countries like Argentina and Germany. However, a few countries have allowed recreational fishing during the lockdown, which has had a positive effect 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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Based on type, the global 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.
Based on distribution channel, the market is categorized into supermarkets & hypermarkets, specialty stores, e-commerce retail and others. The specialty store segment is expected to grow as staff are knowledgeable and trained to explain product benefits and specifications to customers so that they can find the product that best suits them.
Fishing Equipment Market: Competitive Landscape and Key Developments
Some of the major players in the global fishing tackle market include 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; Pure Fishing Inc.; among others.
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