Global Sport Fishing Equipment Market To Reach $ 15.4 Billion By 2026
FACTS AT A GLANCE
Editing: 16; Posted: May 2021
Management commitments: 2319
Companies: 272– Players covered include Aftco Mfg. Co., Inc .; Daiwa Company; Eagle Claw Fishing Tackle Co .; Eppinger Mfg. Co.; Gamakatsu Co., Ltd. ; Grandt Industries, Inc .; Jim Teeny, Inc .; Koppers Fishing and Tackle Corp .; O. Mustad & Fils AS; Okuma Fishing Tackle Corporation; Plano Synergy Holdings, Inc .; PRADCO Outdoor Brands, Inc .; Pure Peach, Inc .; Rapala VMC Corporation; Specialized Company of Rome, 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
Sport fishing equipment is the tools used by anglers to catch fish from oceans, lakes and rivers. Fishing as a commercial, recreational and sporting activity has grown in popularity thanks to the recognition of fishing as a leading sport by several associations. In developed countries, such as the United States and the United Kingdom, fishing platforms are growing, thus improving access to bodies of water for fishing purposes and turning the activity into a social sport. . Demand in the market is expected to be driven by rapid growth in the food and beverage industry, increasing demand for seafood, and rapid growth in the world population coupled with the shifting trend towards non-food. vegetarians. The increased presence of fishing equipment on e-commerce websites and the growing number of companies collaborating with hobby clubs and associations to sponsor sport fishing competitions are also supporting the growth of the market. To enable precision fishing, modern fishing rods are equipped with sensors to locate and track fishing hot spots through smartphone apps.
Amid the COVID-19 crisis, the global sport fishing equipment market is estimated at US $ 12.6 billion in 2020, is expected to reach a revised size of US $ 15.4 billion by 2026, with 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 Lures, Flies & Baits segment is readjusted to a revised CAGR of 4.7% for the next 7 year period.
The US market is estimated at $ 4.5 billion in 2021, when China is expected to reach $ 1.9 billion by 2026
The sport fishing equipment market in the United States is estimated at US $ 4.5 billion in 2021. China, the world’s second-largest economy, 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 forecasts growth of 1.8% and 2.3% respectively during the analysis period. In Europe, Germany is expected to grow by about 3.4% CAGR. United States represents the largest market supported by great American outdoor culture where recreational fishing is considered a relaxing sport offering peace and quiet, and the existence of numerous fishing destinations. Underpenetrated nature of the market; increasingly westernized lifestyles, increasing stress levels, growing interest in fishing and increasing populations offer major opportunities for growth in developing economies. The growing interest in kayak fishing is considered to be the main driver behind the increase in sales of fishing rods, generally in all markets.
Fishing line segment to reach $ 1.8 billion by 2026
The fishing line is a link between the bait / lure and the reel, and is available in different strengths ranging from the 2 pound test to the over 100 pound test. Monofilament nylon line is commonly used for fishing because of its durability and strength. Another type of fishing line is fly fishing line, which is made of synthetic strands woven together and covered with various thin layers of plastic. In the global fishing line segment, United States, Canada, Japan, China and Europe will lead to the estimated 4% CAGR for this segment. These regional markets representing a combined market size of US $ 1.1 billion in 2020 will reach a projected size of US $ 1.5 billion before the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 120.9 million by 2026. Following
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