Global sport fishing gear market to reach $15.4 billion by 2026
DUBLIN, August 22, 2022 /PRNewswire/ — The “Sports Fishing Equipment – Global Market Trajectory & Analytics” report has been added to from ResearchAndMarkets.com offer.
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 Canadaeach 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.
Main topics covered:
1. MARKET OVERVIEW
2. FOCUS ON CERTAIN PLAYERS
3. MARKET TRENDS AND DRIVERS
- Steady proliferation of connected electronic fishing devices is driving healthy market growth
- Select innovative electronic products related to sport fishing
- Fish Finders: useful tools to improve the fishing experience
- Fishing cameras for easy underwater viewing using tablets or smartphones
- Individuals represent a larger share
- Sports organizers drive demand
- Fishing clubs increase participation levels
- The passion for the outdoors and the desire to preserve nature drive the demand of the generation Y population
- Disruptive technologies that have transformed sport fishing boats over the years
- Focus on fisheries infrastructure development bolsters market prospects
- The growing popularity of kayak fishing advantages market expansion
- Consumer affluence influences sales of sport fishing equipment
- Global middle class population (millions) and percentage of total population: 2005, 2015, 2025 and 2035
- Global middle class spending (in billions of US dollars) by geographic region (2017, 2025 and 2030)
- Women’s growing interest in fishing opens avenues for growth
- Ice Fishing Gear: Gear to get the most out of the ice fishing mission
- 3D printing streamlines fishing gear manufacturing
4. GLOBAL MARKET OUTLOOK
III. MARKET ANALYSIS
- 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 Peach, Inc.
- Rapala VMC Corporation
- Rome Specialty Company, Inc.
- Sea Master Enterprise Co., Ltd.
- Shimano, Inc.
- Holy Cross of park fallsltd.
- Taylor Fly Fishing
- TICA fishing tackle
- Zebco Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hwgqaq
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SOURCE Research and Markets