Fishing Equipment Market Share & Global Industry Analysis -2028

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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)

Publication Month: Dec 2021 | Report Code: TIPRE00020555 | No. of Pages: No. of Pages139 | Category: Consumer Goods | Status: Published

The fishing equipment market size was valued at US$ 23,799.79 million in 2021 and is projected to reach US$ 31,835.53 million by 2028; it is expected to register a CAGR of 4.2% from 2021 to 2028.

Recreational fishing, often known as sport fishing, is fishing for fun or competition performed using various equipment such as a rod, reel, line, hooks, and various baits. Fishing equipment is in high demand due to the increase in fishing activities across the globe.

Europe held the largest revenue share of the global fishing equipment market in 2020. European countries are witnessing an upsurge due to growth in sports and recreational activities, which is likely to fuel the market growth during the forecast period. Using of E-commerce as a direct selling platform is one of the tactics used by numerous businesses and organizations to raise awareness about their product offerings among target customers via e-commerce channels such as Amazon, Cabelas, Tackle Warehouse LLC, and Fishing Tackle Unlimited. Thus, the 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.

Strategic Insights

Strategic Insights
Report CoverageDetails
Market Size Value inUS$ 23,799.79 million in 2021
Market Size Value byUS$ 31,835.53 million by 2028
Growth rateCAGR of 4.2% from 2021 to 2028
Forecast Period2021-2028
Base Year2021
No. of Pages139
No. of Tables61
No. of Charts & Figures67
Historical data availableYes
Segments coveredType, and Distribution Channel
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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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.

Geographic Overview of Fishing Equipment Market

Geographic Overview of Fishing Equipment Market

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Market Insights Growth of Fish-Based Tourism in Developing Countries

 

Fishing tourism includes fishing, cultural sharing with local anglers, and learning about traditions and lifestyles. Fishing tourism is partly a subgroup of marine ecotourism that emphasizes outdoor recreational purposes. Non-crew (i.e., tourists) can fish with the crew. Professional fishers carry out activities related to fishing tourism and use well-equipped boats and equipment necessary for fishing to ensure general safety and hygiene. All states strive to promote and improve the quality of fishing tourism, including recreational fishing, for economic development. Fishermen are motivated through training and development programs and enriched with the skills required to provide quality tourism services.

Recreational fishing is becoming highly significant in many coastal areas and developing countries. For instance, the Assam Bhoreli Angling and Conservation Association (ABACA), located in Assam, India, is one of the eco-camps seeking to popularize adventure sports among rural youth and raise awareness about fish conservation. Currently, the camp organizes angling, camping, rafting, walking, bird viewing, heritage, and culture. Thus, the growth of fish-based tourism in developing countries catalyzes the fishing equipment market growth.

Type Insights

By type, the global 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 market share 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 assess anglers in getting their baits and lures into the water with precision, power, and distance.

Distribution Channel Insights

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 through online channels because it eliminates the need for wholesalers and retailers, thereby providing them a larger share in profits while expanding their reach. 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 the few online sellers of fishing equipment.

Global Fishing Equipment Market, by Type– 2020 and 2028

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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 a few well-established players in the global fishing equipment market. Companies in the market are adopting various strategies, such as product developments, plant expansions, and mergers and acquisitions, to expand their footprint worldwide and meet the growing demand from end-users. 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.

Report Spotlights

  • Progressive industry trends in the global fishing equipment market to help players develop effective long-term strategies
  • Business growth strategies adopted by developed and developing markets
  • Quantitative analysis of the global fishing equipment market from 2019 to 2028
  • Estimation of the demand for fishing equipment across various industries
  • Recent developments to understand the competitive market scenario and the demand for fishing equipment
  • Market trends, outlook, and factors driving and restraining the growth of the fishing equipment market
  • Decision-making process by understanding strategies that underpin commercial interest regarding the global fishing equipment market growth
  • Fishing equipment market size at various nodes of the market
  • Detailed overview and segmentation of the global fishing equipment market and its dynamics in the industry
  • Fishing equipment market size in various regions with promising growth opportunitie

By Type

By type, the global fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others.

By Distribution Channel

Based on distribution channel, the fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others.

Company Profiles

  • 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
  • Pure Fishing Inc

Frequently Asked Questions

The fishing equipment market is expected to witness significant growth and innovation in the coming years. Furthermore, increased backing of reputed organizations like the American Sportfishing Association and others are making the fishing activity more popular. In a bid to increase participation in recreational activities like fishing, many different associations are now emphasizing various awareness programs and promotional activities. Many developed economies in the West such as the US, and the UK are in the process of expanding their platforms of fishing, thereby upgrading the access to various water bodies in the respective countries.
An increase in the global population, coupled with an increase in the number of mobile phones online retail, has expanded significantly for years. Benefits such as quick service, home delivery, various secure payment options, and enticing discounts have further fueled the expansion of online merchants globally. Customers choose to buy fishing equipment online since it saves them time and money. The manufacturers prefer selling fishing equipment as it eliminates the need for wholesalers and retailers, thereby giving them a larger share in profits.
Europe accounted for the largest share of the global fishing equipment market. The various countries from the Europe region are witnessing an upsurge due to growth in sports and recreational activities which is fueling the market growth during the forecast period. E-commerce is one of the primary tactics used by numerous businesses and organizations to raise awareness about their product offerings among target customers via e-commerce channels.
Fittings on modern fishing reels typically aid in casting for distance and accuracy, as well as recovering lines. Fishing reels have long been used in leisure angling and competitive casting. The segment has shown consistent growth due to the growing recreational fishing industry and the increasing popularity of leisure sports worldwide.
The major players operating in the global fishing equipment market are 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, Pure Fishing Inc. among many others.
Fishing equipment used for leisure, sporting and commercial activity is growing substantially popular worldwide due to the adoption of fishing as a sport by many outdoor sport enthusiasts. The global fishing equipment market is segmented into type and distribution channel. Based on type, the market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. Based on distribution channel, the market is bifurcated into supermarkets and hypermarkets, specialty stores, online retail, and others.

The List of Companies - Fishing Equipment Market

  1. Eagle Claw Fishing Tackle Co.
  2. Okuma Fishing Tackle Co. Ltd.
  3. Decathlon SA
  4. SHIMANO INC.
  5. TICA FISHING TACKLE
  6. AFTCO.
  7. RAPALA VMC CORPORATION
  8. Weihai Guangwei Group Co., Ltd
  9. Daiwa
  10. Pure Fishing Inc.
  • Highlights key business priorities to assist companies realign their business strategies.
  • Features key findings and crucial progressive industry trends in the global fishing equipment market, thereby allowing players to develop effective long-term strategies.
  • Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
  • Scrutinizes in-depth market trends as well as key market drivers and restraints.
  • Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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