Fishing Equipment Market Growth Drivers and Forecast by 2028

[Research Report] 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.

Market Insights and Analyst View:

Recreational fishing, also known as sports fishing, is done for pleasure or fun. It includes hand gathering, spearfishing, angling, netting, and trapping. Angling is one of the most common types of recreational fishing done using fishing rods, hooks, and lines. Owing to hectic lifestyle, people are engaging in various recreational activities to reduce day to day depression, stress, and encourage social interaction. Recreational fishing is becoming popular among people of all ages as it is inexpensive unlike other sporting activities such as skiing and ice hockey and easy to learn. Thus, the rising popularity of recreational fishing is driving the demand for fishing equipment such as fishing rods, nets, traps, reels, hooks, fishing baits and lines, and sinkers.

Growth Drivers and Challenges:

Fish-based eco-tourism is growing rapidly in various developing as well as developed countries across Europe, North America, and Asia Pacific. Fish-based tourism involves travelling consciously/responsibly to fishing area for recreational fishing. It involves recreational fishing, cultural sharing with local anglers, and learning about traditions and lifestyles. In fishing tourism, non-crew members or tourists can fish with professional fishermen and learn new fishing skills. Through training and development programs, Fishermen are motivated and are endowed with the skills necessary to provide tourists with quality tourism services. Thus, the growth of fish-based tourism is driving the demand for innovative and cutting-edge fishing equipment. This factor is significantly expected to drive the fishing equipment market growth over the forecast period.

The rising penetration of e-commerce platforms also provides strong growth potential to the fishing equipment market. People are increasingly preferring online shopping websites to purchase fishing equipment due to the convenience of shopping a wide range of products at affordable prices remotely. Moreover, the availability of product descriptions, details, customer reviews and ratings, and multiple payment channels elevate the customer shopping experience, resulting in more online sales of fishing equipment. Thus, the rising sales of fishing equipment through e-commerce websites such as Amazon.com, Walmart, the Home Depot, and direct-to-customer shopping sites of the manufacturers is expected to open immense growth opportunities in the fishing equipment market over the forthcoming period.

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Fishing Equipment Market: Strategic Insights

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Report Segmentation and Scope:

The “Global Fishing Equipment Market” is segmented based on type, distribution channel, and geography. Based on type, the fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing line, sinkers, and others. Based on distribution channel, the fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The fishing equipment market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

Segmental Analysis:

Based on type, the fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. Based on distribution channel, the fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the significant share in the fishing equipment market and the online retail segment is expected to register the significant growth over the forecast period. Specialty stores have wide assortment of specific product categories with varied price ranges from cheaper to premium ones. Specialty stores are preferred shopping platforms of fishing equipment as people have access to several brands of fishing equipment under one roof. Moreover, these stores have knowledgeable staff that assist customers to find right products. The availability of a wide range of products of different brands as well as co-operative staff increases the customer satisfaction which result in increased sales of fishing equipment through specialty stores. These factors are significantly driving the segment’s growth, eventually driving the fishing equipment market.

Regional Analysis: 

Based on geography, the fishing equipment market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global fishing equipment market was dominated by Europe which accounted for US$ 7,711.13 Million in 2021. North America is a second major contributor holding more than 28% share in the global market. Asia Pacific is expected to register the considerable growth at a CAGR of 5.4% over the forecast period. There are a large number of anglers present in Europe. According to the European Commission (EC) data, there are more than 9 million recreational fishers in Europe. The presence of a large number of anglers and recreational fishers in the region is driving the demand for fishing equipment. Moreover, rising government initiatives to develop recreational fishing sector provides lucrative opportunity to the fishing equipment market across Europe.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the fishing equipment market are listed below:

1. In October 2019, American Baitworks Co, a manufacturer of fishing gear, expanded its production base and distribution center across the Mississippi Gulf Coast.
2. In October 2022, PRADCO Fishing acquired Whisker Seeker Tackle, a premium brand of catfish tackle based in Iowa, the US. Whisker Seeker Tackle offers a wide range of fishing equipment including fishing rods, rigs, lures, hooks, swivels, landing nets, floats, fishing lines, scales, knives, and grips. The acquisition of Whisker Seeker Tackle will widen the consumer reach of PRADCO offering lucrative opportunities to the company in future.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the consumer goods industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020. Due to the pandemic-induced economic recession, consumers became more cautious and selective in their purchasing decisions. Non-essential purchases were significantly reduced by consumers due to lower incomes and uncertain earning prospects, especially in developing regions. Due to travel bans and border restrictions, recreational activities reduced dramatically, which hampered the sales of various fishing gear and equipment.

Many manufacturers of fishing equipment faced decline in profits due to reduced consumer demand during the initial phase of pandemic. However, by the end of 2021, many countries were fully vaccinated, and governments announced relaxation in certain regulations including lockdowns and travel bans. People started travelling to different places and participated in various recreational activities including fishing, boosting the fishing equipment demand. All these factors had a positive impact in the growth of fishing equipment market across different regions.

Fishing Equipment Market Regional Insights

The regional trends and factors influencing the Fishing Equipment Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Fishing Equipment Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Fishing Equipment Market Report Scope

Fishing Equipment Market Players Density: Understanding Its Impact on Business Dynamics

The Fishing Equipment Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Competitive Landscape and Key Companies:

Some of the prominent players operating in the global fishing equipment market include 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 others. These players offer cutting-edge fishing equipment with innovative features to attract a large number of consumers.