Fishing Equipment Market

Global Fishing Equipment Market Size (2024 to 2029)

The size of the global fishing equipment market was valued at USD 13,672 million in 2023. The global market is expected to grow at a CAGR of 4.3% from 2024 to 2029 and be worth USD 17601 million by 2029 from USD 14259 million in 2024.

Fishing equipment is used in legal fishing sports activities or for recreation or personal consumption. Fishing equipment includes hooks, rods, reels, lures, tackle boxes, and others which are either owned by you or the relative industry/market stakeholder. The growing interest in the people on fishing is majorly driving the demand for fishing equipment worldwide.

MARKET DRIVERS

The popularity of sports fishing and innovative fishing equipment act as major drivers for the global fishing equipment market.

Across the world, sports fishing has significant popularity and is more spread in different regions. The word sports fishing itself relates to the recreational fishing activity that could be done in both salt water and fresh water. Developed nations like the UK and the U.S. are making efforts to increase their fishing platforms so that it can be made a popular, engaging activity. The increase in the popularity of fishing made the key players arrange a wide range of fishing programs and activities to involve many people. The rise in investment by the governments of different nations in fishing will drive the market. Noticing the interest of the people in the fishing activity made the government concentrate on developing the activity and accessibility to different water bodies for fishing with the investment of funds. This can be mainly seen in countries like the UK, the U.S., China, and others. This will be a market expansion opportunity for the industry stakeholders.

The rising interest of children in fishing activity is also contributing to the fishing equipment market expansion.

The fishing activity, along with the parents, would be a most interesting and popular outdoor activity for the children and their parents. Increasing concentration and patience with the fishing activity would lead to attracting the parents, and that can make their children involved in fishing. This could provide a new way of commercial opportunity for the fishing equipment manufacturing industries to increase sales. The fishing equipment market boosting features is the easy availability of the fishing equipment combined with the rise in the interest of children in participating in fishing. The growing demand for technology-equipped fishing equipment will be a new market dimension.

MARKET RESTRAINTS

The high cost of fishing equipment and the scarcity of fishing locations are majorly hindering the fishing equipment market growth.

Fishing equipment such as rigs, rods, and others are expensive and are not affordable to everybody. With the increasing environmental concerns, many fishing gear are abandoned along with it; the ethical considerations of the people towards the hunting of the fishes are also limiting fishing activities across some regions of the world. The negative impact on the environment due to the modern fishing equipment and tactics will limit the adoption of fishing activity and leads to a decline in the requirement for fishing equipment. The loss and mishandling of fishing equipment can cause a severe loss of marine life and result in the piling up of plastic and debris in the water bodies.

Impact of COVID-19 on the Global Fishing Equipment Market

The negative impact has been noticed in the fishing equipment market due to the COVID-19 pandemic. The lockdown imposition across the world to curb the spread of the virus has resulted in the decline of fishing activities. The supply chain has also seen a negative impact due to the travel restrictions. Increased personal safety and social distancing restrictions led to less participation of the people in fishing activities resulting in less requirement for fishing equipment. The production and sale of fishing equipment due to the pandemic resulted in a demand and supply imbalance. The less time allocation for the working of the industries caused less production of the equipment. The new advancement and innovation activities have stopped during the pandemic time due to the complete shutdown of the related organizations. Consumer behavior regarding the purchase of fishing equipment has been affected across the world due to the pandemic resulting in declined sales in the fishing equipment market. Post-pandemic, the fishing equipment manufacturing industries have increased their focus on developing innovations and technologies to regain the market and consumers so that the market could see an increasing growth rate.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Fishing Equipment Market Analysis By Type

The hooks segment is expected to hold largest share of the fishing equipment market during the forecast period. Curved or U-shaped hooks are the most used, and varied sizes, shapes, designs, and others are customized based on the requirement.

The reel segment is anticipated to showcase a prominent CAGR during the forecast period. Reels are equipped for deploying and retrieving the fishing line.

Global Fishing Equipment Market Analysis By Nature

The freshwater segment is anticipated to account for the major share of the worldwide market during the forecast period. The nature of the water body decides the availability of the kind of fish present in it and could be an influencing factor in the water body selection process for fishing activity by the people. The nations such as China, the U.S., and some other nations are raising aquaculture in their nations could be a fishing equipment market growth feature.

Global Fishing Equipment Market Analysis By Distribution Channel

The offline segment had the major share of the global market in 2023 and is expected to continue the lead in the global market during the forecast period. The wide availability of fishing tackles is more seen in specialty stores and dominates in offline distribution channels. The hands-on experience that could be available in offline stores is an attractive feature of this distribution channel. The increase in the sale of the fishing equipment market contributed to the assistance provided by the shop owners and in-store shop helpers to the consumers.

REGIONAL ANALYSIS

North America is expected to dominate the fishing equipment market during the forecast period. Recreational fishing activity has a high prominence in America as a tradition. Recreational fishing has a forbidding economic strength in the country’s economy. Thus, we can see a high demand for the fishing equipment market. Europe is also expected to have a good market share as the region is located along the coastal line, and the presence of many lakes and rivers drives fishing activity, and demand for fishing equipment also increases.

KEY PLAYERS IN THE GLOBAL FISHING EQUIPMENT MARKET

Rome Specialty Company, Inc. (ROSCO), Sea Master Enterprise Co., Ltd., Jarvis Walker Pty, Inc., Newell Brands, PRADCO Outdoor Brands, Inc., Daiwa Corporation, Okuma Fishing Tackle Co., Ltd, Orvis, Maver Fishing & Angling Equipment, Costa Del Mar and simply Costa are some of the notable companies in the global fishing equipment market.

RECENT HAPPENINGS IN THE MARKET

• In 2020, Kistler Rods TM announced the launch of the Kistler GRAPHITE rods, which are handcrafted and with a one-year replacement warranty. The company is well-known for the manufacturing of high-quality, hand-crafted rods used in fishing. Easy to handle and less tiring are features of the Kistler rods.
• In 2020, a digital sportfishing brand platform by the name Catch Co. received a fundraising of $ 6 million from Listen Ventures. The investment is for use in promoting new products and brands and debuting Karl’s Bait & Tackle’s e-commerce site. The investment is also to use in developing outstanding fishing brands, goods & services for modern-day requirements and could help in the company’s goal.

DETAILED SEGMENTATION OF THE GLOBAL FISHING EQUIPMENT MARKET INCLUDED IN THIS REPORT

This research report on the global fishing equipment market has been segmented and sub-segmented based on the type, nature, distribution channel and region.

By Type

• Hooks
• Lines
• Sinkers & Floats
• Rods
• Reels
• Nets & Traps
• Spears& Gaffs
• Others

By Nature

• Fresh Water
• Salt Water
• Fly Fishing

By Distribution Channel

• Online
• Offline

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa