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Fishing Equipment Market Segmentation by Type (Hooks, Lines, Sinkers & Floats, Rods, Reels, Nets & Traps, Spears & Gaffs, and Baits & Lures); By Nature (Freshwater, Saltwater, And Fly Fishing); Distribution Channel (Online and Offline) Industry Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2023 to 2028)

Published: March, 2023
ID: 9062
Pages: 100
Formats: report pdf report excel report power bi report ppt

Fishing Equipment Market Size, Share, Growth (2023-2028)

Fishing equipment market size will be valued at $ 18,006 million by 2028, registering a CAGR of 4.1% during the forecast period (2023-2028).

Fishing Equipment Market Overview

The fishing equipment is used in legal fishing sports activity 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 market doesn’t include permanent equipment, portable boating equipment, etc. The market is segmented based on certain criteria and is expected to hold a good market in the coming years with increased interest in the people on fishing.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022–2028

Base Year

2022

Forecast Period

2023-2028

CAGR

4.0%

Segments Covered

By Application, Type and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

 

 

 

Market Leaders Profiled

  1. Orvis (US)
  2. Pradco Outdoor Brands Inc (US)
  3. Eagle Claw (US)
  4. Globeride Inc (Japan)
  5. Gamakatsu (Japan)
  6. Sensas SA (France)
  7. Maver UK Ltd (UK)
  8. Jarvis Walker (Australia)
  9. Sea Master Enterprise (Taiwan)
  10. Tica Fishing (Taiwan)

Fishing Equipment Market Drivers

The popularity of sports fishing and innovative fishing equipment act as a market driver. 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 UK and 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 in it. 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.

Fishing Equipment Market Restraints

The fishing equipment market restraints include the high cost of fishing equipment and the scarcity of fishing locations. The high cost associated with fishing equipment like rigs, rods, and others creates a hindrance to market growth. With the increasing environmental concerns, many fishing gears 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.

Fishing Equipment Market Opportunities

The interest of children in fishing activity is increasing, and this could be a better market expansion opportunity for the fishing equipment industry. 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.

COVID-19 Impact on the 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 innovations 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.

Key developments 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.

Fishing Equipment Market Segmentation

By Type

•             Hooks

•             Lines

•             Sinkers & Floats

•             Rods

•             Reels

•             Nets & Traps

•             Spears& Gaffs

•             Others

The hooks segment is expected to hold a large market share in the fishing equipment market. Curved or U-shaped hooks are the most used, and varied sizes, shapes, designs, and others are customized based on the requirement. Reels are expected to have the next high market share holder and are equipped for deploying and retrieving the fishing line.

By Nature

•             Fresh Water

•             Salt Water

•             Fly Fishing

The freshwater category is expected to have a high market share in the fishing equipment 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.

By Distribution Channel

•             Online

•             Offline

The offline distribution channel had the largest market share in the previous years and is expected to continue the same 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.

Fishing Equipment Market Regional Analysis:

•             North America

•             Europe

•             Asia Pacific

•             Latin America

•             Middle East & Africa

Based on the region, 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.

Fishing Equipment Market Key Players

  1. Rome Specialty Company, Inc. (ROSCO)

  2. Sea Master Enterprise Co., Ltd.

  3.  Jarvis Walker Pty, Inc.

  4. Newell Brands

  5. PRADCO Outdoor Brands, Inc.

  6. Daiwa Corporation

  7. Okuma Fishing Tackle Co., Ltd

  8. Orvis

  9. Maver Fishing & Angling Equipment

  10. Costa Del Mar or simply Costa

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