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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) - Demand Analysis & Opportunity Outlook 2027

Published: January, 2022
ID: 9062
Pages: 100
Formats: report pdf report excel report power bi report ppt

Fishing Equipment Market Size, Growth, Trends & Forecast (2022 - 2027)

The global fishing equipment market is predicted to increase at a CAGR of 4.0 per cent from 2022 - 2027, from $14 billion to $17 billion. The public's interest in fishing has been stimulated by the launch of new fishing equipment with superior technology by notable industry companies. These fish equipment makers have addressed issues that have arisen during fishing and have devised appropriate solutions.

The term "fishing" refers to a recreational, competitive, and commercial activity that is becoming increasingly popular around the world as a result of numerous organisations recognising fishing as a popular sport. Many different associations are currently stressing various awareness programmes and promotional operations to boost the participation of ordinary people in recreational activities such as fishing. Many developed economies in the West are in the process of expanding their fishing platforms, improving access to diverse water bodies for fishing, and transforming fishing into a social activity.

Fishing Equipment Market Recent Developments

Pure Fishing Inc. has entered into a formal agreement to purchase Plano Synergy Holdings Inc. The acquisition will include Plano Synergy's 15 brands, which specialise in tackle storage, catch management, hunting accessories, and archery. Under the direction of private equity firm Sycamore Partners, Pure Fishing has made three acquisitions in the last two years.

Johnson Outdoors Inc.'s board of directors has declared that its dividend would be increased to US$0.30 on October 29th. Despite the increase, the 0.9 per cent dividend yield represents only a minor increase in shareholder returns.

Gamakatsu has introduced the G-Power Flip & Punch hook, which is meant to withstand even the harshest fishing conditions. The new hook was designed by Gamakatsu Pro Aaron Martens, who has a total of 8547 pounds of caught fish and has competed in over 241 contests.

Fishing Equipment Market Drivers

People's interest in leisure activities like fishing is growing as a result of the rising trend of travel and vacations, which is helping to move the market for fishing equipment forward. Fishing is becoming increasingly popular as an outdoor recreational activity, drawing a large number of anglers and driving up fishing equipment sales.

Stakeholders have discovered new commercial prospects as children's interest in fishing and related activities has grown. Furthermore, fishing has become one of the most popular outdoor hobbies among both children and adults. Additionally, parents are encouraging their children to begin fishing because it improves their concentration and tolerance. Moreover, there are many simple fishing poles available that are specifically made for youngsters. These little rods come in a variety of characters that are suitable for children.

Fishing Equipment Market Restraints

Modern fishing gear and methods are altering ocean habitats in a variety of ways, including disturbing sea floors, affecting food webs, and disrupting many critical ecological services. Furthermore, abandoned and lost fishing gear or equipment is harmful to marine life since it accounts for a large portion of plastic pollution in seas, rivers, and ponds. Likewise, abandoned or forgotten fishing gear can ensnare animals, making it more damaging. As a result, the negative consequences of contemporary fishing equipment disrupt the marine environment, limiting the expansion of the fishing equipment market.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 – 2026

Base Year

2020

Forecast Period

2022 - 2027

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 Segmentation

Type; The market is segmented into hooks, lines, sinkers & floats, rods, reels, nets & traps, spears & gaffs, and baits & lures.

In 2020, fishing reels dominated the market for fishing equipment, accounting for more than 28.2 per cent of global sales. A fishing reel is a cylindrical device that is attached to a fishing rod and is used to wind and stow lines. It is an important part of the fishing process. Saltwater reels are suitable for use near bays and oceans, whereas freshwater reels are suitable for use near lakes, rivers, and streams. The three basic types of reels are casting reels, spinning reels, and fly fishing reels. In addition, improvements in fishing equipment, such as high-speed fishing reels that aid in the capture of large fish, are driving up angler demand for this fishing equipment.

From 2022 - 2027, the revenue-based CAGR for baits and lures is predicted to be 4.7 per cent. Topwater bass lures, such as blades, hollow body frogs, and other huge prop baits, are becoming more popular as a result of an emerging trend of combining multiple types. New advancements are increasing the use of baits and lures by fishermen on a big scale, which is expected to boost sales of this fish hunting equipment throughout the projection period.

Nature: The market is segmented into freshwater, saltwater, and fly fishing.

Freshwater had the largest market share in 2020, accounting for around 64.9 per cent of total sales. Saltwater was second. Fishing in hot weather, stormy seas, and the deep sea's inherent aggression is made easier by the availability of saltwater fishing rods, lures, reels, and lines. Furthermore, saltwater fishing equipment is more durable and resistant to the corrosive effects of water, as is the current fishing equipment business trend. Saltwater fishing equipment has become more popular as a result of the growth of commercial and sports fishing, as well as people's interest in saltwater fishing.

Distribution Channel: The market is segmented into online and offline.

The offline distribution channel for fishing equipment is expected to account for over 87 per cent of total revenue in 2020. Speciality merchants led the offline channel category due to the wide choice of fishing tackle offered. Anglers are increasingly preferring offline shopping since it allows them to have hands-on experience with fishing gear. Furthermore, the support of shop owners and in-store salespeople in imparting knowledge about how to use these things has increased the preference for in-store purchases.

As the internet has grown more widely used around the world, the number of people utilising social media has drastically increased. As a result, most fishing equipment firms concentrate their marketing efforts on social media sites such as Facebook and Twitter. E-commerce is one of the most prevalent strategies used by many organisations and industries to boost product awareness among target purchasers via e-commerce channels. As a result, the global fishing equipment market sees e-commerce marketing as a crucial opportunity to gain momentum and broaden customer reach among its target demographics.

Fishing Equipment Market Regional Analysis

North America account for the largest share in 2020, generating 60.2 per cent of total revenue. For its significance as American heritage, recreational fishing is becoming increasingly popular. With more than 50 million fishermen, recreational fishing is a significant economic force in the United States. As a result, the region has a strong need for fish hunting equipment, which is expected to grow significantly throughout the projected period. Anglers spend much more on fishing equipment and vacations on Valentine's Day, Easter, and Halloween than they do on other holidays.

Europe is anticipated to increase at a revenue-based CAGR of 4.6 per cent from 2022 - 2027, owing to the increased popularity of recreational fishing in the region. Fish hunting equipment is encouraged by the presence of several lakes and rivers, as well as a lengthy coastline. Furthermore, angling tourism in Ireland, which generates more revenue than golf, is helping to raise awareness of these outdoor sports, which benefits regional market growth.

Fishing Equipment Market Leader

AguaDrone is the global leader in fish equipment, offering customised drones designed exclusively for catching fish. Additionally, the drone is meant to use sonar to locate fish, take photographs with the camera mounted on it, attach bait and lure, and return to the same location to catch fish. It's completely waterproof and can be used in both fresh and saltwater.

Fishing Equipment Market Key Players

  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)

Impact on COVID-19 of Fishing Equipment Market

The COVID-19 pandemic hindered the fish equipment market through the temporary shutdown of manufacturing units worldwide which reduced the sales revenue of suppliers. Furthermore, the global travel restrictions contracted the demand for fish equipment as fishing was disallowed in international waters.

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