Fishing Equipment Market to Grow with a CAGR of 4.31% through 2028
Increasing popularity of recreational fishing, technological
advancements in equipment design, and the availability of fish species are
factors driving the global fishing equipment market in the forecast period
2024-2028.
According to the TechSci Research report, “Fishing Equipment Market – Global Industry Size, Share, Trends, Competition,
Opportunity, and Forecast, 2018-2028F”, the Global Fishing Equipment
Market stood at USD15.33 billion in 2022 and is anticipated to grow with a CAGR
of 4.31% in the forecast period, 2024-2028. The global fishing equipment market
is influenced by a variety of drivers that impact its growth and development.
These drivers encompass factors related to consumer behavior, technology,
environmental concerns, economic conditions, and more.
The increasing popularity of recreational fishing, driven by a desire
for outdoor leisure activities and relaxation, is a significant driver. Many
people, particularly in urban areas, are turning to fishing as a way to connect
with nature and de-stress. Advances in fishing gear technology, including
materials, design, and features, are driving market growth. Innovations such as
lightweight, high-strength materials, smart fishing equipment, and fish-finding
technology enhance the angling experience.
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Fishing Equipment Market.”
The fishing equipment market is a dynamic and multifaceted industry that
caters to the diverse needs of anglers worldwide. From recreational enthusiasts
to professional fishermen, the demand for high-quality fishing gear continues
to grow. The fishing equipment market is a substantial and resilient segment of
the global sporting goods industry. It encompasses a wide range of products
designed to enhance the angling experience, from fishing rods and reels to
fishing lines, lures, bait, tackle boxes, and accessories. The market serves
both freshwater and saltwater anglers, as well as those engaged in various
fishing techniques such as fly fishing, trolling, ice fishing, and more.
Increasing environmental awareness has led to a growing demand for sustainable
fishing gear. Anglers are choosing eco-friendly products, such as biodegradable
fishing lines and lead-free sinkers, to minimize their impact on aquatic
ecosystems. Manufacturers are offering customization options for fishing
equipment, allowing anglers to choose gear tailored to their specific needs and
preferences. This trend fosters brand loyalty and customer satisfaction. The
convenience of online shopping has driven a significant portion of fishing
equipment sales. E-commerce platforms offer a wide range of products,
competitive pricing, and easy access to gear from various manufacturers.
The fishing equipment market is a vibrant and evolving industry driven
by factors such as sustainability, technological advancements, personalization,
and health and wellness trends. While it faces challenges related to
environmental concerns, regulations, and economic fluctuations, the market's
potential for growth and innovation remains strong. By staying adaptable and
responsive to consumer needs, manufacturers and retailers can thrive in this
ever-changing landscape.
The global fishing equipment market is segmented based on type, nature,
distribution channel, and region.
Based on type, the hooks segment is expected to dominate the fishing equipment
market during the forecast period, owing to the increasing demand for fishing
hooks from both amateur and professional anglers. Fishing hooks are essential
for catching fish, and they are used in a variety of fishing techniques. The
increasing popularity of recreational fishing is also driving the demand for
fishing hooks. The global population is growing, and with it, the number of
people who enjoy recreational fishing. This is driving the demand for fishing
equipment, including fishing hooks.
Based on region, the market is segmented into North America, Europe,
Asia Pacific, Middle East & Africa, and South America. In 2022, North
America is dominating the fishing equipment market during the forecast period,
owing to the high spending power of consumers in the region and the increasing
popularity of fishing as a recreational activity. The average disposable income
of consumers in North America is higher than in most other regions. This means
that consumers in North America have more money to spend on fishing equipment.
Major companies operating in the global fishing equipment market are:
- Tica Fishing
Tackle
- Jarvis Walker
Pty, Inc.
- Daiwa Corporation
- Pure Fishing,
Inc.
- Rome Specialty
Company, Inc.
- Pradco Outdoor
Brands
- Johnson Outdoors
Inc.
- Sea master
enterprise Co., Ltd.
- Maver UK Ltd
- Gamakatsu
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“The market for fishing equipment is experiencing robust growth. Factors
like increasing interest in recreational fishing, technological advancements in
gear, and a growing emphasis on sustainable practices are driving this
expansion. Consumers are seeking innovative and eco-friendly fishing gear,
contributing to a steady rise in market value. As more people recognize the
therapeutic and wellness benefits of fishing, the market continues to attract a
diverse range of participants, ensuring a promising outlook for the fishing
equipment industry.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Fishing Equipment Market – Global Industry Size, Share, Trends
Opportunity, and Forecast, By
Type (Hooks, Lines, Sinkers & Floats, Rods, Reels, Nets & Traps,
Spears& Gaffs, Others), By Nature (Fresh Water, Salt Water, and Fly
Fishing), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Stores,
Online, Others), By Region, By Competition Forecast & Opportunities,
2018-2028F, has evaluated
the future growth potential of the fishing equipment market globally and provides
statistics and information on market structure, size, share, and future growth.
The report provides cutting-edge market intelligence and helps decision-makers
to make sound investment decisions. Besides, the report also identifies the
emerging trends along with essential drivers, challenges, and opportunities
present in the market of fishing equipment globally.
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