The scope of our recent study on the “Fishing Equipment Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Fishing Rods, Nets and Traps, Hooks, Reels, Fishing Lines, Sinkers, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)” includes the description of factors fueling the market growth, estimation and forecast of revenue, and identification of significant market players and their key developments, along with providing market share analysis.
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The fishing equipment market is projected to reach US$ 31,835.53 million by 2028 from US$ 23,799.79 million in 2021; it is expected to register a CAGR of 4.2% from 2021 to 2028. Fishing equipment is in high demand due to an increase in fishing activities across the globe. Increasing participation in recreational fishing and the growth of fish-based tourism in developing countries are the key factors driving the fishing equipment market. Activities related to fishing tourism are carried out by professional fishermen and use well-equipped boats and equipment necessary for fishing to ensure general safety and hygiene. Key players providing fishing equipment are working on their product line expansion and novel technology implementation to address consumer demand for fish hunting equipment. Thus, the growth of e-commerce channels holds promising opportunities for the growth of the market.
Impact of COVID-19 Pandemic on Fishing Equipment Market
The ongoing pandemic had dramatically influenced the consumer goods sector and negatively impacted the growth of the fishing equipment market. The implementation of measures to combat the COVID-19 spread had impacted the growth of several industrial sectors. Many sectors, including the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic. Various countries enforced country-wide lockdowns during the pandemic, which negatively impacted recreational fishing activities. In Europe and Asia Pacific, restrictions on recreational fishing and travel lowered the number of fishing activities, negatively impacting the demand for fishing equipment. Tourism, recreational activities, and cultural services faced an indefinite lockdown in countries such as Argentina and Germany. However, a few countries allowed recreational fishing during the lockdown, which positively affected the demand for fishing equipment. Countries such as Denmark, the US, and Canada had no restrictions on recreational fishing activities during the lockdown. In Denmark, the sales of mandatory licenses for recreational fishing increased by 24% compared to previous years.
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The report segments the fishing equipment market as follows:
Based on type, the global fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. The fishing rods segment held the largest share in the global fishing equipment market in 2020 due to its ease of use and simplicity. These products enhance crankbaits, jerk baits, shaky heads, and drop shotting by effectively launching lighter lures into deeper water. Based on distribution channel, the market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment is expected to grow because the staff is knowledgeable and trained to explain the benefits and specifications of the products to customers so that they can find their product of interest that best suits them.
The fishing equipment market is segmented into five regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2020, Europe dominated the demand for fishing equipment, which is expected to expand at a high rate throughout the forecast period. The presence of numerous anglers in Europe will lead to a surge in fishing activities across the region, which will result in escalating demand for fishing equipment. In addition, supportive government initiatives and policies across various countries have supported and developed the recreational fishing sector, leading to increased fishing activities in the region.
Based on type, the market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. Based on distribution channel, the market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM).
Question and Answers
Q.1. Can you list some of the major players operating in the Global Fishing Equipment Market?
Ans. The major players operating in the global fishing equipment market are 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 many others.
Q.2. What is the scope of fishing equipment in the global market?
Ans. Fishing equipment used for leisure, sporting and commercial activity is growing substantially popular worldwide due to the adoption of fishing as a sport by many outdoor sport enthusiasts. The global fishing equipment market is segmented into type and distribution channel. Based on type, the market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. Based on distribution channel, the market is bifurcated into supermarkets and hypermarkets, specialty stores, online retail, and others.
Q.3. Based on type, why is the reels segment expected to grow at the highest rate during the forecast period?
Ans. Fittings on modern fishing reels typically aid in casting for distance and accuracy, as well as recovering lines. Fishing reels have long been used in leisure angling and competitive casting. The segment has shown consistent growth due to the growing recreational fishing industry and the increasing popularity of leisure sports worldwide.
Q.4. What is the largest region of the global fishing equipment market?
Ans. Europe accounted for the largest share of the global fishing equipment market. The various countries from the Europe region are witnessing an upsurge due to growth in sports and recreational activities which is fueling the market growth during the forecast period. E-commerce is one of the primary tactics used by numerous businesses and organizations to raise awareness about their product offerings among target customers via e-commerce channels.
Q.5. What is the scope of the online retail segment in the global fishing equipment market?
Ans. An increase in the global population, coupled with an increase in the number of mobile phones online retail, has expanded significantly for years. Benefits such as quick service, home delivery, various secure payment options, and enticing discounts have further fueled the expansion of online merchants globally. Customers choose to buy fishing equipment online since it saves them time and money. The manufacturers prefer selling fishing equipment as it eliminates the need for wholesalers and retailers, thereby giving them a larger share in profits.
Q.6. What are the key drivers for the growth of the global fishing equipment market?
Ans. The fishing equipment market is expected to witness significant growth and innovation in the coming years. Furthermore, increased backing of reputed organizations like the American Sportfishing Association and others are making the fishing activity more popular. In a bid to increase participation in recreational activities like fishing, many different associations are now emphasizing various awareness programs and promotional activities. Many developed economies in the West such as the US, and the UK are in the process of expanding their platforms of fishing, thereby upgrading the access to various water bodies in the respective countries.
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