Market Insight-Global Sports Fishing Equipment Market Overview 2022
The Global Sports Fishing Equipment Market Size was estimated at USD 10209 million in 2021 and is projected to reach USD 12728 million by 2028, exhibiting a CAGR of 3.15% during the forecast period– Bossonresearch.com
Sports fishing equipment refers to products, such as fishing rods, fishhooks, lines, baits, lures, and sinkers that are used for recreational fishing and competitions. These tools are used for fishing without gear, grappling, stunning, line fishing, trapping, fishing with bag nets, trawling seining, and gillnetting. The fishing lines are attached with natural or artificial bait to lure, hold and catch the fish. These lines are connected with reels for casting, spinning, and fly fishing, which aid in hunting large-sized fishes and shellfishes. Various handheld tools, such as spears and harpoons, are also used that can be thrown with a thrust to wound and catch the fish.
Significant growth in the fishing industry represents one of the primary drivers of the market for sports fishing equipment. Along with this, increasing participation in water-based sports activities and a rising number of fishing associations and recreational fishing clubs are also contributing to the market growth. Sports fishermen and anglers are investing in high-quality fishing equipment that can be used in both freshwater and saltwater. Additionally, aggressive promotional activities by manufacturers, along with the development of the online retailing market that provides a hassle-free shopping experience while displaying a wide range of options to choose from to the consumers, are acting as other growth-inducing factors. Manufacturers are developing innovative product variants that are connected with sensors to locate and track fishing hotspots through a smartphone application. Other factors, including increasing consumer preference for outdoor recreational activities, owing to the growing millennial population and rapid urbanization, are projected to drive the market further.
According to Bosson Research, the Global Sports Fishing Equipment Market Size was estimated at USD 10209 million in 2021 and is projected to reach USD 12728 million by 2028, exhibiting a CAGR of 3.15% during the forecast period.
Figure Global Sports Fishing Equipment Market Size
Source: Bossonresearch.com, 2022
Sports Fishing Equipment Market Outlook
According to the Food and Agriculture Organization of the United Nations, estimates of the global number of recreational fishers or anglers vary between 220 million and 700 million, with the higher estimate accounting for approximately double the number of commercial anglers. In terms of fishing equipment, sustainable materials, electronics, and artificial intelligence developments have been gaining attention for high-end rigs. Sports fishing activities are largely restrained in developed economies in Europe and North America.
Further, only 17 percent of the young demographic below 18 years old has been involved in fishing, which accounts for less than 5 percent of all anglers. Fishing is also the 10th-most popular sport among women. Female anglers account for 26.8 percent of all anglers - 8 percent of the sports fishing population. These are key factors that are expected to influence developments in the sports fishing equipment industry through 2028.
Impact of COVID-19 Pandemic on Fishing Equipment Market:
Due to the COVID-19 pandemic, many industries, such as the consumer goods industry, faced unprecedented challenges. However, a few countries allowed recreational fishing during the lockdown, positively impacting 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.
Key players in the Sports Fishing Equipment Market include:
Globeride(Daiwa)
Shimano
Pure Fishing
Rapala VMC Corporation
Dongmi Fishing
Johshuya Co.
Pokee Fishing
Cabela’s Inc.
Eagle Claw
Humminbird
St. Croix Rods
Gamakatsu
Tica Fishing
DUEL(YO-ZURI)
Tiemco
Preston Innovations
Weihai Guangwei Group
AFTCO Mfg.
O. Mustad & Son
Okuma Fishing
Barfilon Fishing
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