Dublin, Aug. 19, 2022 (GLOBE NEWSWIRE) -- The "Sports Fishing Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Sports Fishing Equipment Market to Reach $15.4 Billion by 2026
Fishing as a commercial, leisure, and sporting activity has gained widespread popularity owing to the recognition of fishing as a leading sport by several associations. Globally, fishing is a broad market and is poised to maintain a stable growth rate in the coming years.
A rapid growth in the food and beverages industry and rising demand for sea food products is anticipated to propel growth in the fishing industry in the near future. With numerous people across the globe increasingly shifting towards the consumption of fish and other sea food products, the demand for fishing equipment is likely to increase significantly over the next few years. In addition, the rapid growth in global population, coupled with changing trend towards non-vegetarian food, is also expected to augment growth in the fishing equipment market. Moreover, fish recreational programs and fisheries conservation are gaining global prominence with increasing expenditure by sports fishers and anglers across the globe.
Amid the COVID-19 crisis, the global market for Sports Fishing Equipment estimated at US$13.2 Billion in the year 2022, is projected to reach a revised size of US$15.4 Billion by 2026, growing at a CAGR of 3.4% over the analysis period. Rods, Reels, & Poles, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$6.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lures, Flies, & Baits segment is readjusted to a revised 4.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.6 Billion in 2022, While China is Forecast to Reach $1.9 Billion by 2026
The Sports Fishing Equipment market in the U.S. is estimated at US$4.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2026 trailing a CAGR of 5.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.8% and 2.3% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. In developed countries, such as the US and the UK, fishing platforms are being expanded, thereby improving access to water bodies for fishing purposes and turning the activity into a social sport. In such countries governments are making possible, improved access for sports fishing enthusiasts to the available water bodies. New water bodies are also being developed for the sport along reservoirs and canals.
China represents the fastest growing market over the analysis period. Huge potential exists for offering sophisticated equipment to anglers in the region as majority of them continue to use traditional products that are indigenously made, mostly by a domestic manufacturer. Other growth drivers include underpenetrated nature of the market; increasingly westernized lifestyles, growing stress levels, surging interest in fishing, and expanding population.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Steady Proliferation of Connected Electronic Fishing Devices Drive Healthy Market Growth
- Select Innovative Electronic Sports Fishing-Related Products
- Fish Finders: Helpful Tools for Elevating Fishing Experience
- Fishing Cameras for Easy Underwater Viewing Using Tablets or Smartphones
- Individuals Account for Bigger Share
- Sports Organizers Drive Demand
- Fishing Clubs Elevate Participation Levels
- Passion for Outdoors and the Drive to Preserve Nature Steer Demand from the Millennials Population
- Disruptive Technologies that Transformed the Sports Fishing Boats over the Years
- Focus on Developing Fishing Infrastructure Strengthens Market Prospects
- Surging Popularity of Kayak Fishing Benefits Market Expansion
- Consumer Affluence Influences Sports Fishing Equipment Sales
- Surging Interest in Fishing among Women Opens Up Growth Avenues
- Ice Fishing Gear: Equipment to Make Most of Ice Fishing Mission
- 3D Printing Streamlines Fishing Equipment Manufacturing
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
Companies Mentioned
- Aftco Mfg. Co., Inc.
- Daiwa Corporation
- Eagle Claw Fishing Tackle Co.
- Eppinger Mfg. Co.
- Gamakatsu Co., Ltd.
- Grandt Industries, Inc.
- Jim Teeny, Inc.
- Koppers Fishing and Tackle Corp.
- O. Mustad & Son A.S.
- Okuma Fishing Tackle Corporation
- Plano Synergy Holdings, Inc.
- PRADCO Outdoor Brands, Inc.
- Pure Fishing, Inc.
- Rapala VMC Corporation
- Rome Specialty Company, Inc.
- Sea Master Enterprise Co., Ltd.
- Shimano, Inc.
- St. Croix of Park Falls, Ltd.
- Taylor Fly Fishing
- TICA Fishing Tackle
- Zebco Holdings, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/xuwr2
Attachment
