As per our research report, the global fishing equipment market size is estimated to be growing at a CAGR of 4.1% from 2023 to 2030.
The pandemic took a toll on the fishing industry thereby affecting the fishing equipment selling. Due to lockdowns, movement restrictions, and social distancing essential tourist beach, sea, and lake attractions were closed or restricted. The supply chain was affected. Moreover, the demand for fish significantly decreased due to the popularity of veganism and the spread of the virus. This made the consumers more conscious about their lifestyle and health. Furthermore, due to layoffs and a declined income, there was a decrease in the number of people consuming fish as a part of their diet. However, towards the end of 2021, the tourist attractions started reopening with guidelines to be followed. People started to travel and consume food which eventually started to increase the demand for the equipment market.
The growing popularity of fishing as a sport and activity has been acting as a major
market driver. Countries like China, the USA, and Norway, have been giving a lot of prominence for increasing their fishing platforms. Technological advancements and constant upgrades have been the biggest boon for the industry. Companies are working on advancements and addressing current issues which might be present in the equipment. 3D technology is predicted to change the market dynamics and attract more people. Apart from this, fishing tournaments held by various organizations like The White Marlin Open, Fishing League Worldwide, Big Rock Blue Marlin, etc play a huge role in attracting contestants. Cash prices of up to 95 million USD are offered. Furthermore, increasing access to waterbodies has made fishing activities more popular. All these factors help in promoting the fishing equipment industry as well as the economy of a country. Secondly, using digital platforms has helped to boost the growth rate of the industry by aiding in more sales. Increasing adoption of companies towards having an online platform and presence has helped in generating more leads eventually helping in more sales. Additionally, discounts and codes are offered which minimizes the cost and helps in generating revenue for the company. Digital payment, customer and logistical service, and the availability of international brands online have helped to generate profits. Elaborated product description, handling, and usage help in attracting more people into buying fishing equipment.
However, plastic pollution in waterbodies can hamper the growth of the industry. Fishing gear is the worst type of marine plastic because it entangles marine animals, seabirds, sea turtles, and sharks, causing them to die slowly and painfully from fatigue and asphyxia. Additionally, coral reefs are damaged as well. Furthermore, the depletion of economically valuable fish populations endangers the general sustainability of fisheries and the people who rely on fish for food and a living. These are the few current challenges faced by the fishing equipment industry. Suitable schemes and regulations are being implemented and incorporated to tackle these problems.
Based on type the hooks are the largest growing in the global fishing equipment market owing to their easy use, understanding, affordability, and design. J-hooks are popular because they fit comfortably in the mouth of a fish. They have been around since time immemorial and may be used for any fish. The fastest-growing segment in the global fishing equipment market is the reels. They are used for deploying and retrieving the fish line. Fittings on modern recreational fishing reels help in casting distance and accuracy, as well as controlling the pace and tension of line retrieval to avoid line snap and hook dislodgement.
Based on nature, the freshwater segment is the largest growing in the global fishing equipment market mainly because of smooth sail, less wear and tear, less prone to injury, and cheaper costs which lead to increased fish capture. The saltwater segment is the fastest growing in the global fishing equipment market because there are comparatively more saltwater spots than freshwater. Additionally, saltwater fish have a higher omega-3 content in them.
Based on region, North America dominates the global fishing equipment market holding the highest share. This is mainly due to factors like a higher interest in recreational fishing in youngsters and adults, economic conditions, and the population relying on fish consumption. The US held the highest share in North America for selling fishing equipment. Europe is the fastest growing in the global fishing equipment market owing to reasons like coastal line, the presence of more lakes and rivers, increasing interest of the population towards fishing, and business opportunities that are being created. UK and Germany are anticipated to show an exponential growth rate owing to the accuracy and innovation that their equipment offer.
Companies playing a leading role in the global fishing equipment market profiled in this report are Rome Speciality Company, Inc., Daiwa Corporation, Sea Master Enterprise Co., Ltd, Maver UK Ltd, PRADCO Outdoor Brands, Inc., Pure Fishing, Inc., Okuma Fishing Tackle Co., Ltd, Johnson Outdoors Inc., Tica Fishing Tackle, Costa Del Mar.
Hooks
Lines
Sinkers & Floats
Rods
Reels
Nets & Traps
Spear & Gaffs
Baits & Lures
Others
Freshwater
Saltwater
Fly Fishing
Offline
Online
North America
Europe
Asia-Pacific
South America
Middle East and Africa
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