Fishing Equipment Market size (2023 - 2030)

According to the report published by Virtue Market Research, in 2022, the Global Fishing Equipment Market was valued at $13.3 Billion, and is projected to reach a market size of $18.34 Billion by 2030. Over the forecast period of 2023-2030, market is projected to grow at a CAGR of 4.1%.

There is a growing demand for the consumption of fish in human supplements because of low-fat protein, omega-3 fatty acids, vitamins D and B2 (riboflavin), calcium, phosphorus, and minerals including iron, zinc, iodine, magnesium, and potassium. This has boosted the growth of the fishing equipment industry. Secondly, there have been a lot of technological advancements in the industry. For instance, drones with sonar technology and cameras equipped to find fish, hooks made of metal instead of wood, pot construction using plastic pipe frames with a netting cover instead of a cane, etc. Additionally, the mechanization of gear handling has greatly increased the scale of fishing operations. Using computer-aided design methodologies, improved vessel and gear designs have boosted the overall economics of fishing operations. Furthermore, fishing is viewed as a popular sporting activity creating more opportunities to escalate the industry as well as the economy. This is a major tourist attraction in developed countries. Fishing reels are very much used and help in engaging more profits. Research studies indicate that fishing helps in increasing concentration, vitamin D intake, acting as a workout, etc. All these factors play a huge role in the selling and renting of fishing equipment. In the coming years, the fishing equipment sector is anticipated to hold a good share of revenue.

Global Fishing Equipment Market Drivers:

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.

Using digital platforms has helped to boost the growth rate of the industry by aiding 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.

Global Fishing Equipment Market Challenges:

Every year, between 500,000 and 1 million tonnes of fishing gear are thrown or lost in the ocean, accounting for nearly 10% of all garbage. Nets, lines, and ropes are now responsible for around 46% of the Great Pacific Garbage Patch. 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. It is also responsible for the depletion of economically valuable fish populations, endangering the general sustainability of fisheries and the people who rely on fish for food and a living.

Global Fishing Equipment Market Opportunities:

The fishing equipment industry has a bright future, with prospects in both the online and offline retail markets. The primary drivers of this market are an increasing desire for fishing as a recreational hobby, an increase in the number of children participating in fishing activities, and the introduction of new technologically improved fishing equipment. Additionally, to attract more teenagers the market is producing kid-friendly equipment with features like light weight and stress on the hands.

COVID-19 Impact on the Global Fishing Market:

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.

Global Fishing Equipment Market Recent Developments:

• ICAST, is all set to launch Berkley Dime offering anglers the durability and performance of a plastic bait with additional functionalities of being light weighted and accurate tracking. The new equipment will be available in a few countries for purchase from September 2023.

• An Australian-based company, Daiwa launched Daiwa Steez Soft Shell in October 2022 which is a hybrid crawfish imitation with appendages that give a distinctive drop movement, a stand-up head design, and buoyant claws that float and move in the current while the Soft Shell is at rest.

• In October 2020 Kistler Rods TM launched the Graphite Fishing Rod which is highly affordable, durable, and valuable giving a soft firm grip.

FISHING EQUIPMENT MARKET REPORT COVERAGE:

Global Fishing Equipment Market Segmentation: By Type

• Hooks

• Lines

• Sinkers & Floats

• Rods

• Reels

• Nets & Traps

• Spear & Gaffs

• Baits & Lures

• Others

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.

Global Fishing Equipment Market Segmentation: By Nature

• Freshwater

• Saltwater

• Fly Fishing

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.

Global Fishing Equipment Market Segmentation: By Distribution Channel

• Offline

• Online

The offline channel is the largest growing in the global fishing equipment market because offline shopping provides consumers with ease and accessibility. There has been an increase in the number of customers who prefer to go for offline mode. On-site testing and doubt-solving also play a huge role in the profits acquired. Online channel is the fastest growing in the global fishing equipment market. This is because online shopping promotes discounts and offers, availability of international brands, and easy digital payment options to customers. The online platform has been expanding significantly owing to its easy use.

Global Fishing Equipment Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

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.

Global Fishing Equipment Market Key Players:

1. Rome Speciality Company, Inc.

2. Daiwa Corporation

3. Sea Master Enterprise Co., Ltd

4. Maver UK Ltd

5. PRADCO Outdoor Brands, Inc.

6. Pure Fishing, Inc.

7. Okuma Fishing Tackle Co., Ltd

8. Johnson Outdoors Inc.

9. Tica Fishing Tackle

10. Costa Del Mar