Apr 27, 2021
Demand for Neoprene-based Fishing Waders to Surge Over Coming Years, Evaluates Fact.MR
by Team Fact.MR
Asia Pacific currently accounts for a majority of the demand for fishing waders, followed by North America. This is due to the fact that, China is a dominant fishing wader manufacturer and satisfies demand for fishing waders for consumers at economic prices. The booming e-Commerce sector is the most dominating distribution channel, which has the highest market value of US$ 4.6 Bn, and expected to grow even further over the coming years.
Neoprene fishing waders are most sought-after holding 34% market share in 2020, and are poised to follow the same trajectory in future. Relative high research & development spending on product innovation among manufacturers for new designs and quality material that enable lightweight and durable waders is expected to boost market growth during the forecast period of 2021 to 2031.
As per a new report published by Fact.MR, the fishing waders market is anticipated to expand at a CAGR of around 7% over the next ten years.
Key Takeaways from Market Study
- The fishing waders market is anticipated to add approximately 2X value by 2031.
- Increasing demand for eco-friendly and improved materials is anticipated to boost market growth during the forecast period.
- Among the end users, fishing waders used by men has been the fastest-growing segment, experiencing a 4.5% annual growth rate.
- Asia Pacific is set to most dominant market revenue in 2021, and is expected to gain 14 BPS by 2031.
- The market for fishing waders of 'large size' is most dominant, having the highest market share in 2020 and is expected to rise at around 6% CAGR through 2031.
- e-Commerce distribution channel is anticipated to experience the highest CAGR of over 6% during the forecasting period.
- Due to the COVID-19 crisis, demand for fishing waders was impacted in 2020, which is poised to follow the same market trend for a short period of time.
“High R&D spending on manufacturing of high quality waders will aid market growth over the coming years,” says a Fact.MR analyst.
Vital players have been spending on research & development to come up with advanced materials that enable lightweight and durable waders with improved flexibility. These enhancements will drive the growth of fishing wader manufacturers in the medium- to long-term forecast period.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global fishing waders market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (chest waders, hip waders, and waist waders), style (boot foot waders and stocking food waders), material (nylon, polyester, neoprene, rubber, and others), size (small, medium, and large), end user (men, women, and children), and distribution channel (online and offline), across five major regions of the world (North America, Europe, Asia Pacific, Middle East & Africa, and South America).
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Consumer Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the Consumer Goods industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant - Consumer Products
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