Neoprene Fishing Waders to Account for 34% of Global Market Revenue, Projects Fact.MR
Published : 11 Oct 2021 Industry: Consumer Goods
Fact.MR’s recently published report on fishing waders forecasts the market to exhibit positive trends, registering a CAGR worth 7.3% across the 2021-2031 assessment period. By the end of the aforementioned decade, the industry is slated to reach US$ 2 Bn in value terms. Increased frequency of recreational fishing will principally drive future market demand.
From 2016 to 2020, the market registered steady growth, expanding at a CAGR of nearly 5%. Prospects temporarily dwindled during the COVID-19 pandemic, attributed to curbs on outdoor recreational activities. This was eventually offset, as plateauing infection curves permitted a resumption of such activities, particularly since Q4 2020.
In the future, it is expected that global demand for fish and other marine products is likely to rise. The State of World Fisheries and Aquaculture report published by the Food & Agriculture Organization claims that global fish production reached nearly 179 million tons in 2018. This number is anticipated to rise to 200 million tons by 2029, increasing by 25 million tons, or 14%, from the 2017-19 base period. Hence, demand for fishing waders to undertake fishing operations is bound to increase.
Key Takeaways from the Market Study
- Global fishing waders market is anticipated to add 2x value by 2031 as compared to 2021.
- By end user, fishing waders for men to be fastest growing, clocking a 4.5% CAGR
- Breathable fishing waders to clock a robust 7.3% CAGR from 2021 to 2031
- Sales of neoprene fishing waders to rise, account for 34% revenue share until 2031
- E-commerce to remain most preferred distribution channel, surging at a rate of 6% until 2031
- U.S to be the dominant market, clocking a CAGR of 6%
- China to be the 2nd largest fishing waders market, growing at a CAGR of 5.8%
“Growing number of fishing hobbyists and innovations in wader industry in order to enhance protection against environmental exposure is stimulating the market growth,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In April 2020, Parent company of Bass Pro partnered with Cabela’s to acquire Utah-based Sportsman’s Warehouse. The Great American Outdoors Group will remain a private company. Sportsman’s Warehouse was acquired for $18.00 per share in cash.
- With an updated fit for enhanced mobility and proven 4MOST® DRY-PLUS™ waterproof technology, Cabela's® has developed the Premium Breathable Stocking-Foot Fishing Waders for Men which offers great performance at an affordable price. Made of a super-tough, tightly woven micro denier nylon, these waders' protective upper features triple-layered knees for maximized protection from abrasion and punctures.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Fishing Waders Market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (chest fishing waders, hip fishing waders and waist fishing waders), style (boot foot and stocking foot), material (nylon, polyester, neoprene, rubber and others (gore-tex, etc.)), size (small, medium and large) and end user (men, women and children) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Consumer Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed 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