Fishing Rods Market

Fishing Rods Market Outlook (2023-2033)

In FY 2022, the Fishing Rods market reached a valuation of US$ 1,096.98 Million, and is likely to register a Y-o-Y growth rate of 4.0% in 2023, closing at US$ 1,149.64 Million. Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a whopping 4.8% CAGR, reaching US$ 1,837.28 Million.

According to Fact.MR, the rising adoption of fishing as a recreational activity among the people of various age groups in countries including the U.K., Japan, and Australia is will propel the market growth during the forecast period. Over time, fishing has gained popularity, attributed to its ability to train the practitioner in terms of improving patience as a key skill. Knowledge about rods, hooks, and baits, along with the arrangement of rigs and knots, acts as a combination of science and art, which has been challenging as well as creative for the individuals.

Additionally, the growing adoption of ice fishing in the recent past is another trend influencing the fishing rod market. Ice fishing has gained popularity in countries including Norway, Bulgaria, France, and Canada, which have a large number of lakes and freezing climatic conditions. This is further boosted by contests held in different parts of the world. For instance, Brainerd Jaycees Ice Fishing Extravaganza is held every January on Gull Lake, Minnesota, wherein more than 15000 anglers participate. These factors have prompted the fishing rod manufacturers to broaden their product range to incorporate rods suitable for fishing during extreme weather.

However, the market has been observed that the marine ecosystem has been hampered due to excessive fishing, as it holds a substantial percentage of this destruction. Thus, governments across the world have been implementing rules, conventions, and licensing restrictions to protect marine life. For instance, the Central Fisheries Board in Ireland regulates angling and controls license distribution in the country.

Report Attributes	Details
Anticipated Base Year Value (2022)	US$ 1,096.98 Million
Expected Market Value (2023)	US$ 1,149.64 Million
Projected Forecast Value (2033)	US$ 1,837.28 Million
Global Growth Rate (2023-2033)	4.8% CAGR
Expected Growth Rate of North America (2023-2033)	4.7% CAGR
Anticipated Growth Rate of Asia Pacific (2023-2033)	4.6% CAGR
Prominent Fishing Rods Service Players	Pure Fishing Inc. Shimano Inc. Daiwa Corporation Eposeidon Outdoor Adventure Ltd. Clam Corporation TIEMCO Ltd. Wright & McGill Co. Okuma Fishing Tackle Co. Ltd. Croix Rods Piscifun

2018-2022 Revenue Analysis of Fishing Rods Market vs. Growth Outlook 2023-2033

According to Fact.MR’s report, Fishing Rods demand exhibited a CAGR of over 2.5% from 2018 to 2022.

Factors such as support for recreational fishing initiatives from governments of various countries, and rising participation in fishing competitions are anticipated to escalate the expansion of the fishing rods market size in the forthcoming years. Development of offshore wind projects in deep water, which poses low intervention with fishing activities and recreational boating, have been enabling higher fishing performance for anglers. Rise in offshore wind farm projects will continue to benefit the sales of fishing rods.

Moreover, number of funding schemes offered by governments for recreational fishing projects, in light of the social and economic value of recreational fishing, is likely to accelerate revenue share for recreating fishing gear, thereby creating significant demand in the fishing rods market. In addition, engagement of fishing enthusiasts on social media and other digital platforms for sharing their catches and other fishing novelties is projected to promote participation, thereby aiding the growth of the fishing rods market during the forecast period.

Key Market Drivers Influencing Fishing Rods Industry Expansion

Increasing Social Media Penetration to Propel the Market Growth

The number of people using various platforms of social media has skyrocketed, as billions of people in every region of the world access the internet. Due of this, most of the companies competing in the fishing rod market have begun formulating plans for promoting their goods and services on various social media platforms. eCommerce is one of the effective strategies that various companies and industries have adopted to spread awareness among their target customers about the product offerings, they have available on eCommerce channels.

Therefore, the global market for fishing equipment views the marketing strategy of eCommerce as a critical opportunity to gain a significant momentum, and increase customer reach among its target segments.

Rise in the Children’s Interest for Fishing to Augment Market Growth Prospects

Nowadays, children are becoming more interested in fishing and related activities, which has given new business opportunities to the fishing rods market. Also, fishing has become a popular outdoor activity for adults and children. Parents are encouraging kids to start fishing, as it improves their ability to focus and be patient.

Furthermore, several short fishing rods are available, especially for kids. There are kid-friendly character versions of this short rod equipment available. Thus, the growth of the fishing rod market is further augmented by the increase in children's interest in fishing activities and the accessibility of fishing equipment for kids.

Key Challenges encountered by Fishing Rods Industry

Pollution Created by Fishing Equipment to Restrain the Market Growth

Modern fishing techniques alter ocean environments in many ways, including altering food webs, disturbing seafloors, and altering several crucial ecosystem functions. Also, abandoned and lost fishing rods or equipment are lethal to marine life, as they constitute a significant portion of plastic pollution in oceans, rivers, and ponds.

Additionally, lost or forgotten fishing equipment is more destructive, as it can trap animals. Thus, the adverse effects of modern fishing rods are projected to disturb the marine environment and hamper the growth of the fishing rods market over the analysis period.

Strict Government Regulations to Limit the Market Growth

It has been observed that excessive fishing has harmed the marine ecosystem, as it accounts for a significant portion of this destruction. To protect marine life, governments across the globe have implemented regulations, conventions, and licensing restrictions. Also, the other restraints for the market growth are Actions by PETA and other NGOs against hunting and the impact of fishing equipment on the environment. Hence, stringent regulations imposed by the government on fishing and rising environmental concerns will further hinder the market growth.

Moreover, fluctuations in the prices of raw materials are anticipated to pose a major challenge to the growth of market in the long run. In addition, increased initiatives to protect and safeguard the endangered species and ever-growing vegan population base are other factors that are projected to impede the market growth.

Region-wise Analysis

How will North America Perform in the Global Fishing Rods Industry Landscape?

Rising Participation in Fishing Activities to Augment the Market Growth in the Region

The Fishing Rods Market in North America will grow at a CAGR of 4.7% from 2023 to 2033.

According to Fact.MR, North America is the fastest-growing Fishing Rods market region, accounting for over 54% of the market share in 2022. In North America, people have adopted fishing as a hobby and a peaceful activity, and they love to spend their time around the water reservoirs. Also, the majority of the angling spots are surrounded by water and greenery, providing a natural spot for picnics and for family and friends to get together. Thus, group angling and small contests among the group are also common in the US.

Further, offshore wind farms provide an opportunity for the fishing industry in the region. For instance, the US Department of Energy has allocated approximately US$ 200 Mn for research, development, and demonstrations of offshore wind projects. As such, demand for fishing rods in the region is expected to increase in the near future.

How will the Growth of Fishing Rods Market Escalate across Asia Pacific?

Increasing Shift in Dietary Preferences to Enhance the Market Prospects

The Asia Pacific Fishing Rods market is projected to become the second most lucrative market, contributing a share of nearly 50% of the global market by 2022. The Fishing Rods Market in Asia Pacific is expected to grow at a CAGR of 4.6% from 2023 to 2033.

Recreational fishing has not gained much popularity across the region but tremendous growth in the interest of the common mass has been observed in recent years. People have been actively participating in fishing as a part of recreational activity in countries including Japan, Australia, and New Zealand.

Moreover, with rising consumer disposable income and a shift in dietary preferences, the market is anticipated to grow significantly.  In addition, increased fishing competition activities in this region are expected to boost the sales figures of the fishing rods market in the years ahead.

Region-wise Forecast CAGRs for the Fishing Rods Market

Region	CAGR
North America	4.7%
Asia Pacific	4.6%
Europe	4.4%
Latin America	4.3%
Middle East & Africa	4.5%

Category-wise Insights

Which Segment to Remain Dominant in the Rod Type Category?

Spinning Rods Segment to Enhance Growth Prospects

According to Fact.MR’s data, preference for Spinning Rods segment is expected to expand at a CAGR of 4.7% over the forecast period.

The segment growth is attributed to its simplicity and effortless application. These products are efficient in throwing lighter lures far in water and complement the crankbaits, jerk baits, shaky heads, and drop shotting.

In addition, these rods are exceptionally useful in fishing in a windy place, where most kinds of other rods will fail miserably as it makes casting easier. It also avoids creating backlashes and thus, the use of lures can be skipped.

Which is the Most Sought-after Sales Channel Category?

Offline Segment to Boost the Market’s Growth

According to Fact.MR’s data, preference for Offline segment is expected to expand at a CAGR of 4.6%

Furthermore, a fishing rod is not a regularly used tool and assistance is necessary during the purchase for a satisfactory purchase, which is well assisted by brick and mortar sellers by offering the purchase assistance.

The Start-Up Ecosystem: How key Players are opening Frontiers for Future Growth?

Fishing Rod Manufacturers such as Catch Co., Mystery Tackle, Epic Fly Rods, Omnia Fishing, BUBBA, Anglr, Battle Stix Fishing Rods, RoboFisher, Simple Fishing, and Rastgele, among others are adopting various marketing strategies such as new product launches, geographical expansion, merger and acquisitions, partnerships and collaboration to identify the interest of potential buyers and create a larger customer base. For instance,

In March 2022, BUBBA, originally known for its fillet knives and fishing pliers with proprietary non-slip grips, debuted its own line of fishing rods, designed and engineered in-house.  The new BUBBA Tidal™ Rods are reliable, versatile, and built to last. Backed by a five-year warranty, these graphite rods are constructed with stainless steel, corrosion-resistant guides to hold up to harsh elements and consistent use.

The split reel seat optimizes sensitivity and the BUBBA grip provides all-day comfort. With a diverse offering of lengths and powers, BUBBA Tidal™ Rods are ready for your next inshore adventure.

Fishing Rods Market- Competitive Landscape

Prominent players in the Fishing Rods Industry are taking advantage of the rapidly increasing demand for the Fishing Rods in various applications. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale vendors. Some prominent market developments are as follows:

• In August 2022, PENN Fishing, a leading saltwater tackle company introduced a dependable rod for anglers that demands functionality and durability in various fishing situations. The Mariner III is a go-to rod for anglers who need a reliable general-purpose setup for most saltwater species, including salmon and steelhead. 
• In August 2022, Daiwa launched a new range of TATULA XT Rods, which include lightweight and powerful HVF (High Volume Fiber) graphite blank technology, X45 Bias and Braiding-X blank construction to prevent rod twist for longer casts, added sensitivity, and more hook-setting power. The series also includes two glass blank casting rods designed ideally for medium to larger size crankbaits and bladed jigs.

Key Segments Covered in the Fishing Rods Industry Survey

• By Rod Type :

  • Spinning Rods
    • Carbon Fibre
    • Fibreglass
  • Casing Rods
    • Carbon Fibre
    • Fibreglass
  • Ice Fishing Rods
    • Carbon Fibre
    • Fibreglass
  • Fly Rods
    • Carbon Fibre
    • Fibreglass
  • Surf Rods
    • Carbon Fibre
    • Fibreglass
  • Telescopic Rods
    • Carbon Fibre
    • Fibreglass

• By Rod Weight :

  • Ultra-Light
  • Light
  • Medium
  • Medium Heavy
  • Heavy
  • Extra Heavy

• By Flex Type :

  • Tip Flex
  • Mid Flex
  • Full Flex

• By Sales Channel :

  • Supermarkets/ Hypermarkets
  • Sports Stores
  • Speciality Stores
  • Online Stores
    • Company Websites
    • Third-party Online
    • Specialty Online
  • Direct Procurement

• By Region :

  • North America
  • Latin America
  • Europe
  • CIS & Russia
  • Japan
  • Asia Pacific excluding Japan (APEJ)
  • Middle East & Africa (MEA)