Rising participation in fishing competitions and support for recreational fishing initiatives from governments of various countries are expected to drive the expansion of the fishing rods market size over the coming 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 push demand for recreating fishing gear, thereby creating significant demand in the fishing rods market. Engagement of fishing enthusiasts on social media and other digital platforms for sharing their catches and other fishing novelties is likely to promote participation, thereby aiding the growth of the fishing rods market.
Fishing Rods Market Insights by Rod Type
Spinning rods are one of the most prominent rods types, and are expected to account for 38% of the market share by crossing a valuation of US$ 1 Bn by the end of 2020. Spinning rods are used at a windy places, as it makes casting easier, while most kinds of other rods fail miserably. User-friendly attributes and convenience of spinning rods, along with their versatile and low-cost nature, continue to underpin their preference among fishing enthusiasts worldwide.
Fly fishing rods are gaining traction owing to theirs capability of casting baits in distant waters. Also, they do not require reeling before casting. Skilled anglers can use them as a strike indicator too by observing the fly line. The fly fishing rods segment is expected to expand at CAGR of over 4% from 2020 to 2030.
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Fishing Rods Market Insights by Distribution Channel
Sports stores accounted for the largest share, and contribute nearly 35% of the global fishing rods market. Anglers regularly upgrade their fishing rods in order to attract more fish, owing to the availability of different options in stores, which is supporting the sales of fishing reels through this sales channel.
The online sales channel is expected to expand at a CAGR of nearly 5% during the forecast period. These products are gaining traction due to the pandemic caused by COVID-19. Due to the virus outbreak, consumers have shifted focus to online sales channel platforms. Rising interest in fishing is expected to promote the utility of online channels over the coming years.
Regional Outlook of Fishing Rods Market
North America is expected to dominate the fishing rods market share, followed by Europe, in 2020, and is foreseen to maintain its dominance in terms of value as well as volume over the forecast period. Increasing demand for technologically-advanced fishing rods in North America and Europe is anticipated to boost the fishing rods market in these regions. In the U.S., recreational fishing is considered as the second-most popular outdoor activity in the country after jogging. Such activities are foreseen to contribute to the growth of the fishing rods market in the region.
APEJ is expected to be fastest-growing market expanding at a CAGR of 5.5% during the forecast period. Recreational fishing is slowly gaining traction across countries such China, India, and ASEAN countries.
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Fishing Rods Market: Competitive Landscape
The fishing rods market is highly fragmented in nature with the presence of a large number of local players. Some of the prominent players in the market are Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St. Croix Rods, and Piscifun, among others.
The fishing rods market continues to grow at a steady pace, registering low-to-moderate growth in developed markets, with a slightly better expansion in developing markets. Low-entry barriers led to an influx of startups in the fishing rods landscape, which further added to the already intense competition. While stronger distribution remains the mainstay of leading players in the fishing rods market, emerging players are focusing on maintaining long-term relationships with existing suppliers.
COVID-19 Impact on Fishing Rods Market
The effects of COVID-19 has been profound in recent times, which is thereby having significant implications on various sectors. Fish and fish products that are highly dependent on international trade suffered quite early from the pandemic due to trade restrictions and closures of global markets. North America is one of the prominent regions in the fishing rods market, and will see maximum fall in demand, as it is the most affected region by the outbreak. However, amid the downturn of offline sales of fishing rods, growing use of virtual technologies will enhance online shopping among consumers, and is expected to gradually increase sales in the post-COVID-19 period.
Furthermore, manufacturers further foresee an opportunity in the near term, owing to significant growth in the number of anglers, globally. This is anticipated to result in increased demand for fishing equipment and gear, including fishing rods, during the post-pandemic period.
The Analyst’s Viewpoint
“The unprecedented impact of COVID-19 will have short-term implications on the fishing rods market. However, rising participation in fishing activities and swift growth in the number of recreational activities will provide new growth avenues for the fishing rods market during the forecast period.”
Global Fishing Rods Market: Scope of the Report
A recent global fishing rods market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global fishing rods market. A detailed segmental analysis based on rod type, rod weight, flex type, and sales channel has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global fishing rods market. In addition, a separate section on the market structure has also been provided. The section provides detailed analysis of key market players and their strategies for expansion in the fishing rods market.
Fact.MR recently published a market study on the global market for fishing rods. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the fishing rods market structure. The market study presents exclusive information about how the fishing rods market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the fishing rods market during the forecast period.
The study is relevant for stakeholders in the fishing rods market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the fishing rods market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to the macro- as well as micro-economic factors that are impacting developments in the fishing rods market. It also offers actionable insights based on the future trends in the fishing rods market. Furthermore, small businesses and new entrants in the fishing rods market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of Fishing Rods Market
Fact.MR’s study on the fishing rods market offers information divided into five key segments—rod type, rod weight, flex type, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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Key Questions Answered in Fact.MR’s Fishing Rods Market Report
- Which regions will continue to remain the most profitable regional markets for fishing rods market players?
- Which factors will induce a change in the demand for fishing rods during the assessment period?
- How will changing trends impact the fishing rods market?
- How can market players capture the low-hanging opportunities in the fishing rods market in developed regions?
- Which companies are leading the fishing rods market?
- What are the winning strategies of stakeholders in the fishing rods market to upscale their position in this landscape?
Fishing Rods Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the fishing rods market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the preparation of the fishing rods market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Fishing Rods Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030