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Sports Fishing Equipment Market

Sports Fishing Equipment Market

Sports Fishing Equipment Market Analysis By Products (Rods, Reels, Hooks, Lures, Lines, Rigs, Jig & Heads), By End-User (Individual Consumers, Clubs & Sports Organizers), By Distribution Channels, By Region - Global Market Insights 2022 to 2032

Sports Fishing Equipment Market
FACT236MR
  • Oct-2022
  • List of Tables : 251
  • List of Figures : 87
  • 170 Pages
  • Sports

Sports Fishing Equipment Market Outlook (2022-2032)

The global sports fishing equipment market is projected to expand steadily at a CAGR 5% value, during the forecast period 2022-2032. In the year 2022, the market size is projected to expand and gain a global market valuation of US$ 3 Billion.

Considering this steady growth along with the booming demand in the global market, the sports fishing equipment market is expected to reach US$ 5 Billion by 2032.

Attributes

Details

Anticipated Base Year Value (2021)

US$ 2.8 Billion

Expected Market Value (2022)

US$ 3 Billion

Projected Forecast Value (2032)

US$ 5 Billion

Global Growth Rate (2022-2032)

5%

Expected Growth Rate of the US Market (2022-2032)

5.1% CAGR

Anticipated Growth Rate of UK Market (2022-2032)

4.9% CAGR

Prominent Players in The Global Market

  • EagleClaw Midstream Services LLC, Newell Brands Inc.
  • Okuma Fishing Tackle Corporation
  • Shimano Inc.
  • Aftco Mfg. Co. Inc.
  • Globeride Inc.
  • O. Mustad & Son A.S.
  • Rapala VMC Corporation
  • Gamakatsu
  • Fishbrain

Due to the fact that many associations now recognise fishing as a premier sport, it has become increasingly popular as a leisure, business, and sports activity. The fishing industry is large and will continue to develop steadily in the years to come. It is projected that the fishing industry would increase quickly in the near future due to the fast expansion of the food and beverage sector and the growing demand for seafood products.

Over the next several years, there will likely be a major rise in demand for fishing equipment as more people throughout the world switch to eating fish and other seafood items.

Additionally, it is anticipated that the market for fishing equipment would expand due to the fast increase in the world's population and the shifting consumer preference for non-vegetarian cuisine. Furthermore, with rising costs for sports fishermen and anglers throughout the world, fish recreational programmes and fisheries conservation are gaining relevance on a worldwide scale.

The Food and Agriculture Organization of the United Nations estimates that there are between 230 million and 800 million recreational fishers or anglers worldwide, with the higher estimate including almost twice as many commercial fishermen.

Electronics, eco-friendly materials, and breakthroughs in artificial intelligence have become popular in high-end fishing rigs. Sports fishing is primarily limited to industrialized nations in North America and Europe. Such a demand for fishing will boost the demand for sports fishing equipment market during the forecast period.

Interested to Procure The Data

2017-2021 Sports Fishing Equipment Market Demand Analysis vs. Forecast 2022-2032

According to market research and competitive intelligence provider Fact.MR- the market for sports fishing equipment reflected a value CAGR of 3.5% during the historical period, 2017- 2021. Key elements that will assist a quicker recovery and the adoption of modern technology in this field over the projected period are the resurgence of outdoor leisure activities and the progressive easing of lockdown laws.

Additionally, the increased popularity of travel and vacations is increasing people's propensity for leisure pursuits like fishing, which is bolstering the demand for fishing equipment. There are many more anglers as a result of fishing's rising appeal in the outdoor recreational sector, which is driving up equipment sales for sports fishing equipment.

Additionally, a rise in digital entrepreneurship is assisting in raising consumer awareness of sport fishing via social media. With over 7 million users, the social media platform for fishermen, like Fishbrain, is a major app and platform in the United States.

These trends are probably going to highlight sports like fishing, which is going to increase the need for sports fishing equipment. This is anticipated to boost the global sports fishing equipment market and is expected to grow over 4.5% CAGR during 2022-2032.

Prominent Growth Drivers Influencing Sports Fishing Equipment Market

Electronic advancements to boost the global market demand

The sport fishing industry has undergone significant transformation as a result of advances in marine electronics technology. People without technical knowledge can travel in aquatic situations with modern GPS systems for a greater chance of catching anything.

The development of side-scanning sonar has made it simpler to track bait fish and pelagic species. Devices with compressed high-intensity radar pulses and multifrequency, multibeam transducers are well-known technology in the area that offer higher detail for tracing schools of fish.

Digital radar systems have benefits in target separation and resolution, but they have limitations in terms of range. Additionally, it is anticipated that fishers would become more interested in recent advancements like picture overlays and 3-D viewing capabilities.

Other innovations include the use of VHF technology for digital selective calling systems and automatic identification systems to enhance safety on fishing boats. These developments create important prospects, particularly in the long term for saltwater fishing applications.

Braided Lines for easier casting to accelerate their demand

Bass fishermen are increasingly using light-tackle fishing techniques and braided fishing lines. This is explained by the advantages of simpler casting. Additionally, compared to monofilament alternatives, braided lines are more resilient to twisting and stretching, offering improved durability.

Braided lines have been more popular in recent years in offshore fishing as well. In the offshore fishing industry, the braided fishing line brands Spectra and Dyneema are well-known. Reels can now handle more than 1,500 yards long of braid of the same strength, a threefold increase, thanks to the use of braids in place of traditional Dacron backing. As a result, braided lines have essentially eliminated capacity constraints.

In daylight deep-dropping techniques, braided lines have also played important roles. Professional lines for this fishing technique now often come in a 65-pound-test solid-core braid. This may be explained by the fact that at significant depths, there is less resistance to the flow of water, allowing for straighter connections between the weight and the rods.

Additionally, braided lines' lack of flexibility makes it simpler to detect fish bites at greater depths than it does with monofilament lines. The future of sales seems promising given this tendency. Such factors will propel the global demand for sports fishing equipment.

An Adaptive Approach to Modern-day Research Needs

What Could Possibly Hinder Sports Fishing Equipment Market Demand?

Sustainability of fishing stocks and environment concerns to impede the market growth

Sport fishing equipment has promising long-term prospects, supported by consumer interest in leisure activities. However, it is anticipated that the sector would encounter challenges that might potentially restrain its expansion. One major issue impeding the sector is uncertainty over the future of fishing stocks.

In addition, environmental worries over trashed fishing gear are affecting the popularity of the pastime and the related goods. Sales have been constrained by ethical concerns over fishing practices.

Additionally, the acceptance of sport fishing has been primarily restricted to North America and Europe due to a lack of suitable fishing places and the cost of fishing equipment. The key to overcoming such obstacles to long-term improvements is public and governmental initiatives. Such factors will stymie the global demand during the forecast period.

Category-wise Insights

Which Product Segment is forecast to gain the Maximum Market Share?

The Fishing Rods segment will continue to dominate the global market during the forecast period

The fishing rods category is expected to lead the global sports fishing equipment market in 2022 and is likely to retain its dominance throughout the forecast period. The segment is predicted to gain a global market share of 65% by 2022.

The segment's development may be ascribed to the comparatively greater value of fishing rods, the vast variety of rods available for various fishing activity kinds, and the availability of products at all price points and levels of fishing competence. Fishing rods accounted for about US$ 920 Mn in 2021.

What would be the outlook of the end-user segment during the forecast period?

The sports organizers category is being highly preferred by customers

In 2022, the sports organizers segment is expected to hold the major portion of the sports fishing equipment market by product type, accounting for almost 30% of the global market share.

The Bisbee Black and Blue in Mexico, the Mississippi Gulf Coast Billfish Classic, the Los Suenos Signature Triple Crown in Costa Rica, the Annual Big Rock Blue Marlin Tournament, the Bermuda Big Game Classic, the Annual White Marlin Open, the World Cup Blue Marlin Tournament Worldwide, and the Pirate's Cove Billfish Tournament are just a few of the top sports fishing competitions held worldwide. These occasions significantly influence consumer interest and the potential for sales of sporting fishing equipment during 2022-2032.

What would be the outlook of the distribution channel segment during the forecast period?

Independent Sports Outlets to gain a significant position

Franchised sports stores, independent sports stores, direct to consumer brand shops, contemporary trade channels, and direct to customer internet channels are among the top distribution channels for sporting goods. Since independent sports stores offer quicker access to a wide variety of goods and brands, they are still in high demand.

Through 2032, independent sports stores are anticipated to hold more than 35% of the market, although franchised sports stores are anticipated to develop more quickly due to attempts by top manufacturers including Shimano Inc., Aftco Mfg. Co. Inc., and Globeride Inc. to expand geographically.

Country-wise Analysis

What is the outlook of the U.S Sports Fishing Equipment Market?

Increasing popularity of fishing will boost the market demand

The US market will be the most lucrative market for sports fishing equipment during the forecast period. As per Fact.MR, the US market is expected to gain a market share of 45% in 2022.

Fishing is presently the fourth most popular sport in the US, behind bowling, biking, basketball, golf, baseball, jogging, softball, football, soccer, and skiing, according to research by the National Sporting Goods Association. Fishing is more popular than golf and tennis combined, walking, swimming, and camping combined.

According to the National Sporting Goods Association, the typical American fisherman spends more than $1,000 a year on costs linked to fishing. The amount of money spent is higher for bass anglers. According to the Fact.MR analysis, North America, led by the United States, will account for more than US$ 800 Mn in sports fishing equipment sales in 2021. During this time, sales of fishing rods will make up around one-third of the market.

One in six Americans aged 16 and older, according to the U.S. Fish and Wildlife Service, love heading out for a day of fishing. Spending on fishing gear, vacations, stamps, permits, property ownership and leases, and membership dues may be used to account for the multibillion dollar U.S. sports fishing business. Thus, with such advances, the US market is predicted to grow at a 5.1% CAGR during 2022-2032.

What can be expected from the U.K Market for Sports Fishing Equipment?

Increasing awareness towards the benefits of swimming to boost the regional demand

The UK has emerged as one of the most profitable markets for the sales of sports fishing equipment and is also expected to register the highest CAGR during 2022-2032. During the forecast period, the UK market for sports fishing equipment is expected to grow at a 4.9 % CAGR.

The nation has 1,653 lakes larger than 5 ha, and 42,123 km of rivers, according to the National Rivers Authorities of the U.K. Private individuals own fisheries. There are almost 2 million coarse anglers, 1 million offshore anglers, and over 800,000 game anglers in the nation, and each spends over £1,000 a year on fishing.

According to the Food and Agriculture Organization of the United Nations, trout fishing has become increasingly popular in British lakes, and to accommodate this growing demand, more artificial trout lakes have been made.

Similar to this, there have been more day-ticket coarse fisheries operating in calm waters around the nation. Additionally, it has been discovered that river system populations of wild coarse fish are stable. However, a gradual reduction in membership has had a negative impact on fishing clubs in the U.K.

The U.K. is the second-largest European market in terms of sales of sports fishing gear, according to the Fact.MR research, and is expected to remain so during the evaluation period.

Start-up Scenario

  • A fresh round of funding was secured by Catch Co., a business that sells fishing lures and other equipment, as anglers flocked to its goods amid the Covid-19 pandemic. Catch Co., best known for its Mystery Tackle Box subscription box business, revealed that it has received $6 million in fresh capital, with previous investor Listen Ventures serving as the lead investor. Gift card marketplace Raise and meditation software Calm are two of the portfolio firms of Listen, a venture capital firm also located in Chicago that is well recognized for supporting consumer entrepreneurs. Additionally, it supported Factor75, which was sold to HelloFresh for $277 million.
  • Fishing lures are among the devices that 3way Action Lures manufactured specifically for customers. There are many different types of lures, such as queen shrimp, Gulf of Mexico Sea and minnows. There are also frog-shaped lures available with concealed three-way and trailer hooks.

Competitive Landscape

  • Republic, one of the top online venture capital platforms with over $700 million in investments to date, is helping Fishbrain, the most well-known platform and online network for fishing enthusiasts, raise money. Currently accepting investments is Fishbrain. Through a mix of money, new features, and tactical alliances, Fishbrain kept developing in 2021. Fishbrain received $31 million in March of last year, which enabled it to increase its user base and make hires across the organization in various locations around the United States and Europe. With the addition of Garmin's Navionics HD Depth Charts, Fishbrain upgraded the programme.
  • EagleClaw and Altus announced an all-stock corporate merger in 2021. Combination, with an estimated enterprise value of $9 billion today, creates the most integrated midstream corporation in the Delaware Basin. A balanced mix of profits from long-haul pipeline transportation and midstream gathering and processing account for around 65% and 35%, respectively, of the combined company's projected EBITDA in 2022.

Key Segments Covered in the Sports Fishing Equipment Market Report

  • By Product Type :

    • Rods
    • Reels
    • Hooks
    • Lures
    • Lines
    • Rigs
    • Jig Heads
    • Other Sports Fishing Products
  • By End-User :

    • Individual Consumers
    • Clubs
    • Sports Organizers
  • By Distribution Channel :

    • Independent Sports Outlets
    • Franchised Sports Outlets
    • Modern Trade Channels
    • Direct to Consumer Brand Outlets
    • Direct to Customer Online Channels
  • By Region :

    • North America
    • Latin America
    • Europe
    • Middle East and Africa (MEA)
    • APEJ
    • Japan

- FAQs -

The US is predicted to acquire 40% of the global market share in 2022 and grow with a 5.1% CAGR during 2022-2032.
The global sports fishing equipment market is expected to grow with a 5% CAGR during 2022-2032.
The global sports fishing equipment market is currently worth more than US$ 3 Billion.
By 2032, the global sports fishing equipment market is projected to reach a market size of US$ 5 Bn.
In 2022, the fishing rods segment by distribution channel type is expected to occupy a 65% market share and is expected to dominate the global market during 2022-2032 too.
The sports organizers segment is projected to hold a global market share of 30% in 2022.
The UK region is forecast to have a CAGR of 4.9% over the projection period of 2022- 2032.
From 2017-2021, the sports fishing equipment market grew at a CAGR of 3.5%.

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