Sports Fishing Equipment Market
Sports Fishing Equipment Market Analysis By Products (Rods, Reels, Hooks, Lures, Lines, Rigs, Jig & Heads) By Distribution Channels, By End-User (Individual Consumers, Clubs & Sports Organizers) By Region – Global Market Insights 2021-2031
Sports Fishing Equipment Market Outlook
According to the Food and Agriculture Organization of the United Nations, estimates of the global number of recreational fishers or anglers vary between 220 million and 700 million, with the higher estimate accounting for approximately double the number of commercial anglers. In terms of fishing equipment, sustainable materials, electronics, and artificial intelligence developments have been gaining attention for high-end rigs. Sports fishing activities are largely restrained to developed economies in Europe and North America.
Further, only 17 percent of the young demographic below 18 years-old has been involved in fishing, which accounts for less than 5 percent of all anglers. Fishing is also the 10th-most popular sport among women. Female anglers account for 26.8 percent of all anglers - 8 percent of the sports fishing population. These are key factors that are expected to influence developments in the sports fishing equipment industry through 2031.
In its new report, Fact.MR tracks the growth of the sports fishing equipment market in 20+ high-growth countries. It also details the impact that the COVID-19 pandemic has had on the market, and what the future years will offer to stakeholders.
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Historical and Future Outlook
From 2016 to 2020, the sports fishing equipment market has reflected steady growth. The industry has displayed a moderately fragmented structure. It grew from around US$ 2.2 Bn in 2016 to nearly US$ US$ 2.6 Bn in 2020. The Asia Pacific excluding Japan region reflects a high potential for growth.
Fact.MR has forecasted the global sports fishing equipment market to rise at close to 4.5% CAGR from 2021 to 2031. Resurgence of outdoor recreational activities with the gradual relaxation of lockdown regulations are key factors that will support faster recovery and the adoption of newer technologies in this space through the projection period.
What are the Prospects of Braided Lines in Sports Fishing?
Braided fishing lines have largely gained acceptance among bass anglers, and light-tackle fishing methods. This can be attributed to advantages in terms of easier casting. Also, braided lines are more resistant to twisting and stretching, unlike monofilament alternatives, thereby providing superior durability.
In recent years, braided lines have also gained ground in offshore fishing. Dyneema and Spectra are popular brands of braided fishing lines in the offshore world. Replacing conventional Dacron backing with braids has allowed reels to hold more than 1,500 yards of braid of the same strength – a three time increase. Consequently, capacity concerns have largely been negated with braided lines.
Braided lines have also found key roles in daytime deep-dropping practices. Solid-core braided lines, usually comprise a 65-pound-test, have become the professional line option for this fishery method. This can be accounted for by lower resistance to water current, allowing for straighter connections between weight and the rods at substantial depths.
Further, the stretch-free properties of braided lines enable easier detection of fish bites at greater depths which is not possible with monofilament lines. This trend bodes well for sales in the times to come.
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How are Electronic Improvements Aiding the Sports Fishing Sector?
Technological breakthroughs in marine electronics have resulted in major changes in the sports fishing sector. Ease of use in new GPS setups allows people without expertise to navigate in marine environments for higher probability of catch. Advances in side-scanning sonar allows for easier tracking of bait fish and pelagic fish. Multifrequency, multibeam transducers, and compressed high-intensity radar pulse devices are prominent technologies in the field that provide superior detail in tracking schools of fish.
While digital radar systems are limited in terms of range, they provide advantages in terms of target separation and detail. Also, improvements in LCD display size and technology, and recent advances such as photo overlays and 3-D viewing functionality, are expected to gain popularity among anglers.
Other advancements include the use of VHF tech for automatic identification systems, and digital selective calling systems to improve safety onboard fishing boats, which generates key opportunities, especially in saltwater fishing applications in the long term.
What are the Main Challenges Impacting Players in the Sports Fishing Space?
The long-term prospects of the sports fishing equipment market is positive, driven by recreational consumer interest. However, the industry is expected face obstacles that can potentially limit growth of the industry.
Concerns over the sustainability of fishing stocks are a key challenge holding back the industry. Further, environmental concerns associated with abandoned fishing gear is also hurting the adoption of the activity and associated products. Ethical considerations towards fishing activities have limited sales.
Further, lack of adequate fishing locations and costs associated with fishing rigs have largely limited the adoption of sport fishing to North America and Europe. Public and government efforts are key to surpass such challenges to long-term developments.
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Why are the Prospects of Sports Fishing Equipment Big in the United States?
According to a report by the National Sporting Goods Association, fishing currently ranks 4th in the most popular participation sports in the country, beating bicycling, bowling, basketball, golf, jogging, baseball, softball, soccer, football, and skiing. Only walking, swimming, and camping are more popular – in fact, fishing is more popular than golf and tennis combined.
The U.S. Fish and Wildlife Service estimates that, one out of every six Americans who are 16 and older enjoy going out for a day of fishing. The multi-billion-dollar U.S. sports fishing industry can be accounted for by expenditures on fishing trips, equipment, licenses and stamps, land ownership and leases, and membership contributions.
The National Sporting Goods Association has also stated that, the average angler in the United States spends more than a US$ 1,000 annually for fishing-related expenses. Expenditure levels are higher for bass anglers. According to the Fact.MR report, North America is the leading market for sports fishing equipment, led by the United States, which is estimated to account for more than US$ 800 Mn in 2021. Fishing rod sales will account for approximately one-third of the market share during this period.
How is the Sports Fishing Sector Faring in the United Kingdom?
According to the National Rivers Authorities of the U.K., the country holds 42,123 km of rivers and 1,653 lakes > 5 ha. Fisheries are in private ownership. The country accounts for more than 2 million coarse anglers, 1 million offshore anglers, and over 800,000 game anglers, all of whom spend more than £1,000 per annum on fishing.
According to the Food and Agriculture Organization of the United Nations, the popularity of fishing for trout in U.K. lakes has grown significantly, and additional artificial trout lakes have been created to meet this growing demand. Similarly, the country has witnessed an increase in the number of still-water coarse fisheries operating on a day-ticket basis. Also, wild coarse fish populations of river systems have been found to be stable. However, angling clubs in the U.K. have been adversely affected by a steady decline in membership.
As per the Fact.MR study, the U.K. is the second-largest European market for sports fishing equipment, accounting for close to a quarter of the region’s revenue, which is likely to continue through the assessment period.
How is France Contributing to the Sports Fishing Equipment Industry?
As per the Fact.MR study, France is the leading and fastest-growing market for sports fishing equipment, reflecting an estimated growth rate of over 5% CAGR through 2031. Significant impetus in offshore recreational fishing is expected to drive the industry in the long term.
As per a study by the Marine Economics Unit of the IFREMER, UMR AMURE, recreational fishers of France are estimated at approximately 2.5 million, with overall catch estimated at 24,000 tons of fish and 3,100 tons of shellfish. Fishing expenditure in the country was estimated at between 1,200 and 2,000 million euros.
In France, recreational fishing is subject to only limited regulation; there is no licensing system or registry of marine recreational fishers. Relatively relaxed regulations on fishing are expected to generate opportunities for sports fishing equipment manufacturers.
Why Do Fishing Rods Account for More than 30% of Sports Fishing Equipment?
Sports fishing equipment broadly comprises fishing rods, reels, hooks, lures, lines, rigs, and jig heads. Fishing rods account for a major revenue share, and are also expected to display a higher-than-average rate of growth.
Fishing rods accounted for over US$ 817 Mn in 2020, and growth of the segment can be attributed to the relatively higher value of rods, wide range of rods for varying fishing activity types, and product options available for all costs and levels of fishing expertise.
Why are Sports Organizers a Driving Force in the Sports Fishing Equipment Industry?
Major buyers of sports fishing equipment include individual consumers, fishing clubs, and sport event organizers. Sport organizers account for higher purchases of fishing equipment, and are projected to reflect a higher growth rate of over 5% through the assessment period.
Some of the leading sports fishing tournaments on a global scale include the Bisbee Black and Blue, in Mexico, the Los Sueños Signature Triple Crown in Costa Rica, the Mississippi Gulf Coast Billfish Classic, the Annual Big Rock Blue Marlin Tournament, The World Cup Blue Marlin Tournament Worldwide, the Bermuda Big Game Classic, the Annual White Marlin Open, and the Pirate's Cove Billfish Tournament. These events play key roles in increasing consumer interest and drive the potential for sales of sports fishing equipment.
How Will Independent Sports Outlets Contribute to Sales of Sports Fishing Equipment?
Leading channels of distribution for sports fishing equipment include independent sports outlets, franchised sports outlets, modern trade channels, direct to consumer brand outlets, and direct to customer online channels. Independent sports outlets remain highly sought-after, owing to easier access to a wide range of products and brands.
While independent sports outlets are expected to account for more than 30% of the market through 2031, franchised sports outlets are estimated to display faster growth, supported by geographical expansion efforts taken by leading manufacturers, including Aftco Mfg. Co. Inc., Shimano Inc., and Globeride Inc.
The sports fishing equipment market is moderately fragmented in nature, with significant presence of regional players. Leading manufacturers are increasingly focused on product development and launch strategies, with a focus on material and design improvements.
- For instance, in October 2020, The Kistler Rods announced the launch of its budget range of Kistler GRAPHITE rods, which are priced at US$ 150. These products are hand-produced, and the company offers a one-year replacement warranty.
- Catch Co. in December 2020, announced the closure of a US$ 6 million funding aimed towards product and brand development, including fishing tackle subscriptions, lures, and rods, and the launch of Karl's Bait & Tackle e-Commerce platform.
- Minn Kota launched its Raptor range of shallow water anchors, which feature proprietary active anchoring and auto bottom functionality modes to keep boats steady in varying shallow water settings, costing up to US$ 1,899.99.
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Key Segments of Sports Fishing Equipment Market
- Jig Heads
- Individual Consumers
- Sports Organizers
- Independent Sports Outlets
- Franchised Sports Outlets
- Modern Trade Channels
- Direct to Consumer Brand Outlets
- Direct to Customer Online Channels
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- Europe (Germany, UK, France, Spain, Italy, Nordic, Rest of Europe)
- Asia Pacific excluding Japan (China India, Malaysia, Thailand, Singapore, Australia, Rest of APEJ)
- Middle East and Africa (GCC Countries, South Africa, Nigeria, Israel)
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