Fishing Rods Market – Valuable Growth Prospects and Future Insights till 2029 || Key Players - Okuma Fishing Tackle Co. Ltd., Eposeidon Outdoor Adventure Ltd., Daiwa Corporation, TIEMCO Ltd., Clam Corporation
Fishing Rods Market in Numbers:
The fishing rods market registered a CAGR of over 2% during the period 2014 to 2018. The socio-economic aspects of fishing, along with the impact of shark management measures, have been confining growth of the fishing rods industry.
Global fishing rods market was valued at over US$ 1,000 Mn in 2018. Growth of the fishing rods market has been sustained by the innovative product developments by leading players for retail commodity supply amid intense competition in terms of cost.
Europe is estimated to remain the leading market for fishing rods market followed by North America in terms of value by 2029-end. A wide range of policies for regulating the fishing activities at EU level, as well as the types of fishing gear and techniques, have been significantly influencing growth of the fishing rods market in Europe.
The fishing rods market in Asia-Pacific excluding Japan (APEJ) is estimated to grow at a relative faster pace. Sensing the price competitiveness in the retail landscape, development of products to improve the commodity circulation, continues to be the key focus area of fish rods manufacturers in the region.
Stakeholders in the fishing rods industry are shifting their focus to leverage the opportunities entailed from surging recreational fishing activities worldwide.
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What are the Growth-Driving Attributes of the Fishing Rods Market?
Growing participation rates in fishing activities has been a broader growth influencer of the fishing rods market. Studies indicate the number of participants in fishing to surpass 42 million in 2016, in the US alone, which indicates a marked rise of nearly 16% over the previous year. Such rise in participation, particularly in freshwater fishing and fly fishing, are likely to sustain sales of fishing rods in the near future.
Engagement of fishing enthusiasts on social media and other digital platforms, for sharing their catches and other fishing novelties, are likely to promote participation, thereby upholding growth of the fishing rods market.
Development of offshore wind projects in deep water, which pose low intervention with fishing activities and recreational boating, have been enabling higher fishing performance for anglers, as these result in reef-like structures that attract fishes. The rise in offshore wind farm projects will continue to benefit sales of fishing rods.
Number of funding schemes offered by governments for recreational fishing projects, in light of the social and economic value of recreational fishing, are likely to push the demand for recreating fishing gears, thereby creating significant demand for fishing rods.
Another significant aspect influencing the fishing rods sales is the proliferation in sales of boats, with recorded a 6% rise in 2017 in the US. Innovative strategies of manufacturers for luring young enthusiasts, and growing consumer confidence in recreational activities, will continue to favor sales of fishing boats, thereby creative lucrative opportunities for the fishing rods manufacturers as a consequence.
The companies providing fishing gears and equipment are likely to bear the brunt of the ban of commercial fishing - highly witnessed across the Arctic, and the open-ocean fishing in a bid to prevent the exploitation of fish stocks. Moreover, as overfishing alters ecosystems, these initiatives could grow as a growth constraint for the fishing industry as a whole, in turn impacting the fishing rods sales.
Over the past decade, lead used in fishing tackles have been associated with the mortality of water birds, leading to the ban on these products. This has created a demand for the non-lead fishing tackle variants, whose production results in nearly twice the cost than the former variants.
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The global fishing rods market is fragmented in nature, wherein the leading companies accounts for nearly one-fifth share of the market, while the rest is governed by emerging players. Leading players in the fishing rods market are focusing on enhancing their portfolio, while strengthening their distribution network, and appealing popular anglers to represent as their brand ambassadors, in a bid to enhance their brand image.
The fishing rods market continues to grow at a steady pace, registering low-to-moderate growth in developed markets, whereas 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.
Identification and understanding of customer needs regarding the attributes of fishing rods is emerging as one of the key imperatives for the manufacturers of fishing rods. Companies emphasize extending their capabilities in regions showcasing high-growth opportunities, including APEJ and CIS & Russia, although Europe and North America have a large number of players. Focus of some companies’ remains on niche customers, who look for premium fishing rods, which has led to the introduction of innovative offerings by the market players to enhance their consumer base.
The study finds that fishing enthusiasts continue to show a notable preference for spinning rods, which account for nearly 40% sales of fishing rods currently. User-friendly attributes and convenience of spinning rods, along with their versatile and low-cost nature, continue to underpin their preference among the fishing enthusiasts worldwide. Manufacturers are adopting novel techniques in the production of fishing rods, using materials that are far less susceptible to corrosion than their conventional counterparts. The study also opines that casting rods will continue to be another lucrative category in the fishing rods market, accounting for nearly one-fifth share of the market currently.
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