Sports Fishing Equipment Market Will Grow at a Healthy 4.4% Value CAGR During the Period 2021-2031
Get detailed COVID-19 impact analysis on theSports Fishing Equipment Market:
The industry is likely to register a steady resurgence in growth in 2021 over 2020, as lockdown restrictions due to the COVID-19 pandemic are gradually being relaxed. The market outlook remains largely steady over the coming years, and is expected to register a 4.4% CAGR from 2021 to 2031.
Substantial developments have taken place in terms of technology in recent years, such as craft technology gear and catch handling practices, mechanization of propulsion, adoption of synthetic gear materials, acoustic fish detection, and even satellite-based remote sensing technologies.
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Further efforts have been made towards responsible fishing to ensure sustainability of fish stocks, without compromising on environmental safety, biodiversity, and energy efficiency. Consumer demand for environment-friendly fishing gear, energy conservation, and technologies to minimize by-catch of non-target species will gain importance.
Key Takeaways from Sports Fishing Equipment Market Study
Fishing rods are likely to hold the lead during the assessment period, accounting for more than US$ 817 Mn in 2020.
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Sports organizers hold a major market share, estimated to account for more than 50% of the industry in 2021, supported by a large number of regional and international sports fishing events.
Sales through franchised sports outlets are displaying a higher-than-average growth rate at 5% CAGR, driven by geographical brand expansion endeavors.
Adoption of electronics and radar and sensor-based solutions is expected to display faster growth for fish school detection applications.
The U.S. will account for a valuation over US$ 800 Mn in 2021, with long-term growth estimates remaining positive.
France is the largest and fastest-growing market in Europe, and accounts for around a quarter of the European industry.
The U.K.‘s outlook in the sports fishing equipment market is reflecting a gradual decline in share through 2031, as other European countries witness steady growth.
China will continue to be a high potential market for sports fishing products.
“Increased participation in water-based sports and recreational activities along with growing number of fishing associations and clubs is contributing to market growth,” says a Fact.MR analyst.
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Differentiated Offerings by Players Aiding Market Growth
The sports fishing equipment market has witnessed substantial changes in recent years, and is expected to display moderate growth during the forecast period. Companies in the industry have been focusing on the development and launch of innovative offerings with the aim of expanding and differentiating their product portfolios.
Companies such as EagleClaw Midstream Services LLC, Newell Brands Inc., Okuma Fishing Tackle Corp., Shimano Inc., and Globeride Inc. have been differentiating their offerings of fishing equipment with improvements in terms of component design and novel raw materials. Ice fishing and river angling equipment will also gain attention over the coming years.
Find More Valuable Insights on Sports Fishing Equipment Market
Fact.MR, in its new offering, provides an unbiased analysis of the global sports fishing equipment market, with historical data on demand (2016-2020) and expected projections for the period (2021-2031). The report discloses compelling insights into the demand for sports fishing equipment based on product type (rods, reels, hooks, lures, lines, rigs, and jig heads), end user (individual consumers, clubs, and sports organizers), and distribution channel (independent sports outlets, franchised sports outlets, modern trade channels, direct to consumer brand outlets, and direct to consumer online channels), across several major regions of the world.
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