Fishing Equipment Market to Rise up to the $23 Billion by 2032, with 4.8% Annual Growth From 2023 to 2032

According to a new report published by Allied Market Research, titled, "Fishing Equipment Market by Type, Nature, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021-2027," The global fishing equipment market size was valued at $13,481.1 million in 2019, and is estimated to reach $16,107.8 million by 2027 with a CAGR of 4.0% from 2021 to 2027.

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The launch of new fishing equipment with enhanced technology has been introduced by leading market players. These companies have taken care of the problems that are faced during fishing and have come up with the necessary solutions for fishing sports. Aquadrone is the leading producer in the fish equipment market which has customized the drone specifically to catch fish. Moreover, the drone is designed to find fish using sonar, take images using the camera installed in it, come back to install the bait & lure, and again visit the same spot. The device is 100% waterproof, and it can be used in both fresh and salty water. Furthermore, Aquadrone has become more popular among the young generation and ones with less patience to wait and catch fish. Thus, the rapid advancement of technology in equipment augments the growth of the fishing equipment industry.

The increase in interest of children toward fishing and its related activities has created new business opportunities for the stakeholders. Moreover, fishing activities are becoming one of the favorite outdoor activities that can be enjoyed with kids which is expected to create lucrative fishing equipment market opportunities in the upcoming years.

Fishing equipment market analysis On Rise and gain :-

With rise in internet penetration, number of social media users has increased considerably. Taking this into consideration, most key players in the fishing equipment market strategize on promoting their products and services on these social media platforms. E-commerce is one of the major strategies adopted by various companies and industries on imparting awareness regarding their product offerings among target customers on e-commerce channels. Thus, through e-commerce marketing strategy, the global fishing equipment market analysis critical opportunity in gaining traction and increasing its customer reach among its target segments.

According to the market analysis, the global fishing equipment market is segmented into type, nature, distribution channel, and region. Based on type, the market is divided into hooks, lines, sinkers & floats, rods, reels, nets & traps, spears & gaffs, and others. By nature, the market is divided into fresh water, salt water, and fly fishing. As per the distribution channel, the market is segmented into offline and online. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, and rest of LAMEA).

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Based on type, the hooks segment accounted for more than 22.5% of the market share, in terms of revenue, in 2022. A fish hook is a curved or U-shaped section of strong wire, which is sharpened at one end and the other tied to a fishing line. Moreover, fish hooks enable the user to catch saltwater and fresh fish. Furthermore, sizes, shapes, designs, and materials are all adjustable depending on the intended purpose of the hook. Thus, the availability of fish hooks in a wide variety for fishing further boosts the demand for fishing equipment.

Based on nature, the freshwater segment led the market and accounted for more than fishing equipment market share 63.5% in 2022 and is expected to maintain its dominance during the forecast period. Fresh water is naturally occurring water except seawater and brackish water. Fresh water is generally characterized by having low concentrations of dissolved salts and other total dissolved solids. Various types of fishing equipment such as rods, reels, hooks, rigs tackle, and others are used for catching fish in fresh water.

The key players operating in the fishing equipment industry include :-

> DAIWA CORPORATION
> GAMAKATSU
> JARVIS WALKER PTY, INC.
> JOHNSON OUTDOORS INC.
> MAVER UK LTD
> PRADCO OUTDOOR BRANDS
> PURE FISHING, INC.
> ROME SPECIALTY COMPANY, INC.
> SEA MASTER ENTERPRISE CO., LTD.
> TICA FISHING TACKLE

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Q2. What is the CAGR of Fishing Equipment Market?
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