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Fishing Reels Market Demand and Dynamics 2024
Fishing Reels Market Demand
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According to The Business Research Company's, The fishing reels market size has grown strongly in recent years. It will grow from $5.4 billion in 2023 to $5.73 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to growth in recreational fishing, expansion of fishing tourism, increase in fishing tournaments, expansion of e-commerce platforms, rise in fly fishing popularity.
The fishing reels market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to increased focus on lightweight design, demand for specialized reels for different species, changes in environmental conservation regulations, customization and personalization, evolution of compact and portable reels. Major trends in the forecast period include innovation in gear technology, advances in materials, technological advancements in drag systems, sustainable fishing practices, integration of smart technologies, sustainable and eco-friendly designs, integration of ai for fishing assistance.
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Market Drivers and Trends:
The increasing consumption of fish is expected to propel the growth of the fishing reel market going forward. Fish consumption refers to consuming or eating fish and other seafood as part of one's diet. Fishing reels are used in catching fish, as they are designed to facilitate the angler's ability to hook, fight, and land fish successfully. For instance, in July 2020, according to the Organization for Economic Cooperation and Development (OECD), a US-based intergovernmental organization, 90% of fish production is anticipated to be used as food by 2029. Fish for human consumption is expected to increase by 16.3%, or an additional 25 metric tons, to 180 metric tons by 2029. Therefore, increasing fish consumption is driving the growth of the fishing reel market.
Product innovations are a key trend gaining popularity in the fishing reels market. Major companies operating in the fishing reels market are focused on developing innovative products and solutions to sustain their position in the market. For instance, in July 2023, Shimano Inc., a Japan-based cycling company, launched the Curado 200 M, a low-profile power baitcasting fishing reel. The Curado 200 M is a crucial tool for bass fishermen using heavier lines and lures. It is long-lasting because of its advanced features and optimal performance. As a result of Shimano's MagnumLite (MGL) Spool III's ability to lessen startup inertia, the Curado 200 M features increased line capacity. SilentTune technology has been included, which quietens the spool during casts. Precision casting is possible with SVS Infinity braking technology, which offers easy-to-manage, reliable spool management and brake force changes when dealing with challenging situations or switching between baits.
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Major Key Players of the Market:
Shimano Inc., G. Loomis, L.L.Bean Inc., Pure Fishing Inc., Weihai Guangwei Group Co. Ltd., Hardy & Greys Limited, Penn Fishing Tackle Manufacturing Co., Hatch Outdoors, E.A. Pflueger Company, Quantum Fishing, Okuma Fishing Tackle Corp., Lew's Fishing, Sage Fly Fishing, ABU Garcia, Daiwa Corporation, Accurate Fishing, Jiuyu Fishing Tackle Co. Ltd., Avet Reels, Galvan Fly Reels, Nautilus Reels, Echo Fly Fishing, Islander Reels, Eposeidon Outdoor Adventure Inc, Lamson, Loop Tackle Design, NingBo HaiBao Fishing Tackle Co. Ltd., Ross Reels, Zebco Brands
Fishing Reels Market 2024 Key Insights:
• The fishing reels market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Rising Consumption Of Fish To Drive Market Growth
• Product Innovations Transforming The Fishing Reel Market
• North America was the largest region in the fishing reels market in 2023
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