Product ID: SQMIG25J2051
Report ID: SQMIG25J2051 | Region: Global | Published Date: August, 2023 | Pages: 157 | Tables: 68 | Figures: 79
Fishing Equipment Market size was valued at USD 1.27 billion in 2021 and is poised to grow from USD 1.33 billion in 2022 to USD 1.86 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).
The global fishing equipment market is a dynamic and diverse industry that encompasses a wide range of products designed for recreational and commercial fishing activities. This market has witnessed steady growth over the years, driven by factors such as increasing participation in fishing as a leisure activity, growing demand for seafood, technological advancements in fishing equipment, and expanding aquaculture practices. Recreational fishing, driven by the rising popularity of outdoor leisure activities, has significantly contributed to the market's growth. Fishing enthusiasts seek high-quality and specialized equipment, such as rods, reels, lines, lures, and tackle boxes, to enhance their fishing experience. Manufacturers are responding by developing innovative and customizable products that cater to the unique preferences of different fishing styles, including freshwater, saltwater, fly fishing, and ice fishing. On the commercial front, the fishing equipment market is influenced by the global demand for seafood. As the world population continues to grow, there is an increasing need for efficient and sustainable fishing practices. Commercial fishing operations require a diverse range of equipment, including fishing nets, trawlers, crab pots, and processing machinery, to ensure a productive catch while minimizing environmental impact. Technological advancements have played a pivotal role in shaping the fishing equipment market. From sonar technologies that enable anglers to locate fish more accurately to GPS systems that aid navigation, these innovations have revolutionized the way fishing is conducted. Additionally, the integration of digital platforms and mobile apps has provided anglers with real-time weather forecasts, fishing reports, and social sharing features, enhancing their overall fishing experience.
US Fishing Equipment Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global fishing equipment market is segmented on the basis of Type, Nature, Distribution channel and region. By type, the market is segmented into Hooks, Lines, Sinkers & Floats, Rods, Reels, Nets & Traps, Spear & Gaffs, Others. By Nature, the market is segmented into FreshWater, Salt Water, Fly Fishing. By Distribution channel, the market is segmented into Online, Offline. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Fishing Equipment Market Analysis By Type
The global fishing equipment market is characterized by a diverse range of products, with Hooks being the dominant segment due to their fundamental role in fishing. Hooks are essential components for catching fish and are widely used across all fishing techniques. Their demand remains steady due to their indispensable nature.
Reels, on the other hand, represent the fastest growing segment in the fishing equipment market. Advancements in reel technology, such as improved drag systems, gear ratios, and materials, are driving the growth of this segment. Additionally, the popularity of recreational fishing, coupled with a rising interest in competitive fishing tournaments, is boosting the demand for high-performance reels.
Fishing Equipment Market Analysis By Nature
The global fishing equipment market's dominant segment is Fresh Water fishing equipment. With its widespread popularity among anglers and relatively easier accessibility, freshwater fishing equipment, including rods, reels, and accessories, commands a significant share of the market.
On the other hand, the fastest growing segment is Salt Water fishing equipment. As more anglers venture into saltwater fishing, the demand for specialized gear designed to withstand the harsh marine environment is rapidly increasing. Saltwater fishing equipment, such as corrosion-resistant reels, heavy-duty rods, and specialized lines, is witnessing substantial growth due to the expanding popularity of saltwater sport fishing and deep-sea angling experiences. This trend is driven by a growing interest in marine recreational activities and the pursuit of challenging and diverse fish species in saltwater ecosystems.
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The global fishing equipment market is analyzed based on its regional presence, which includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America is the dominant region in the Global Fishing Equipment Market. Its robust fishing industry, driven by recreational angling and commercial fisheries, contributes significantly to market growth. The presence of established manufacturers, technological advancements in fishing gear, and a well-developed distribution network further solidify North America's dominant position.
On the other hand, Europe emerges as the fastest-growing region in the fishing equipment market. The region's rising emphasis on sustainable fishing practices, coupled with increasing awareness about environmental conservation, is driving the demand for innovative and eco-friendly fishing equipment. Stringent regulations to manage fish populations and protect aquatic ecosystems are propelling the adoption of advanced fishing technologies. Additionally, the popularity of recreational fishing and the steady growth of the aquaculture sector in Europe contribute to the region's rapid expansion in the fishing equipment market.
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Fishing Equipment Market Drivers
Rising Demand for Recreational Fishing:
Expanding Seafood Industry:
Fishing Equipment Market Restraints
Environmental Concerns and Overfishing:
Rising Costs and Technological Barriers:
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The global fishing equipment market boasts a competitive landscape characterized by prominent players vying for market share. Industry leaders maintain strong positions due to their extensive product portfolios and global distribution networks. The companies emphasize product innovation, quality, and brand recognition to retain their competitive edge. Regional players focus on specialized offerings catering to local preferences. Collaborations, mergers, and acquisitions are common strategies to enhance market presence. Market dynamics, including increasing recreational fishing and sustainable practices, further influence the competitive landscape. Continued investments in research, marketing, and expanding product lines are crucial for sustained success in this dynamic sector.
Fishing Equipment Market Top Player’s Company Profile
Fishing Equipment Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global fishing equipment market analysis, the market is witnessing steady growth propelled by factors such as increasing recreational fishing activities, rising consumer disposable income, and the growing popularity of fishing as a leisure pursuit. Key market players are innovating their product offerings, introducing advanced technologies like GPS tracking, fish finders, and durable materials to enhance the fishing experience. Additionally, the expansion of e-commerce platforms has facilitated easier access to a wide range of fishing equipment, further boosting market growth. However, concerns over overfishing and environmental conservation are influencing consumer preferences towards sustainable and eco-friendly fishing gear. The market's future will be shaped by a balance between innovation, sustainability, and regulatory considerations.
|Market size value in 2021
|USD 1.27 billion
|Market size value in 2030
|USD 1.86 billion
|Forecast Unit (Value)
|North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Fishing Equipment Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fishing Equipment Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fishing Equipment Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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