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Report Overview: Fish Hunting Equipment MarketThe global fish hunting equipment market size was valued at USD 14.1 billion in 2020 and is expected to witness significant growth in the forthcoming years. Growing consumer preference for outdoor recreational activities, such as fish hunting, owing to growing millennial participation and urbanization is driving the market for fish hunting equipment. In addition, the growing trend of travel and vacation is increasing the inclination towards recreational activities, such as fish hunting, thereby positively accelerating the growth of the market for fish hunting equipment. Growing popularity of fish hunting in the outdoor recreational industry is resulting in a large number of anglers, thereby ramping up the sales of fish hunting equipment. In 2018, according to the 2019 Special Report on Fishing by the Outdoor Industry Association, about 49.4 million people went for fish hunting to oceans, rivers, lakes, and streams in the U.S. Moreover, fishing participation added 300,000 participants in 2018 in the country, thus reaching the highest number of participants since 2007. Additionally, increasing participation of the younger population, including children, as anglers are contributing to the robust growth of the market. For instance, the U.S. population in the age group of 6 to 12 years witnessed an average growth of 1.9% in 2018, while adolescents (13 to 17 years) witnessed an average increase of 4.0% over the past three years. Growing involvement in different categories of fishing is increasing the number of fishing participants across various countries. For instance, freshwater fish hunting has emerged as the most popular fishing category in the U.S. in 2018, with double the number of participants as compared to saltwater and fly fishing together. This fishing category has witnessed an average growth of 1.2% since 2016, resulting in 39.0 million participants in 2018. Moreover, fishing participation rate in Japan grew from 8.1% in 2011 to 8.7% in 2016. Additionally, rising number of female anglers is boosting the fish hunting equipment market growth, thereby increasing the sales of the fish hunting equipment. For instance, according to 2019 Special Report on Fishing by the Outdoor Foundation, female participation reached 17.7 million in 2018 in the U.S. Furthermore, growing digital entrepreneurship is helping to increase awareness regarding sport fishing among consumers through social media. Social network for fishermen, such as Fishbrain, is a dominant app and network in the U.S. with over 7 million users. These trends are likely to emphasize sports like fish hunting, which is expected to ramp up the sales of fish hunting equipment.
Product Insights: Fish Hunting Equipment MarketFishing reels lead the market for fish hunting equipment, accounting for a share of more than 28.2% of the global revenue in 2019. Fishing reel is an indispensable part of fishing as it is a cylindrical device attached to a fishing rod used in winding and stowing line. Freshwater reels are suitable for use around lakes, rivers, and streams, while saltwater reels are for bays and oceans. Reels are available in three basic styles including casting reel, spinning reel and fly fishing reel. In addition, advancements in these fishing equipment, such as high-speed fishing reels that help in hunting big fishes, are boosting the demand for these fish hunting equipment among anglers. Furthermore, substantial contribution by women to the fishing industry is increasing the growth opportunity for this fish hunting equipment. Baits & lures are expected to register a revenue-based CAGR of 3.6% from 2021 to 2027. Emerging trend of combination of different styles in topwater bass lures, such as blades, hollow body frogs, and other large prop baits, are boosting the growth of these fish hunting equipment. New developments are expanding the application of baits & lures among anglers at a large scale, which is likely to ramp up the sales of these fish hunting equipment in the forecast period. For instance, Cotton Cordell Pencil Popper is a new version of the Pencil Popper for a variety of inshore fish hunting.
Distribution Channel Insights: Fish Hunting Equipment MarketOffline distribution channel for fishing equipment accounted for more than 87% share of the overall revenue in 2019. Specialty stores lead the offline channel segment due to availability of a large variety of fishing tackles in these stores. Preference for offline shopping is increasing among anglers as it offers hands-on experience of the fish hunting equipment. In addition, assistance by shop owners and in-store salespersons imparting knowledge about the application of these equipment has increased the preference for store purchases. Increased presence of retail stores for fishing equipment such as The Fly Fishing Shop, White’s Tackle, FishUSA, and Tackle Berry is widening the product availability across regions, thereby driving the sales of fish hunting equipment through offline stores. Online distribution channel is expected to expand at a CAGR of 4.9% from 2021 to 2027. Surge in online shopping as a result of rising awareness as well as increased convenience is fueling the growth of the online channel for fishing equipment. Growing trend of fly fishing in the outdoor industry is compelling a number of millennials to involve in such activities, thereby expanding the scope for online channel sales. Increasing interest of the millennials and generation Z for fish hunting as a recreational sport is boosting the growth of this distribution channel. Increasing presence of online retailers, such as Cabelas, Fishing Tackle Unlimited, Tackle Warehouse LLC, and Amazon, in the fishing equipment industry is helping in creating awareness among anglers regarding various types of fishing tackles available in the market.
Regional Insights: Fish Hunting Equipment MarketNorth America lead the global market, accounting for a share of 60.2% of the global revenue in 2019. High prominence of recreational fishing as an American tradition is increasing the popularity of this activity. With over 49 million anglers in the U.S. in 2018, recreational fishing is a formidable economic force in the country’s economy. Thus, the region witnesses a high demand for fish hunting equipment, which is expected to rise substantially in the forecast period. According to the American Sportfishing Association (ASA), the number of anglers in the U.S. outnumber the population of every U.S. state. In addition, anglers spend more on fishing equipment and trips in comparison to what they spend on Valentine’s Day, Easter, and Halloween, according to the report. Europe is expected to register a revenue-based CAGR of 4.6% from 2020 to 2027 owing to growing popularity of recreational fishing in the region. Presence of a number of lakes and rivers as well as a long coastline is increasing the application of fish hunting equipment. In addition, angling tourism in Ireland that brings more revenue than golf is helping in increasing awareness regarding these outdoor sports, thus positively impacting the regional market growth. Fish Hunting Equipment Market Share Insights The market has been characterized by intense competition. Top players operating in the market include
Companies are focusing on expanding their product line and are adopting innovative technologies in order to meet consumer demand for fish hunting equipment. For instance, in October 2019, Fishbrain, a social network for fishermen, launched an in-app fishing tackle shop, which allows users to find and buy fishing equipment from various brands. This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global fish hunting equipment market report on the basis of product, distribution channel, and region:
- Van Staal
- Globeride, Inc.
- Maver UK Ltd.
- PRADCO Outdoor Brands, Inc.
- Eagle Claw
- Costa Del Mar, Inc.
- Pure Fishing, Inc.
- Newell Brands.
Product Outlook (Revenue, USD Million, 2016 - 2027)
- Fishing Rods
- Fishing Reels
- Baits & Lures
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1 | read more...