Fishing Reels Market Restraints & Trends | 2028

Market Insights

The fishing reels market is estimated to grow from USD 4.06 billion in 2022 and is likely to grow at a CAGR of 4.62% during 2023-2028 to reach USD 5.34 billion by 2028.

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What is a fishing reel?

A fishing reel is basically a cylindrical device attached to a fishing rod that is used in winding and stowing lines. In modern fishing reels, fittings are usually done in a manner to be helpful in casting for distance, accuracy, and retrieving lines as well. These reels are also used traditionally in the recreational sport of angling and competitive casting accelerating the market growth.

Key Players

Some of the key players operating in the fishing reels market are-

• Abu
• Creed GT
• Daiwa
• LL Bean
• Okuma
• Orvis
• Penn Spinfisher
• Pflueger
• Shimano
• Stradic.

Some major development strategies adopted by key players in the industry in recent years, which significantly influenced the competitive dynamics. For example:

• On 21 August 2023, Shimano Australia introduced the Shimano Sedona FJ spinning reel, offering advanced technology at an affordable price for Anglers, and enhancing their fishing reel lineup.
• On 1 August 2023, Okuma introduced the Okuma Inspira ISX "A" Spinning Reel, offering exceptional stability, smoothness, and power while utilizing cutting-edge technology for anglers seeking a game changer in the fishing industry.
• On 12 July 2023, Shimano North America Fishing introduced the Stradic FM reel, an addition to its Stradic spinning reel, at the upcoming ICAST trade show in Orlando, FL. The Stradic FM offers the perfect balance of power, smoothness, and reliability, ensuring the most complete Stradic performance for anglers worldwide.

Market Dynamics

The fishing reels market is driven by a host of factors, some of which are noted below:

• Increasing engagement in recreational fishing: Recreational fishing is increasing globally due to its popularity, disposable incomes, and health benefits, driven by rising outdoor activities and awareness.
• Surge in demand for lightweight and portable fishing reels: Fishing reels are becoming lighter and more portable, making them more convenient for anglers traveling long distances or carrying gear.
• Development in technology: Manufacturers of fishing reels regularly develop new technologies to improve performance, reliability, and usability, which increases demand for effective and user-friendly goods.
• Increase in popularity of saltwater fishing: Saltwater fishing gains popularity in developing countries due to the availability of spots and increasing interest in catching large fish.
• Government initiatives: Governments promote fishing tourism to boost the economy, create jobs, and improve infrastructure, increasing demand for reels.

Challenges:

• The presence of rival fishing equipment: Fishing reels face competition from other gear, increasing prices and requiring manufacturers to innovate.
• Counterfeit products: Counterfeit fishing reels pose a growing issue with poor quality and potential damage to anglers' gear.
• Environment-related issues: Concern over environmental impact drives calls for sustainable fishing practices, potentially impacting reel demand.

Restraints:

• Trade limitations: Trade restrictions hinder fishing reel manufacturers' exports to specific markets, limiting market growth.
• Economic downturn: The demand for fishing reels may decline during an economic downturn as a result of fewer funds available for leisure activities.

 

Segment Analysis

Type

Based on the type, the market is segmented as spinning reel, baitcasting reel, spin cast reel, and others. The spinning reel segment accounted for a market share of more than 28% in 2022 & is estimated to be the leading type of the market and is preferred for its offered advantages such as simple and effortless operability. These are also known as spinners, which are specifically helpful when lighter baits are used, such as live baits or soft plastics, and are also very popular among anglers who are new to fishing, eventually fueling the market growth during the forecast period.

Furthermore, baitcasting reels are considered by professional anglers owing to their allowance for longer casts as compared to that of a spinning gear.

Distribution Channel Trends

The market is segmented as online and offline. The offline segment dominated the market and accounted for more than 80.0% share of the global revenue in 2022 and is estimated to be the dominating distribution channel type in the market during the forecast period. Some of the popular offline channels for fishing reels include specialty stores, departmental stores, discount stores, and individual sports outlets which are highly preferred by consumers across the world as these retail outlets help them to estimate the product’s design and quality. Furthermore, growing requirements for purchase assistance across the globe are expected to boost product demand in the market during the forecast period.

On the other hand, the online segment is estimated to be the faster-growing segment in the market during the forecast period owing to various development in recent years.

Regional Insight

North America accounted for the largest revenue share of more than 60.0% in 2022 with U.S. and Canada being the major countries with lucrative growth opportunities owing to the growing popularity of ice fishing as a sport in the regional market during the forecast period. One of the major factors fueling the growth of the regional market is the availability of a large expanse of land open to legal fishing.

Moreover, Asia-Pacific is estimated to be the fastest-growing region in the fishing reels market owing to its offered location hosts for game fishing accelerating the market growth in the upcoming years. Europe is also expected to offer substantial growth opportunities during the forecast period.

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Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The fishing reels market is segmented into the following categories.

By Type:

• Spinning Reel
• Baitcasting Reel
• Spincast Reel Cabinet
• Others

By Distribution Channel Type:

• Online
• Offline

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.?

What Deliverables Will You Get in this Report?

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Customization Options

Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types by distribution channel type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Recent Development

On 9 March 2023, the Svivlo Genesis ONE, an easy-to-use baitcasting fishing reel designed to simplify the process for anglers of all skill levels, launched on Kickstarter, it features CastGuard technology to detect when baits stop pulling the line. Early-bird pledges are available for $314 or £267, depending on exchange rates.