Fishing Equipment Market Analysis | 2023-2028

Market Insights

"The global fishing equipment market is estimated to grow from USD 15.74 billion in 2022 to USD 20.29 billion by 2028 at a CAGR of 4.24% during the forecast period".

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Market Dynamics

Introduction

Fishing equipment is in high demand because of a surge in fishing activities across geographies. Some of the commonly used fishing equipment includes hooks, sinkers & floats, reels, rods, spears & gaffs, and others. The fishing hook was the most widely used fishing equipment in 2020 due to a surge in fishing activities. Fishing reels are being increasingly used in fishing. It is an essential part of fishing as is attached to a fishing rod that is used in the stowing line.

Market Drivers

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

• The increasing popularity of seafood is one of the key factors driving the market growth.
• The market growth is primarily driven by increased spending on recreational activities across geographies.
• Growing emphasis on developing technology-equipped fishing equipment is one of the prominent notices in the global fishing equipment market.
• Additionally, the rising number of women anglers is likely to create lucrative opportunities for the players operating in the fishing equipment market.

Covid-19 Impact 

The spread of coronavirus affected fishing activities due to enforcement of lockdown to curb the spread of the virus. This led to travel restrictions and supply chain disruptions. Additionally, demand for fish food also declined amid covid-19 outbreak which in turn affected fishing activities and thus, fishing equipment.

Segment Analysis

By Application

"Freshwater segment held the majority market share in 2022"

In 2022, based on application, the freshwater segment held the majority market share, with low dissolved salts and total dissolved solids. This naturally occurring water, except seawater and brackish water, is found in various bodies of water like ponds, lakes, rivers, streams, and reservoirs. Fishing equipment like rods, reels, hooks, and rigs are used to catch fish in freshwater.

By Type

"Hooks segment dominated the market in 2022"

In 2022, based on type, the hooks segment dominated the market, with modern fishhooks available in various shapes, sizes, and materials. These hooks can be single, double, or triple, with double hooks made from a single wire and possibly brazed together for strength. Triple hooks, on the other hand, combine an eyeless hook with a double hook, forming a stronger hook.

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By Distribution Channel

"Offline segment of the fishing equipment market, including specialty stores and brand outlets, held the majority share in 2022"

Based on the distribution channel, the offline segment of the fishing equipment market, including specialty stores and brand outlets, held the majority share in 2022 and is expected to continue to do so. Affluent customers, with higher disposable income, often purchase fishing equipment through these outlets. Market players are expanding their presence in these markets, driven by the growing population of affluent customers in mature and emerging regions, thereby expanding their customer base.

Regional Analysis

"North America held the largest market share in 2022 and 2021 due to its size and flexibility"

Based on region, North America held the largest market share in 2022 and 2021 due to its size and flexibility. The rise in population and improved lifestyle drive the growth of the fishing equipment market. The region's increased purchasing power boosts the sale of fishing equipment products, making it the largest economy globally. This contrasts with Western Europe's business model.

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Key Players

The following are the key players in the Fishing Equipment Market (arranged alphabetically)

• Costa Del Mar or simply Costa (The U.S.).
• Daiwa Corporation (The U.S.),
• Jarvis Walker Pty, Inc.  (Australia),
• Maver Fishing & Angling Equipment (UK),
• Okuma Fishing Tackle Co., Ltd (China),
• Orvis (The U.S.), 
• PRADCO Outdoor Brands, Inc. (The U.S.),
• Pure Fishing, Inc (The U.S.),
• Rome Specialty Company, Inc. (ROSCO) (The U.S.),
• Sea Master Enterprise Co., Ltd. (China),
• Tica Fishing Tackle (China),

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. 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?

Market Segmentation

This report studies the market covering 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 market is segmented into the following categories:

By Type

• Hooks
• Sinkers & floats
• Reels
• Rods
• Spear & gaffs
• Other

By Application

• Fresh Water
• Salt Water

By Distribution Channel

• Offline
• Online

By Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s Fishing Equipment Market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

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 15 detailed primary interviews with market players across the value chain in all four regions and 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 three players)
• SWOT analysis of key players (up to three players)

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.