Fishing Equipment Market to Reach $ 16.10 Billion, Globally, by 2027 at a CAGR of 4.0%: AMR
The emergence of innovative fishing techniques, widespread e-commerce channels and the rise of sport fishing are driving the growth of the global fishing equipment market.
PORTLAND, Ore., November 25, 2020 / PRNewswire / – Allied Market Research published a report titled, “Fishing equipment market by type (hooks, lines, sinkers and floats, rods, reels, nets and traps, spears and gaffs and others), nature (freshwater, saltwater and fly fishing) and distribution channel (online and offline) : Global Analysis of industry opportunities and forecast, 2021-2027. ” According to the report, the global fishing tackle industry has generated $ 13.48 billion in 2019, and is expected to reach $ 16.10 billion by 2027, with a CAGR of 4.0% from 2021 to 2027.
Drivers, constraints and opportunities
The emergence of innovative fishing techniques, widespread e-commerce channels and the rise of sport fishing are driving the growth of the global fishing equipment market. However, the impact on the environment and the actions taken by organizations such as PETA and other anti-hunting NGOs are hampering the growth of the market. On the other hand, the ease of availability of fishing equipment for children creates new opportunities in the years to come.
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Manufacturing activities have been halted due to lockdowns imposed by governments in various countries. In addition, the supply chain was disrupted and a shortage of raw materials occurred.
There was a ban on fishing activities during the lockdown, which in turn decreased demand for equipment.
Demand would increase as governments allow fishing activities during the post-containment period. In addition, both offline and online distribution channels were closed during the lockdown; however, they would begin operations as soon as the restrictions are lifted.
The hooks segment will retain its dominant revenue share over the forecast period
On the basis of type, the hooks segment accounted for the largest market share, accounting for nearly a quarter of the global fishing equipment market in 2019, and will retain its dominant share in terms of revenue during the forecast period. . This is due to the easy availability of hooks of different shapes, sizes and materials as well as the use of double hooks for artificial lures. However, the harpoons and gaffs segment is expected to post the highest CAGR of 7.0% from 2021 to 2027, due to the emergence of specialized equipment and techniques as well as the introduction of harpoon guns to elastic propulsion and specialized fishing equipment.
The offline segment to maintain its highest contribution over the forecast period
By distribution channel, the offline segment contributed the largest share in 2019, accounting for more than four fifths of the global fishing equipment market, and is expected to maintain its highest contribution during the forecast period. This is due to the purchase of high-end equipment at the brand’s outlets by wealthy customers. However, the online segment is estimated to have the highest CAGR of 5.5% from 2021 to 2027, due to the high penetration of different online portals in developing regions, innovative marketing strategies and the increase in the number of offers or discounts.
North America maintain its leadership position by 2027
Depending on the region, North America held the highest market share in 2019, contributing over two-thirds of the total global fishing equipment market share, and will maintain its leading position by 2027. This is attributed to the increase in population , the improvement of the way of life and the increase of the purchasing power. , and the interest of adults and children in fly, saltwater and freshwater fishing. However, Asia Pacific is expected to grow at the fastest CAGR of 6.6% over the forecast period, owing to rapid urbanization in developing countries, increasing digital advertising of fishing equipment and fishing equipment products. increase in disposable income per capita.
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The main market players
Specialized company from Rome, Inc.
Pure Peach, Inc.
Sea Master Enterprise Co., Ltd.
Maver UK Ltd.
Jarvis Walker Pty, Inc.
Pradco exterior brands
Johnson Outdoors Inc.
Okuma Fishing Tackle Co., Ltd.
Tica fishing equipment
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Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals including life sciences, consumer goods, materials and chemicals, construction and manufacturing, food and beverage, energy and power, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecasts. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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SOURCE Allied market research