Moderate Fishing Rod Market Growth in 2020, But Long-Term Outlook Remains Positive: Study
The major players in the Fishing Rods market are taking advantage of the freezing weather conditions to expand their portfolios to include ice fishing activities.
ROCKVILLE, MD / ACCESSWIRE / December 14, 2020 / The fishing rod market is expected to reflect a moderate growth rate of over 4% CAGR between 2020 and 2030. Growing consumer interest in fishing events among a broad age group is positively influencing the industry. Additionally, recent years have seen increased consumer interest in angling vacation packages, especially in developed regions of Europe and North America. The covid-19 pandemic is likely to hurt the market outlook due to restrictions on movement.
âThe growing interest in fishing as a recreational and sporting activity has prompted government agencies to promote fishing events. Leading countries, including the United States and the United Kingdom, are striving to increase the ‘Interest in fishing by improving public access to bodies of water, which will generate lucrative opportunities for fishing rod manufacturers, âsays the Fact.MR study.
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Fishing Rod Market – Main Takeaways
Casting rods are in high demand, and the growth can be attributed to the convenience and ease of use compared to other rod variations.
Recreational fishing applications account for almost half of the overall revenue share due to the popularity of fishing as a vacation activity.
North America is the dominant market for rod manufacturers, with easy access to public fishing grounds, supported by government funding.
Fishing Rods Market – Driving Factors
The growing use of online sales channels among Millennials and Gen Z shoppers is creating major opportunities for market players.
The introduction and growing popularity of sustainable materials for fishing rods such as bamboo will foster growth opportunities in the near future.
Easy access to information on hooks, rods, baits, knots and more drives adoption of specialty offerings.
Fishing rod market – Major constraints
Excessive fishing and the unsustainability of fish stocks constitute a major challenge for market players.
Limited access to good bodies of water for recreational fishing, especially in developing countries, is holding back expansion.
Impact of COVID-19 on the fishing rod market
The effects of the coronavirus pandemic have been largely negative on the fishing rod market. Lockdown restrictions on recreational and sport fishing activities have hampered demand. In addition, these restrictions have limited the outward movement of people in a number of countries to only essential activities, hampering short-term sales.
In addition, restrictions on trade and transportation have hampered the supply of raw materials and spare parts, delaying delivery times for manufacturers. The industry’s recovery is likely to be gradual due to the non-essential nature of the industry.
Explore the Global Fishing Rod Market with 216 digits, 87 data tables, as well as report table of contents. You can also find a detailed segmentation on https://www.factmr.com/report/1339/fishing-rod-market
Pure Fishing Inc., Piscifun, Shimano Inc., St. Croix Rods, Wright & McGill Co., TIMECO Ltd., Okuma Fishing Tackle Co. Ltd., Clam Corporation, Daiwa Corp. and Eposeidon Outdoor Adventure Ltd. the most important players operating in the fishing rod market.
Players in the fishing rod market have invested in expanding portfolios with the inclusion of services for personalized offers to appeal to a wider consumer population.
For example, in December 2020, Yampa Rod Company announced that it was starting a bespoke and handcrafted fly fishing rod business. In November 2020, Radcliffe Custom Rods introduced their new line of trout, walleye and crappie rods in addition to ice and open water fishing products. Texas-based Kistler Rods announced the unveiling of his Build Your Own Fishing Rod online customization tool in September 2020.
About the report
This study provides readers with a comprehensive forecast of the Fishing Rod market. Global, regional, and country-specific analysis of key industry trends impacting the Fishing Rods Market are covered in this Fact.MR study. The report offers fishing rods market insights based on rod type (casting rods, casing, ice fishing rods, fly rods, surf rods and telescopic rods), rod weight (ultra – light, light, medium, medium-heavy, heavy and extra-heavy), the type of flex (tip flex, mid flex and full flex) and the sales channel (supermarket / hypermarket, sports shops, specialty stores, stores online and direct purchases) in seven regions (North America, Latin America, Europe, CIS and Russia, Japan, Asia-Pacific excluding Japan and MEA).
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