Fishing Equipment Market 2023 – 2030 by Nature (Fresh Water, Salt Water, and Fly Fishing), Type (Hooks, Lines, Sinkers & Floats, Rods, Reels, Nets & Traps, Spears& Gaffs, And Others), and Distribution Channel (Online and Offline) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Agriculture & Animal Feed | Pages : 187 Pages | Published On : Jul 2023
The Fishing Equipment Market witnessed a valuation of $13,481.1 million in 2019 and is projected to reach $16,107.8 million by 2030, with a compound annual growth rate (CAGR) of 4.0% from 2023 to 2030. The introduction of advanced fishing equipment by key market players has generated significant interest in fishing among the general public. These manufacturers have addressed the challenges faced during fishing and developed necessary solutions. AquaDrone, the leading producer in the fish equipment market, offers specialized drones designed for fish-catching purposes. These drones utilize sonar technology to locate fish, capture images with an onboard camera, deploy bait and lures, and return to the same spot for fishing. The device is fully waterproof and suitable for both freshwater and saltwater applications. AquaDrone has gained popularity among the younger generation and individuals who prefer a more efficient fishing experience. Consequently, the continuous technological advancements in fishing equipment contribute to the market's growth.
The growing fascination of children and adults with fishing and related activities has opened up new business opportunities for stakeholders. Fishing has emerged as a favorite outdoor pastime for both kids and adults. Parents are encouraging their children to take up fishing as it helps improve their concentration and patience levels. Additionally, there is a wide range of fishing poles specifically designed for children, featuring kid-friendly characters and shorter lengths. One prominent manufacturer, Mitchell, produces various 5 ½ foot combos suitable for kids aged 7 and above. The increasing interest of children in fishing activities and the easy accessibility of fishing equipment tailored for them further drive the growth of the fishing equipment market.
The widespread adoption of the internet worldwide has resulted in a significant increase in the number of social media users. As a result, many players in the fishing equipment market have recognized the importance of promoting their products and services on these social media platforms. E-commerce has emerged as a major strategy utilized by various companies and industries to raise awareness about their product offerings among their target customers on online channels. By leveraging e-commerce marketing strategies, the global fishing equipment market identifies valuable opportunities to gain traction and expand its customer reach within its target segments.
However, the use of modern fishing equipment and techniques is causing various adverse effects on ocean environments, including the disruption of sea floors, alteration of food webs, and the disturbance of crucial ecosystem functions. Additionally, abandoned or lost fishing gears pose a significant threat to marine life and contribute significantly to plastic pollution in oceans, rivers, and ponds. These forgotten fishing gears can ensnare animals and cause further damage. Consequently, the detrimental effects of modern fishing equipment disrupt marine environments and hinder the growth of the fishing equipment market.
On March 11, 2020, the World Health Organization (WHO) declared COVID-19 a pandemic. The outbreak of the coronavirus has had a significant impact on the fishing equipment industry, affecting all stages of the supply chain and value chain. Moreover, COVID-19 has influenced consumer behavior regarding the purchase of fishing equipment products on a global scale, resulting in a decline in the fishing equipment market.
The fishing equipment industry is segmented based on type, nature, distribution channel, and region. In terms of type, the market is classified into hooks, lines, sinkers & floats, rods, reels, nets & traps, spears & gaffs, and others. Based on nature, it is categorized into freshwater, saltwater, and fly fishing. The distribution channel is divided into online and offline channels. Geographically, the market is analyzed across North America (including the U.S., Canada, and Mexico), Europe (including the UK, Germany, France, Russia, Italy, Spain, and the rest of Europe), Asia-Pacific (including China, Japan, India, Australia & New Zealand, Korea, ASEAN, and the rest of Asia-Pacific), and LAMEA (including Brazil, South Africa, Turkey, Saudi Arabia, and the rest of LAMEA).
In terms of type, the hooks segment emerged as a dominant force in the fishing equipment market in 2019, driven by the growing interest in fishing-related activities across different regions.
In relation to nature, the fresh water segment commanded the largest market share, contributing approximately 64.9% of the total revenue in 2019, followed by the salt water segment. This significant share can be attributed to the increased engagement in fishing activities in fresh water for both commercial and domestic purposes.
• SINKERS & FLOATS
• NETS & TRAPS
• SPEAR & GAFFS
• FRESH WATER
• SALT WATER
• FLY FISHING
By Distribution Channel
When considering the distribution channel, the offline segment captured a substantial portion of the market and is expected to maintain its dominance throughout the forecast period for the fishing equipment market. Additionally, the proliferation of specialty stores in various regions, aimed at expanding customer reach and base, further propels the growth of the offline segment.
The fishing equipment market is characterized by the presence of key players such as Rome Specialty Company, Inc., Daiwa Corporation, Pure Fishing, Inc., Sea Master Enterprise Co., Ltd., Maver UK Ltd, Jarvis Walker Pty, Inc., Pradco Outdoor Brands, Johnson Outdoors Inc., Okuma Fishing Tackle Co., Ltd, and Tica Fishing Tackle.
Key Benefits for Stakeholders:
• This report offers a quantitative analysis of market segments, current trends, estimations, and dynamics of the fishing equipment market from 2019 to 2030, enabling the identification of prevailing market opportunities.
• The market share of key countries in all major regions is mapped in this report.
• It provides market research along with information about key drivers, restraints, and opportunities.
• Porter's five forces analysis assesses the power of buyers and suppliers, aiding stakeholders in making profit-oriented business decisions and strengthening their supplier-buyer network.
• In-depth analysis of market segmentation assists in identifying prevailing opportunities in the fishing equipment market.
• The revenue contribution of major countries in each region is mapped, giving insights into their significance in the global fishing equipment market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the current position of market players.
• The report includes analysis of regional and global fishing equipment market trends, key players, market segments, application areas, and market growth strategies.
Table and Figures
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