The global sports fishing equipment market is projected to expand steadily at a CAGR 5.2% value, during the forecast period 2023-2033. In the year 2023, the market size is projected to expand and gain a global market valuation of US$ 3.4 Billion. Considering this steady growth along with the booming demand in the global market, the sports fishing equipment market is expected to reach US$ 5.64 Billion by 2033.
Prominent expansion of the fishing industry and rising demand for fish are projected to boost the global sports fishing equipment market during the forecast periodMoreover, fishing has become a popular outdoor activity among adults and children. Parents encourage their children to begin fishing because it improves their concentration and patience. The increase in children’s interest in fishing activities and the accessibility of fishing equipment for children fuel the growth of the sports fishing equipment market.
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The increasing popularity of recreational fishing will be a significant factor in driving the growth of the sports fishing equipment market during the forecast period. Additionally, a rise in digital entrepreneurship is assisting in raising consumer awareness of sport fishing via social media. With over 7 Billion users, the social media platform for fishermen, like Fishbrain, is a major app and platform in the United States.
North America is predicted to grow at a rapid pace throughout the projection period. Over the years, the region’s growing popularity of recreational fishing has created a robust demand for sports fishing equipment.
Additionally, the growing adoption of ice fishing in the recent past is another trend influencing the sports fishing equipment market. Ice fishing has gained popularity in countries including Norway, Bulgaria, France, and Canada, which have a large number of lakes and freezing climatic conditions.
- EagleClaw Midstream Services LLC
- Newell Brands Inc.
- Okuma Fishing Tackle Corporation
- Shimano Inc.
- Aftco Mfg. Co. Inc.
- Globeride Inc.
- O. Mustad & Son A.S.
- Rapala VMC Corporation
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Key Segments Covered in the Sports Fishing Equipment Market Report
- By Product Type :
- Jig Heads
- Other Sports Fishing Products
- By End-User :
- Individual Consumers
- Sports Organizers
- By Distribution Channel :
- Independent Sports
- Franchised Sports
- Modern Trade Channels
- Direct to Consumer Brand
- Direct to Customer Online
- By Region :
- North America
- Latin America
- Middle East and Africa (MEA)
Key Takeaways from Market Study
- As of 2022, the sports fishing equipment market was valued at US$ 3.2 Billion
- The global sports fishing equipment market demand is likely to surge at a 2% CAGR during the forecast period.
- North America dominates the global sports fishing equipment market with a CAGR of 5.3%.
- Sports organizer segment accounting for almost 4%of the global market share.
- Based on Product type fishing pod segment is predicted to gain a global market share of 5%by 2023.
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“The growing adoption of ice fishing and increasing demand for seafood products are projected to drive the growth of the sports fishing equipment market,” says a Fact.MR analyst.
Prominent sports fishing equipment manufacturers are EagleClaw Midstream Services LLC, Newell Brands Inc., Okuma Fishing Tackle Corporation, Shimano Inc., Aftco Mfg. Co. Inc., Globeride Inc., O. Mustad & Son A.S., Rapala VMC Corporation, Gamakatsu, Fishbrain.
As part of their efforts to strengthen their market position, sports fishing equipment suppliers are pursuing partnership and joint venture tactics. In order to increase their market presence and diversify their product offering, the top producers of fishing equipment in the world are focusing on product development or innovation.
- Gamakatsu launch the Under Spin Head Heavy Cover 60-degree hook. The heavy wire and wide gap design of the Heavy Cover gives anglers a better hook up ratio and retention when using bulky swim baits. Ideal for heavy braid or fluorocarbon line. The head profile is streamlined to glide through cover.
- In December 2021 – Rapala VMC now including both 13 Fishing, firmly established within the international ice fishing scene since the mid 2010’s – and most recently, Okuma, a global mega rod & reel brand with over 35 years of experience now set on a new growth journey, spearheaded by Rapala VMC’s 2021 acquisition of the brand in Europe and Russia.
More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the sports fishing equipment market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the sports fishing equipment market analysis report Market by by Products (Rods, Reels, Hooks, Lures, Lines, Rigs, Jig & Heads), by End-User (Individual Consumers, Clubs & Sports Organizers), by Distribution Channels (Independent Sports Outlets, Franchised Sports Outlets, Modern Trade Channels, Direct to Consumer Brand Outlets, Direct to Customer Online Channels) by Region – Global Forecast 2023-2033
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