Fishing Equipment Market Size, Share, Industry Trends and Forecast to 2030

Fishing Equipment Market Size & CAGR in 2021:

The global fishing equipment market is estimated to have had a growth rate of 4.2% CAGR in 2021. The market size is expected to reach USD 21.3 billion by the end of the year.

COVID-19 Impact on the Fishing Equipment Market:

The fishing equipment market was significantly impacted by the COVID-19 pandemic in 2020 and continued to face challenges in 2021. The global lockdowns and restrictions led to a decrease in fishing activities and consumer spending on fishing equipment. However, as restrictions started to ease, the market began to recover, but uncertainties remain.

Fishing Equipment Dynamics:

The fishing equipment market is driven by factors such as increasing interest in recreational fishing, growth in sports fishing events, technological advancements in fishing gear, and rising disposable incomes of individuals. However, challenges such as environmental concerns, regulatory changes, and fluctuations in raw material prices impact the market dynamics.

Segments and Related Analysis:

The fishing equipment market can be segmented based on product type, distribution channel, and end-user. Product types include rods, reels, lures, fishing lines, hooks, and others. Distribution channels comprise retail stores, online platforms, and specialty stores. The end-users consist of recreational fishermen, sports fishermen, and commercial fishermen.

By Region Analysis:

The fishing equipment market is segmented into regions such as North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. North America leads the market due to high participation in recreational fishing activities. Europe follows closely, driven by the popularity of sports fishing events. The Asia-Pacific region is witnessing rapid growth in the fishing equipment market due to increasing disposable incomes and booming fishing tourism.

Key Market Players and Competitive Landscape:

Some of the key players in the fishing equipment market include Shimano Inc., Rapala VMC Corporation, Daiwa Corporation, Pure Fishing Inc., and Newell Brands Inc. These companies focus on product innovation, strategic partnerships, and market expansion to gain a competitive edge in the market.

Recent Happenings in the Fishing Equipment Market:

1. In October 2021, Shimano Inc. launched a new range of lightweight fishing reels with advanced technology for better performance. 2. Rapala VMC Corporation introduced eco-friendly fishing lures made from recycled materials in an effort to promote sustainable fishing practices. 3. Daiwa Corporation partnered with a leading fishing tournament to sponsor fishing gear prizes, enhancing brand visibility among fishing enthusiasts. 4. Pure Fishing Inc. announced the acquisition of a smaller fishing equipment manufacturer to expand its product portfolio and market reach. 5. Newell Brands Inc. collaborated with a popular fishing influencer to launch a limited edition fishing rod series, targeting a niche market segment.