Global Fishing Equipments Market Outlook, 2028

Global Fishing Equipments Market Outlook, 2028

Fishing is a popular activity enjoyed by millions of people worldwide. To make the most of this leisurely pastime, it's essential to have the right fishing equipment. Fishing equipment refers to the tools and accessories used by anglers to catch fish. It includes items such as fishing rods, reels, lines, hooks, bait, lures, and nets. The type of fishing equipment required depends on the type of fishing, the location, and the species of fish being targeted. Fishing equipment has evolved over the years, with modern technology leading to more efficient and effective gear. Today, there is a wide variety of fishing equipment available, from traditional to high-tech, to suit every angler's preference and skill level. Over time, fishing equipment has become more sophisticated, with advancements in materials allowing for better performance and increased durability. Today, fishing equipment is available in a range of prices, making it accessible to anglers of all budgets. The use of tools and crafts in fishing technology is essential for improving the commercial viability of the sector. The effectiveness of fishing is substantially impacted by the way and type of nets that are employed.

According to the research report, “Global Fishing Equipment Market Outlook, 2028” published by Bonafide research the market is anticipated to reach USD 17.88 Billion by 2028 with a significant CAGR of 4% from USD 14.19 Billion in 2022. The demand for seafood is rising due to population growth, and other drivers of the global fishing equipment market include technological advancements in fishing gear, the popularity of recreational fishing, government programmes that support sustainable fishing methods, rising disposable income, the development of the e-commerce sector, and the expansion of the fishing industry, particularly in emerging markets. These reasons have increased demand for a variety of fishing equipment among professional and recreational fishers, hobbyists, and enthusiasts, which has fuelled the expansion of the fishing equipment market.

Fishing, cultural exchange with local fishermen, and education about customs and way of life all go under the umbrella of fishing tourism. A segment of marine ecotourism that places an emphasis on outdoor leisure activities is fishing tourism. Tourists who are not crew members can fish with the crew. Professional fishermen engage in fishing tourism-related activities and maintain general hygiene and safety by using well-equipped boats and fishing equipment. For economic development, all states work to promote and enhance fishing tourism, particularly recreational fishing. Through training and development programmes, fishermen are encouraged and given the skills they need to deliver high-quality tourism services. The importance of recreational fishing is growing significantly in many coastal regions and developing nations.

North America, Europe, Asia Pacific, South America, and the Middle East and Africa make up the regional market segments. With a market share of more than 37% in 2022, North America has dominated the industry. The expansion of the fishing equipment sector is primarily being driven by population increase and rises in living standards. The demand for fishing equipment in this area dramatically rises as income levels rise. Also, the growing popularity of freshwater, fly, and saltwater fishing among adults and kids supports the industry's growth. In terms of GDP, the United States has the greatest economy in the world, and its enterprises are more adaptable than those in Western Europe. Also, there are more health-related products available in this area. In addition, a high per capita income and a persistent fishing trend lead to significant premium fishing equipment expenditures. Europe is projected to experience rapid CAGR growth. The rising popularity of recreational fishing in the region has increased the need for fishing equipment in Europe. Also, the growing popularity of fishing among kids has created new commercial potential for European players. Also, youngsters are increasingly enjoying fishing as one of the most popular outdoor hobbies, which has led to an increase in fishing gear sales in this area. Due to the focus of European stakeholders on the use of new technologies in recent years, Europe has experienced a temporary shift. Hence, technical development fuels the demand for fishing equipment in Europe. Throughout the projection period, the APAC region is anticipated to develop at a strong CAGR of 4.50%. The demand for seafood and fishing gear is being driven by the area's sizable and expanding population. Also, there is a rise in demand for fishing equipment among amateurs and enthusiasts due to the growing popularity of recreational fishing in nations like China, Japan, and Australia.

The market can be divided into fishing hooks, lines, sinkers and floats, rods, reels, nets and traps, spears and gaffs, baits and lures, and other products based on product type. With a market share of more than 36% in 2022, the fishing reels category has dominated the industry. This is because fishing reels are a crucial piece of equipment for anglers and are used for a wide range of fishing activities, including freshwater, sea, fly fishing, and ice fishing. Another factor driving up demand for fishing reels among hobbyists and enthusiasts is the sport's rising popularity. Their appeal among fishermen has grown as a result of the availability of a variety of baits and lures, including live baits, soft plastic lures, hard baits, and jigs. Because of technological advancements in fishing rods, such as the use of lightweight, high-strength materials like graphite, carbon fibre, and fibreglass, which have improved their performance and durability and made them more appealing to anglers, the fishing rods segment is predicted to grow at a significant CAGR of more than 5% during the forecast period.

The market is divided into freshwater, saltwater, and fly fishing segments depending on the type of nature. In 2022, it is anticipated that the freshwater segment would account for more than 55% of the market. Pure water is naturally occurring liquid that is neither brackish nor saltwater. The amount of dissolved salts and other total dissolved solids in freshwater is typically low. Freshwater sources include ponds, lakes, rivers, streams, and reservoirs. In addition, depending on the fishing locations, trout, bass, some species of salmon, catfish, and other freshwater fish can be caught. The market for fishing equipment has grown as aquaculture becomes more and more well-liked in countries like China, the United States, and others. Throughout the projection period, the saltwater segment is anticipated to rise at a CAGR of 5.84%. A method of ocean fishing is referred to as ""saltwater fishing."" On a beach, off rocks, a pier, or a boat—from a tiny rowboat in inshore waters to a sizable oceangoing vessel—one can engage in saltwater fishing. Fishing is made easier by the availability of saltwater fishing rods, lures, reels, lines, and tackles even under the sweltering sun, choppy seas, and naturally aggressive deep sea. Saltwater fishing gear is also tough and resistant to the damaging effects of the ocean.

The market is divided into Online and Offline segments based on Distribution Channel. In 2022, the offline segment is anticipated to have the biggest market share, exceeding 83%. Offline, there are specialised shops and brand outlets. Brand outlets are corporate-owned shops where manufacturers sell their goods straight to customers. To strengthen their consumer base and reach, industry players are constructing new brand stores everywhere. Rich customers are more likely to buy fishing gear from reputable stores since they have more extra cash and can afford to buy high-end goods. The growing number of wealthy customers in both established and emerging nations is what is driving the brand outlets sector of the fishing equipment market. Throughout the projection period, the internet industry is anticipated to rise at a respectable CAGR of 8%. Online platforms are a great way to buy fishing equipment because of how simple they are to use and how popular they are in the fishing equipment market. By establishing more online portals in developing nations and boosting the availability of offers and discounts, consumers are encouraged to purchase fishing equipment through online channels. The online sales channel has also increased client accessibility, which has contributed to its growth as a critical source of income for many enterprises.

Many obstacles could prevent the global market for fishing equipment from expanding and being profitable. The dwindling fish population brought on by overfishing, pollution, and climate change is one of the main problems. As a result, fishing operations are now subject to stronger rules and limitations, which may affect the market for fishing gear. The availability of less expensive alternatives and the high price of fishing equipment may also serve as growth inhibitors. Consumer spending on fishing gear may be detoured by the rising popularity of alternative leisure pursuits like camping and hiking. Finally, the market's fragmentation and the existence of several small and local firms may cause fierce competition, which may have an effect on the profitability of bigger players.

Covid-19 Impact:
The COVID-19 pandemic has had a profound effect on the world market for fishing equipment. The outbreak has affected the world's supply chain, causing a shortage of the components and raw materials needed to make fishing equipment. As a result, prices have gone up and manufacturing has been delayed. The pandemic has also reduced consumer spending and caused a shift in consumer priorities towards necessities, both of which have an effect on the demand for fishing equipment. There has also been a decrease in fishing activity as a result of lockdowns and travel restrictions, which has further impacted the market for fishing equipment. Yet there has also been a sharp increase in demand for fishing gear on the market from consumers who have turned to fishing as a recreational activity during the pandemic, as it provides a safe outdoor activity.

Companies Mentioned in this Report:
Globeride Inc, Pure Fishing, Inc, Sea Master Enterprise Co., Ltd, Maver UK Ltd, Jarvis Walker Pty, Inc, Okuma Fishing Tackle Co., Ltd, Shimano Inc, Rapala VMC Corporation, St. Croix Rods, Cabela's LLC, O. Mustad & Son AS, Lew's Fishing Tackle, American Fishing Tackle Company (AFTCO), Weihai Guangwei Group Co., Ltd, Tica Fishing Tackle Co., Ltd, Temple Fork Outfitters, Inc, Taylor Fly Fishing, LLC, Zebco Holdings, Inc, Drennan International , SPRO Sports Professionals

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Fishing Equipment market with its value and forecast along with its segments
• Region-wise Welding Equipment & Consumables market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• SA (Brazil, Argentina, Colombia)
• MEA (UAE, Saudi Arabia, South Africa)

By Product type:
• Hooks
• Lines
• Sinkers & floats
• Rods
• Reels
• Nets & Traps
• Spears& Gaffs
• Baits & Lures
• Others (Fishing Stopper, Swivel Fishing Line, Fishing Snap, etc.)

By Nature Type:
• Fresh water
• Salt water
• Fly fishing

By Distribution Channel:
• Online
• Offline

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Fishing Equipment industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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