Global Hunting Equipment and Accessory Market 2024-2031

Global Hunting Equipment and Accessory Market 2024-2031

Hunting Equipment and Accessory Market Size, Share & Trends Analysis Report by Product (Gun and Rifle, Archery, Ammunition, Auxiliary Equipment, and Others), by Application (Individual, and Commercial), and by Distribution Channel (Supermarkets/hypermarkets, Specialty Stores, Online Platforms, and Others) Forecast Period (2024-2031)

The hunting equipment and accessory market is anticipated to grow at a CAGR of 7.4% during the forecast period (2024-2031). The market is expected to showcase steady growth in the future owing to the increasing number of hunting enthusiasts, the growing trend for hunting trophy sports, and advancement in hunting accessories and equipment. Further, the market is expected to be impacted by the ever-increasing regulatory actions and imposition of the export ban on hunting reserved animal species.

Market Dynamics

Growing Issuance of Hunting Licenses

The rise in issuance of hunting licenses driven by the growing popularity of hunting trophy sports, and inclination towards investing extra time into recreational outdoor activities such as hunting and fishing is contributing to the global market growth. According to the Council to Advance Hunting and the Shooting Sports (Council), a survey was conducted by state wildlife agencies in early 2021 that states that among the 40 reported states, there was an overall increase in hunting license sales of 4.9% from 2019 to 2020. As the COVID-19 pandemic stretched into a second year, 2021 saw American demands for outdoor recreation and escape remain high, especially among nonresident hunting license buyers, but overall hunting license sales dipped by 1.9%. To continue identifying hunting license sales trends, the Council revisited this study in early 2023, with results revealing further slippage in 2022 sales, this time by 3.1% compared to 2021 levels.

Increasing Regulatory Actions Against Hunting Activities

The increasing regulatory actions and imposition of the ban to restrict hunting sports and activities by countries globally impede market growth. Several Western countries, especially in European countries are working unanimously to create laws that restrict the import and export of hunting trophies to safeguard conserved animal species across the region. For instance, in January 2024, Belgium's Parliament voted unanimously in favor of the Minister of Climate, the Environment, Sustainable Development, and Green Deal Zakia Khattabi's bill prohibiting the import of hunting trophies from endangered species into the country. The vote backed unanimously in the Belgian Chamber of Representatives, mirrors the 91.0% of Belgians standing against trophy hunting and the 88.0% favoring an import ban on any hunting trophy.

Market Segmentation

Based on product, the market is segmented into gun and rifle, archery, ammunition, auxiliary equipment, and others.

Based on application, the market is bifurcated into individual and commercial.

Based on distribution channels, the market is segmented into supermarkets/hypermarkets, specialty stores, online platforms, and others.

Ammunition is projected to Emerge as the Largest Segment

The frequent nature of consumption and product advancements offered by companies in terms of material, quality, and technology are contributing to the high share of this market segment. For instance, in February 2024, Remington Ammunition launched 22 Golden Hunter rim fire ammunition. The 22 Golden Hunter redefines rim fire hunting by providing hunters with unprecedented precision and performance.

Specialty Stores Segment to Hold a Considerable Market Share

The specialty store segment dominates the consumer purchase in the market owing to the requirement of physical interaction and experience by buyers before purchasing the products, as such equipment needs to be tested, tried, or worn before purchase to better understand usability, comfort, and confidence with the product.Further, regulatory requirements in certain countries allow the sale of such equipment through specifically licensed stores, creating a dominant position for this distribution channel type in the market.

Regional Outlook

The global hunting equipment and accessory market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America).

North America Holds Major Market Share in Hunting Equipment and Accessory Market

North America holds a dominant position in the hunting equipment and accessory market owing to strong hunting culture, pro-hunting government laws, and an abundance of hunting gear and accessory manufacturers such as include American Outdoor Brands Corp., and Dick’s Sporting Goods, Inc. Further, the region has the high rate of population involvement in recreational outdoor activities such as hunting and fishing.Although the US's adoption rate is not as quick as that of developing economies that are expanding quickly, its strong infrastructure and core base of affluent consumers make it a sizable market, nonetheless. For instance, the National Survey of Fishing, Hunting, and Recreational Activities 2022, revealed that 39.9 million people fished, 14.4 million hunted, and 148.3 million participated in at least one type of wildlife-watching activity including observing, feeding, or photographing fish and other wildlife in the US.

Market Players Outlook

The major companies serving the global hunting equipment and accessory market include American Outdoor Brands Corp., Beretta Holding SA, Dick’s Sporting Goods, Inc., BPS Direct LLC and SPYPOINT, among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive. For instance, in July 2022, Beretta Holding completed the acquisition of RUAG Ammotec, by successfully finalizing the acquisition of 100.0% of the shares of the Swiss state-owned RUAG Ammotec Group. The acquisition will add 16 companies in 12 different countries and 2,700 people to Beretta Holding Group.