The global fishing equipment market is estimated to witness a considerable growth rate of around 6.8% during the forecast period of 2023–2028 and was valued at around US$ 13.1 billion in 2022. The global fishing equipment market is primarily driven by growing participation in recreational fishing, expansion of fishing tourism, innovation, and technological advancements, and growing preference for sustainable fishing practices.
The commercial fishing industry is expanding globally to meet the rising demand for seafood. This growth in commercial fishing contributes to the demand for specialized fishing equipment designed for professional fishermen and commercial fishing operations. The need for durable and efficient equipment, such as commercial fishing nets, longlines, and fish-finding technology, drives the global fishing equipment market. Furthermore, the growth of e-commerce and online retailing platforms has significantly influenced the fishing equipment market.
The dominance of fishing rods and reels in the global fishing equipment market
Fishing rod and fishing reel segments are typically considered the dominant segments in terms of market share. Fishing rods are essential tools for anglers, and they come in various types, materials, lengths, and power ratings. The fishing rod segment holds a significant share of the global fishing equipment market due to its widespread use across different fishing styles and target species. Whether it’s freshwater fishing, saltwater fishing, fly fishing, or ice fishing, anglers require suitable fishing rods to cast their lines and handle fish effectively.
In addition, Fishing reels are another crucial component of fishing equipment that is widely used by anglers. They enable anglers to retrieve and control fishing lines smoothly, providing a mechanical advantage while catching fish. The fishing reel segment is dominant due to its necessity across various fishing techniques and its role in determining line retrieval speed, drag system, and line capacity.
Increasing popularity of the fishing sport and a growing number of anglers is the major reason behind the dominance of Asia Pacific in the global fishing equipment market
Asia Pacific is anticipated to be the dominant region for the global fishing equipment market. The fishing equipment market in the region is being driven by the increasing popularity of fishing as a sport, the growing number of anglers, and the rising disposable income of consumers. China is one of the major markets for fishing equipment in the Asia Pacific, followed by India and Japan.
North America is another prominent market for fishing equipment. The fishing equipment market in the region is being driven by the increasing popularity of fishing as a sport, the growing number of anglers, and favorable government policies. In Europe, the fishing equipment market is expected to grow significantly due to the increasing popularity of fishing as a sport, the growing number of anglers, and the rising disposable income of consumers.
Market Structure and Competition Landscape
The global fishing equipment market is fragmented in nature with the presence of various players operating in the market. Some of the prominent players that contribute significantly to the global fishing equipment market include Shimano Inc, Newell Brands Inc., Rapala VMC Corporation, Pure Fishing Inc., Globeride International, Inc., Eagle Claw Fishing Tackle Company, Berkley Fishing LLC, Okuma Fishing Tackle, Inc., KastKing Fishing, LLC, Piscifun Fishing Tackle Co., Ltd., Fishing, LLC, Ugly Stik Fishing, LLC, St. Croix Rods, and Daiwa Corporation among others.
These players adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the global fishing equipment market. Some of the recent developments in the global fishing equipment market include,
- In August 2022, Vista Outdoor Inc. (NYSE: VSTO), the parent company of 41 renowned brands that design, manufacture, and market sporting and outdoor products to consumers across the globe, announced the acquisition of Bozeman, Mont.-based Simms Fishing Products for a purchase price of US$ 192.5 million.
Key Market Segmentation
RationalStat has segmented the global fishing equipment market based on type, fishing type, distribution channel, and region.
- By Type
- Other Accessories
- By Fishing Type
- Fly Fishing Equipment
- Ice Fishing Equipment
- By Distribution Channel
- Online/Company Website
- Supermarkets / Hypermarkets
- Specialty Stores
- Departmental Stores
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
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Frequently Asked Questions (FAQs)
The global Fishing Equipment market is expected to grow at a CAGR of 6.8% during the forecast period 2023-2028.
Asia Pacific is expected to dominate the global Fishing Equipment market in 2022.
The global Fishing Equipment market is estimated at around US$ 13.1 billion in 2022.
Growing participation in recreational fishing coupled with the expansion of fishing tourism lead the fishing equipment market to witness significant growth.
Major companies operating in the global Fishing Equipment market include Shimano Inc, Newell Brands Inc., Rapala VMC Corporation, Pure Fishing Inc., Globeride International, Inc., Eagle Claw Fishing Tackle Company, Berkley Fishing LLC, Okuma Fishing Tackle, Inc., and KastKing Fishing LLC, among others.