The global Fish Hunting Equipment Market size is anticipated
to reach USD 20.75 billion by 2027, expanding at a CAGR of 4.0% over the
forecast period, according to a new report by Grand View Research, Inc. Rising
preference for recreational outdoor sports owing to growing trend of travel and
leisure is boosting the growth of the market. In addition, sport fishing serves
as the most prominent outdoor activity in the U.S. after jogging. This is
eventually helping in increasing awareness regarding activities like fish
hunting, thereby ramping up the sales of the fish hunting equipment over the
forecast period.
Increasing popularity of fishing as the
second-most popular outdoor activity in America, after running, jogging, and
trail running is fueling the growth of the market. According to Outdoor Recreation
Participation Topline Report, in the U.S., 31.5 million adults who were 25 and
older participated in fishing in the year 2016. Moreover, increased spending on
fishing equipment and accessories as a result of rising number of participants
is ramping up the sales of such products. According to American Sportfishing
Association (ASA), 22 out of 30 tackle categories have observed spending
increases in the past decade, with the highest increase at 45% in 2018. In
addition, spending on hard-bait increased at 8.5%, while soft-bait witnessed a
spending increase of 0.4% in 2018.
Rising prominence of various fly fishing
spots in Asia Pacific is increasing the number of anglers in countries, such as
Japan and Australia. Moreover, major cities such as Tokyo and Osaka have found
space for urban fishing, which is a reminder of how influential the activity
is. This scenario is projected to boost the sales of fishing accessories and
equipment, including fish hunting equipment, in the forecast period.
In terms of product, fishing reels held a
dominant share in the market in 2019. This product comprises three basic
styles, such as casting reel, spinning reel, and fly fishing reel. Substantial
contribution of women to the fishing industry is offering growth opportunity for
the product segment. Offline distribution channel dominated the market for fish
hunting equipment and held the largest share of 87.6% in 2019. Preference for
offline shopping is increasing among anglers as it offers hands-on experience
of the product.
North America dominated the fish hunting
equipment market in 2019. The number of anglers in the U.S. outnumber the
population of every U.S. state, which is a key factor driving the demand for
fish hunting equipment in the region. Moreover, anglers spend more on fishing
gear and trips as compared to their spending on Valentine’s Day, Easter, and
Halloween, according to a report by the American Sportfishing Association.
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this report@ https://www.grandviewresearch.com/industry-analysis/fish-hunting-equipment-market
Further key
findings from the study suggest:
- By product, fishing reels led the market in 2019 and accounted for
a share of more than 28.2%. Baits & lures are expected to expand at a
CAGR of 4.7% from 2020 to 2027
- Offline channel held the largest share in 2019 owing to increasing
preference for offline shopping among anglers
- Europe is expected to register a revenue-based CAGR of 4.6% from
2020 to 2027
- Top players operating in the fish hunting equipment market include
Van Staal, Globeride, Inc., Sensas, Maver UK Ltd., PRADCO Outdoor Brands,
Inc., Eagle Claw, Costa Del Mar, Inc., Pure Fishing, Inc. and Newell
Brands.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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