Global Sport Fishing Equipment Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Sport Fishing Equipment Market Overview

"The Sport Fishing Equipment Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

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Sport fishing equipment includes fishing rods, fishing reels, fishhooks, lines, various types of baits, lures, sinkers etc. The equipment used for commercial fishing is mostly different from that used in sport fishing, but some concepts remain standard.

Sport fishing equipment sales have been witnessing a spurt in the recent past. The sport fishing equipment market is highly fragmented but highly competitive, owing to many companies operating in the sport fishing equipment market. Sales from fishing rods continue to remain on the top, with hooks, lines, sinkers, lures, and rods, among others close behind.

North America continues to maintain the lead in revenue, with the US and Canada contributing majorly to this share in the global market. The UK is projected to maintain the lead in terms of revenue from sales of sport fishing equipment. In contrast, the market for sport fishing equipment in Asia Pacific is projected to register a rapid annual growth rate.

Dynamics

The popularity of sport fishing has been growing at a rapid pace globally. The number of fishing associations and recreational fishing clubs has also been growing. Anglers and sports fishermen of all ages are investing more time and funds to pursue the sport.

For some it is for the sheer thrill and adrenaline rush to go out to sea and hook and fight to land as big a fish on as thin a line as possible. Companies manufacturing sport fishing gear and equipment are capitalizing on the potential sales through e-Commerce platforms. This channel has been gaining major popularity among consumers owing to factors such as convenience to make a purchase from the comfort of home or anywhere using a PC or a smartphone or connected device, ability to check consumer reviews, comparison of a range of brands and products, and offers of discounts, apart from free home delivery.

In addition, several companies tie up with travel and recreational associations and companies or clubs and offer to sponsor sport fishing competitions, which in turn brings along benefits, including prize money, media coverage and better visibility, apart from other benefits and advantages.

In addition, the rising popularity of fishing as a sport and/or recreational activity has prompted governments is countries such as the US and the UK to expand fishing platforms as fishing can bring in significant revenue as a tourist offering.

Global Sport Fishing Equipment Market Segment Analysis:

By Product Type: Among the product type segments, the fishing rods segment is expected to dominate in terms of sales and revenue share. Fishing rods, reels, lures, and hooks are the most widely sold products across the globe.

By End-user: The individual consumer segment among the end use segments accounts for relatively high revenue share in the global market, followed by the clubs end-user segment.

By Distribution Channel: The franchised sports outlet channel is projected to maintain its dominance in terms of sales and revenue share in the market over the forecast period.

Global Sport Fishing Equipment Market Regional Analysis:

The market for sport fishing equipment in North America continues to dominate in terms of revenue share in the global market. Sport fishing is a popular hobby or pastime for many individuals. The US and Canada predominantly lead in sales of sport fishing equipment, compared to other countries and regions. Advancements in materials used for manufacturing these products has been resulting in more individuals taking up the sport.

The market in Asia Pacific is projected to register rapid CAGR in terms of revenue over the forecast period. This projected growth is attributable to increasing Internet penetration and launch of more e-Commerce platforms offering products on discount, growing popularity of live streaming adventure and travel videos, especially among younger individuals, and increasing spending capacity among consumers in countries in the region. The Europe market is projected to register moderate revenue growth owing to changing demographics.

Global Sport Fishing Equipment Market Segment Analysis:

By product type:

• Fishing Rods
• Fishing Reels
• Fishing Hooks
• Fishing Lures
• Fishing Lines
• Fishing Rigs
• Fishing Jig Heads
• Others

By End User:

• Individual Consumers
• Clubs
• Sports Organizers

By Distribution Channel:

• Independent Sports Outlet
• Franchised Sports Outlet
• Modern Trade Channels
• Direct to Customer Brand Outlet
• Direct to Customer Online Channel

By region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa