The fishing equipment market size was valued at US$ 23,799.79 million in 2021 and is projected to reach US$ 31,835.53 million by 2028; it is expected to register a CAGR of 4.2% from 2021 to 2028.
Recreational fishing, often known as sport fishing, is fishing for fun or competition performed using various equipment such as a rod, reel, line, hooks, and various baits. Fishing equipment is in high demand due to the increase in fishing activities across the globe.
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The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Consumer Goods Industry. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Fishing Equipment market globally. This report on ‘Fishing Equipment market’ provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2028, factoring the impact of Covid -19 Situation.
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By type, the global fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. The fishing rods segment held the largest market share in 2020 due to its ease of use and simplicity. These products enhance crankbaits, jerk baits, shaky heads, and drop shotting by effectively launching lighter lures into deeper water. Furthermore, these rods assess anglers in getting their baits and lures into the water with precision, power, and distance.
Based on distribution channel, the fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. The online retail segment is projected to register the highest CAGR during the forecast period. The manufacturers prefer selling fishing equipment through online channels because it eliminates the need for wholesalers and retailers, thereby providing them a larger share in profits while expanding their reach. Besides, selling online can help fishing equipment manufacturing companies strengthen their brand, control pricing, and directly connect with customers. Companies such as Walmart, Amazon, and Flipkart are among the few online sellers of fishing equipment.
Eagle Claw Fishing Tackle Co.; Okuma Fishing Tackle Co. Ltd.; SHIMANO INC.; TICA FISHING TACKLE; AFTCO; RAPALA VMC CORPORATION; Weihai Guangwei Group Co., Ltd.; Decathlon SA; Daiwa; and Pure Fishing Inc are a few well-established players in the global fishing equipment market. Companies in the market are adopting various strategies, such as product developments, plant expansions, and mergers and acquisitions, to expand their footprint worldwide and meet the growing demand from end-users. For instance, in January 2021, Shimano Inc. launched five new fishing reels—Ultegra, TwinPower SW, TwinPower XD, Exsence, and Calcutta Conquest. These five new reels have improved strength, durability, and efficiency.
Table Of Content :
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Fishing Equipment Market, by Type
1.3.2 Fishing Equipment Market, by Distribution Channel
1.3.3 Fishing Equipment Market, by Geography
2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study
3.2 Research Methodology
3.2.1 Data Collection:
3.2.2 Primary Interviews:
3.2.3 Hypothesis formulation:
3.2.4 Macro-economic factor analysis:
3.2.5 Developing base number:
3.2.6 Data Triangulation:
3.2.7 Country level data:
4. Fishing Equipment Market Landscape
4.1 Market Overview
4.2 Pest Analysis
4.2.1 North America
4.2.2 Europe
4.2.3 Asia Pacific
4.2.4 Middle East & Africa
4.2.5 Central and South America
4.3 Expert Opinion
5. Fishing Equipment Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 Increasing Participation in Recreational Fishing
5.1.2 Growth of fish-based tourism in developing countries
5.2 Market Restraints
5.2.1 Impact of fishing equipment on the environment
5.3 Market Opportunities
5.3.1 Growth of E-Commerce Channels
5.4 Future Trends
5.4.1 Technological/ Product Innovation
5.5 Impact Analysis
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