According to a new report released by Allied Market Research, titled “Fishing equipment market By Type, Nature and Distribution Channel: Industry Opportunity Analysis and Forecast, 2021-2027“The global fishing equipment market size was valued at $ 13,481.1 million in 2019 and is expected to reach $ 16,107.8 million by 2027 with a CAGR of 4.0% from 2021 to 2027.
Sport fishing is gaining ground and has become widespread in several regions of the world. The term sport fishing refers to fishing or collecting seashells, which is done primarily for fun. In addition, sport fishing can take place in both salt and freshwater bodies. In addition, countries such as the UK and US are working to raise the fishing platform, which improves access to water bodies for fishing and making it a popular sport. Various fishing associations such as the American Sports Fishing Association encourage people to increase their participation in fishing by organizing several fishing programs and events. In addition, the most common type of fishing equipment used in sports is rod, line, reel, hooks and a wide range of baits or lures such as artificial flies. Moreover, due to the growing popularity of fishing as a sport and as a recreational activity, various governments around the world are focusing on the development of fishing, which is also driving the growth of the fishing equipment market. .
Additionally, there are a variety of fishing techniques such as picking, netting, trapping, angling, and spearfishing used to catch fish. In addition, recreational, artisanal and commercial fishermen use different and sometimes similar techniques. Recreational anglers fish for fun or sport and primarily use angling methods to fish in both saltwater and freshwater. In addition, modern fishing techniques such as electric reels, rods and modern nets have added more precision in fishing techniques. Thus, the increase of efficient fishing techniques for fishing further propels the growth of the market.
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However, PETA (People for the Ethical Treatment of Animals), a charitable organization that operates around the world and is dedicated to establishing and protecting the rights of all animals, is campaigning against angling and has launched a number of initiatives and campaigns designed to divert the general public from fishing and achieve their goals. ultimate goal of banning angling. In addition, PETA has launched a campaign called “Don’t Let Your Children Become Prostitutes”, which aims to prevent parents from encouraging their children to fish. In addition, many NGOs such as Aquaculture Stewardship Council and Fisheries Innovation Scotland are against commercial fishing and fishing gear. In addition, 40% of the world’s oceans are heavily affected by human activities, including depleted fisheries, pollution and loss of coastal habitats, making PETA and NGOs more brutal against fishing. Thus, the rise of campaigns against fishing by NGOs and PETA limits the growth of the fishing equipment market.
With the increase in internet penetration, the number of social media users has increased dramatically. In view of this, most of the key players in the fishing equipment market are strategizing to promote their products and services on these social media platforms. E-commerce is one of the main strategies adopted by various companies and industries to market their product offerings to target customers on e-commerce channels. So, through the e-commerce marketing strategy, the global fishing equipment market is analyzing a critical opportunity to gain ground and increase customer base among its target segments.
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Main conclusions of the study
- By type, the hook segment dominated the global market in 2019 and is expected to maintain its dominance throughout the fishing tackle market forecast period.
- By nature, the freshwater segment accounted for the highest share of the fishing equipment market growth in 2019 and is expected to grow at a CAGR of 3.2% from 2021 to 2027.
- By distribution channel, offline segment dominated the global market in 2019 and is expected to maintain dominance throughout the forecast period.
- By region, North America accounted for the highest fishing equipment market share in 2019 and is expected to grow at a CAGR of 3.8%.
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Major players operating in the fishing tackle industry include Rome Specialty Company, Inc., Daiwa Corporation, Pure Fishing, Inc., Sea Master Enterprise Co., Ltd., Maver UK Ltd, Jarvis Walker Pty, Inc., Pradco Outdoor Brands, Johnson Outdoors Inc., Okuma Fishing Tackle Co., Ltd and Tica Fishing Tackle.