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The market trends and analysis report covers an in-depth analysis of market growth factors like the surge in recreational fishing's popularity, coupled with expanded product portfolios, propels market growth. However, ethical concerns surrounding sports fishing pose potential challenges. Despite the rising demand for recreational fishing activities and the diversification of available products, ethical considerations, such as environmental impact and fish conservation, may affect consumer perceptions and purchasing decisions. Thus, while the market experiences growth due to increased interest and product variety, it must also navigate ethical issues to sustain long-term success.
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Companies are implementing various market growth and forecasting strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
The market report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
AFTCO Mfg. Co. Inc., BPS Direct LLC, Eppinger Manufacturing, Gamakatsu USA Inc., Globeride Inc., Grandt Industries Inc., Jim Teeny Inc., O. Mustad and Son A.S., OKUMA FISHING TACKLE Co. Ltd., PRADCO Outdoor Brands Inc., Pure Fishing Inc., Rapala VMC Corp., Rather Outdoors Corp., Rome Specialty Co. Inc., Sea Master Enterprise Co. Ltd., SHIMANO INC., St. Croix of Park Falls Ltd., Taylor Fly Fishing, and Tica Fishing Tackle
Qualitative and quantitative analysis of market growth and trends of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified. Furthermore, market growth and forecasting it is also quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market caters to enthusiasts with a wide array of gear, including fishhooks, lines, and fishing baits. As recreational fishing gains popularity as one of the leading outdoor leisure activities, there's a growing demand for fishing equipment. This sector benefits from advancements in marine electronics technology, such as GPS systems and side-scanning sonar, enhancing the fishing experience. Manufacturers offer customized sports fishing equipment to meet the diverse needs of anglers engaged in various outdoor recreational activities. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rise in popularity of recreational fishing is the key factor driving the market. Grappling, and stunning equipment sales are directly influenced by the growing number of individuals engaged in recreational fishing. Fishing is one of the most popular outdoor recreational activities in the coastal regions of various countries. The availability of accessible fishing locations such as lakes, rivers, ponds, and coastal areas, has made recreational fishing more accessible to a broader audience and increased the demand for fishing equipment.
Further, public parks, fishing piers, and designated fishing areas provide opportunities for individuals to engage in fishing along with specialized equipment or expertise, driving the demand for sports fishing equipment. Thus, the increasing popularity of the outdoor recreational sector among individuals will increase fishing equipment sales and propel the growth of the market during the forecast period.
Product portfolio expansion in the market is the primary trend shaping the growth. Market players are focusing on expanding their product lines by launching new variants of sports fishing equipment. By expanding their product lines, companies can increase their market share and achieve a competitive advantage. Certain companies are trying to develop new variants of sports fishing equipment by integrating innovative features. The increasing availability of new variants of sports fishing equipment will attract customers and accelerate the growth of the market.
Additionally, the new models feature KonneticHD technology to ensure fast fishing action. By expanding their product portfolios, manufacturers can offer a wider range of fishing equipment tailored to different preferences, skill levels, and fishing conditions. This diversification allows companies to appeal to a broader customer base. The easy availability of new variants of sports fishing equipment will increase sales and, subsequently, drive market growth during the forecast period.
Potential ethical issues associated with sports fishing is the major challenge that affects market expansion. Individuals who take up sports fishing without the required license and those without sufficient knowledge about sports fishing pose a serious challenge to marine protection. Illegal sports fishing has a devastating impact on fish species. Some individuals catch and release fish for amusement. However, fishes that are released after being caught can lose their protective scale coating, which makes them vulnerable to diseases. It can lead to the build-up of lactic acid in their muscles and oxygen depletion and damage their delicate fins and mouths.
Additionally, the mismanagement of sports fishing can lead to conservation challenges such as diseases among fish species in water sources. Therefore, it is increasingly becoming important to make recreational fishing environmentally sustainable. Overfishing reduces fish stocks in water resources. A reduction in fish stock can negatively affect sales opportunities for sports fishing equipment. Fishing enthusiasts in rural areas hunt for fish in traditional ways using nets, even for recreation. Thus, such fishing practices will negatively affect market growth during the forecast period.
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The fishing rod segment will account for a major share of the market's growth during the forecast period.? Fishing rods, available in various lengths and customizable to meet specific needs, cater to different fishing environments and species. Long rods offer greater casting distance, ideal for deep fishing, while shorter rods bend less. Types include casting, spinning, fly, and pen rods, selected based on fishing conditions.
The fishing rod segment was valued at USD 4.04 billion in 2018. Market leaders like Eagle Claw Fishing Tackle Co., Pure Fishing, and Shimano continually innovate, introducing new rod variants like OKUMA FISHING TACKLE's latest high-end bass rod, integrating advanced technology for enhanced fishing experiences. Incorporating sensors and Bluetooth connectivity, these rods provide real-time feedback, improving fishing success and driving market growth.?
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The market is segmented by distribution channel into two categories such as offline, and online. The offline segment will account for the largest share of this segment.
North America is estimated to contribute 36% during the forecast period.
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Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. In North America, particularly the US, sports fishing equipment holds a prominent position, led by the American Sportfishing Association (ASA). The US sees increasing participation in sports fishing, generating more revenue than transit and ground passenger transportation. Outdoor recreation spending in the US exceeds that of certain product categories like pharmaceuticals and motor vehicles. Mexico also enjoys popularity in sports fishing, with numerous attractive locations. Initiatives like Canadian Sportfishing promote education, potentially boosting equipment sales. Innovative companies like Innovative Reel Technologies Ltd. offer customized and smart fishing equipment, fostering market growth in the region.
The market caters to enthusiasts engaging in various techniques like line fishing, trapping, and trawling across freshwater and saltwater environments. Advanced tools such as radar pulses, transducers, and VHF technology aid in navigation and fish tracking. Innovations like smartphone applications such as Fishbrain enhance the fishing experience, while materials like Spectra and Dyneema ensure durability in braided fishing lines. With a focus on sustainability, the market addresses concerns such as trashed fishing gear and consumption of fish, catering to a diverse range of sports fishermen and water-based sports activities enthusiasts.
Further, the market encompasses a wide array of gear and accessories tailored to diverse fishing techniques like fishing with bag nets, seining, and gillnetting. Enthusiasts rely on handheld tools, spears, and harpoons for precision and efficiency. Renowned brands like Kistler Rods offer specialized equipment for various fishing sports, catering to the needs of coarse anglers, offshore anglers, and game anglers alike. Recreational fishing clubs and associations play a vital role in fostering community engagement and organizing events around artificial trout lakes and day-ticket coarse fisheries. As interest in fishing sports grows, so do related expenses, driving innovation and competition in the market.
Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2023 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.97% |
Market growth 2024-2028 |
USD 3.25 billion |
Market structure |
Fragmented |
YoY growth (%) |
3.25 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 36% |
Key consumer countries |
US, China, France, Germany, and UK |
Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
Key companies profiled |
AFTCO Mfg. Co. Inc., BPS Direct LLC, Eagle Claw Fishing Tackle Co., Eppinger Manufacturing, Gamakatsu USA Inc., Globeride Inc., Grandt Industries Inc., Jim Teeny Inc., O. Mustad and Son A.S., OKUMA FISHING TACKLE Co. Ltd., PRADCO Outdoor Brands Inc., Pure Fishing Inc., Rapala VMC Corp., Rather Outdoors Corp., Rome Specialty Co. Inc., Sea Master Enterprise Co. Ltd., SHIMANO INC., St. Croix of Park Falls Ltd., Taylor Fly Fishing, and Tica Fishing Tackle |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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