Recreational fishing, often known as sport fishing, is fishing for fun or competition performed using a rod, reel, line, hooks, and various baits. They provide opportunities for socialization with others while improving physical as well as mental health. There is an increasing demand for recreational fishing across the globe, which is boosting the fishing equipment market growth.

The fishing equipment market size is expected to grow from US$ 23,799.79 million in 2021 to US$ 31,835.53 million by 2028; it is likely to register a CAGR of 4.2% from 2021 to 2028.

Fishing equipment market growth is majorly driven by the increasing number of participants in the developing economies as well as the developed economies across the globe. For instance, according to the Outdoor Industry Association's 2019 Special Report on Fishing, around 49.4 million individuals went fishing in the US in 2018. The Covid-19 pandemic also led to an increased demand for fishing equipment, with major supermarkets and department stores in the country witnessing a shortage of equipment. The travel restrictions and logistical constraints had led to limited supply during the pandemic.

Moreover, there is growing participation in various fishing activities in several countries. Countries in the Asia Pacific have been witnessing a surge in demand for fishing equipment over the last decade. Increased awareness and growing popularity of fishing as a recreational sport have contributed to the fishing equipment market growth in Asia Pacific Thus, increased spending on fishing equipment and accessories due to the rise in participants is increasing the sales of such products. Thus, the increasing participation in recreational fishing is a major factor driving market growth.

Impact of COVID-19 Pandemic on Fishing Equipment Market 

Due to the COVID-19 pandemic, many industries, such as the consumer goods industry, faced unprecedented challenges. However, a few countries allowed recreational fishing during the lockdown, positively impacting the demand for fishing equipment. Countries such as Denmark, the US, and Canada had no restrictions on recreational fishing activities during the lockdown. In Denmark, the sales of mandatory licenses for recreational fishing increased by 24% compared to previous years. Limited trade activities prevented the supply of equipment to the countries with high demand for fishing equipment from the major manufacturing hubs such as China. However, with the ease of restrictions and successful rollout of vaccines, the global fishing equipment market growth is expected to return to the pre-pandemic levels within the forecast period.

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 among the well-established players in the fishing equipment market. The market players are adopting 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.

Get Sample Copy with Complete TOC and Figures & Graphs @ 

@ https://www.theinsightpartners.com/sample/TIPRE00020555/

About Us:

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, chemicals etc.

Contact Us:

Call: +1-646-491-9876

Email: sales@theinsightpartners.com