The global sports fishing equipment market is projected to expand steadily at a CAGR 5.2% value, during the forecast period 2023-2033. In the year 2023, the market size is projected to expand and gain a global market valuation of US$ 3.4 Billion.
According to market research and competitive intelligence provider Fact.MR- the market for sports fishing equipment reflected a value CAGR of 3.6% during the historical period, 2018- 2022. Key elements that will assist a quicker recovery and the adoption of modern technology in this field over the projected period are the resurgence of outdoor leisure activities and the progressive easing of lockdown laws.
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Market Drivers:
- Growing Popularity of Recreational Fishing: Recreational fishing has gained popularity as a leisure activity, providing relaxation, stress relief, and a connection with nature. As more people engage in fishing as a hobby, the demand for high-quality sports fishing equipment has increased.
- Rising Participation of Women in Fishing: The fishing industry has seen an increase in female participation, with more women taking an interest in recreational fishing. This demographic shift has led to the development of specialized sports fishing equipment tailored to female anglers’ needs and preferences.
- Technological Advancements: Advancements in fishing gear technology have improved the performance, durability, and functionality of sports fishing equipment. Innovations in materials, manufacturing processes, and product design have enhanced anglers’ fishing experiences, attracting more enthusiasts to invest in upgraded gear.
- Social Media and Influencer Marketing: Social media platforms and fishing influencers have played a significant role in promoting sports fishing and the latest fishing equipment. Engaging content, fishing tutorials, and product reviews have increased awareness and stimulated demand for advanced fishing gear.
- Focus on Sustainable Fishing Practices: There is a growing awareness of the importance of sustainable fishing practices to protect marine ecosystems. As a result, sports fishing equipment manufacturers are offering environmentally friendly products, such as biodegradable fishing lines and eco-friendly lures, to appeal to environmentally conscious anglers.
Some of the key players operating in the global sports fishing equipment market include – EagleClaw Midstream Services LLC, Newell Brands Inc., Okuma Fishing Tackle Corporation, Shimano Inc., Aftco Mfg. Co. Inc., Globeride Inc., O. Mustad & Son A.S., Rapala VMC Corporation, Gamakatsu, Fishbrain
To improve penetration across lucrative markets, these aforementioned players use a combination of organic and inorganic strategies. Brand launches, alliances and agreements with prominent fishing equipment suppliers, acquisitions, and expansion of regional and global distribution networks are all part of these strategies.
- Republic, one of the top online venture capital platforms with over $700 Billion in investments to date, is helping Fishbrain, the most well-known platform and online network for fishing enthusiasts, raise money. Currently accepting investments is Fishbrain. Through a mix of money, new features, and tactical alliances, Fishbrain kept developing in 2021. Fishbrain received $31 Billion in March of last year, which enabled it to increase its user base and make hires across the organization in various locations around the United States and Europe. With the addition of Garmin’s Navionics HD Depth Charts, Fishbrain upgraded the programme.
- EagleClaw and Altus announced an all-stock corporate merger in 2021. Combination, with an estimated enterprise value of $9 billion today, creates the most integrated midstream corporation in the Delaware Basin. A balanced mix of profits from long-haul pipeline transportation and midstream gathering and processing account for around 65% and 35%, respectively, of the combined company’s projected EBITDA in 2022.
- In September 2022 – The Permian Strategic Partnership (PSP) announced today the addition of two new companies, Kinetik and WaterBridge, bringing their member company count to 19.
- Okuma provides a variety of star drag reels with high quality design, materials, and construction tech delivering a fantastic fishing experience for anglers and fishermen. The Tesoro Star Drag Reel, Convector Star Drag Reel, Cold Water Wire Line Star Drag Reel, and Cortez Star Drag Reel are just a few of our high performance star drag reels.
Key Segments Covered in the Sports Fishing Equipment Market Report:
· By Product Type :
- Rods
- Reels
- Hooks
- Lures
- Lines
- Rigs
- Jig Heads
- Other Sports Fishing Products
· By End-User :
- Individual Consumers
- Clubs
- Sports Organizers
· By Distribution Channel :
- Independent Sports
- Franchised Sports
- Modern Trade Channels
- Direct to Consumer Brand
- Direct to Customer Online
· By Region :
- North America
- Latin America
- Europe
- Middle East and Africa (MEA)
- APEJ
- Japan
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Sports Fishing make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Sports Fishing Market
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