SAN FRANCISCO, May 18, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled «Sports Fishing Equipment – Global Market Trajectory & Analytics». The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Engagements: 2319
Companies: 272– Players covered include Aftco Mfg. Co., Inc.; Daiwa Corporation; Eagle Claw Fishing Tackle Co.; Eppinger Mfg. Co.; Gamakatsu Co., Ltd.; Grandt Industries, Inc.; Jim Teeny, Inc.; Koppers Fishing and Tackle Corp.; O. Mustad & Son A.S.; Okuma Fishing Tackle Corporation; Plano Synergy Holdings, Inc.; PRADCO Outdoor Brands, Inc.; Pure Fishing, Inc.; Rapala VMC Corporation; Rome Specialty Company, Inc.; Sea Master Enterprise Co., Ltd.; Shimano, Inc.; St. Croix of Park Falls, Ltd.; Taylor Fly Fishing; TICA Fishing Tackle; Zebco Holdings, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Rods, Reels, & Poles; Lures, Flies, & Baits; Fishing Lines; Fishing Hooks; Other Product Segments); End-Use (Individuals, Sports Organizers, Clubs)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Rest of World.
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Global Sports Fishing Equipment Market to Reach $15.4 Billion by 2026
Sports fishing equipment are the tools used by the anglers to catch the fish from oceans, lakes and rivers. Fishing as a commercial, leisure, and sporting activity has gained widespread popularity owing to the recognition of fishing as a leading sport by several associations. In developed countries, such as the US and the UK, fishing platforms are being expanded, thereby improving access to water bodies for fishing purposes and turning the activity into a social sport. Demand in the market is set to be driven by a rapid growth in the food and beverages industry, rising demand for sea food products, and rapid growth in global population coupled with changing trend towards non-vegetarian food. Increased presence of fishing equipment on ecommerce websites and the growing number of companies collaborating with recreational clubs and associations for sponsoring competitions in sport fishing are also bolstering the market growth. To enable precision fishing, modern fishing rods are being equipped with sensors for locating and tracking fishing hotspots via smartphone applications.
Amid the COVID-19 crisis, the global market for Sports Fishing Equipment estimated at US$12.6 Billion in the year 2020, is projected to reach a revised size of US$15.4 Billion by 2026, growing at a CAGR of 3.4% over the analysis period. Rods, Reels, & Poles, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$6.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lures, Flies, & Baits segment is readjusted to a revised 4.7% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.5 Billion in 2021, While China is Forecast to Reach $1.9 Billion by 2026
The Sports Fishing Equipment market in the U.S. is estimated at US$4.5 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2026 trailing a CAGR of 5.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.8% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. The United States represents the largest market supported by the great American outdoor culture where recreational fishing is viewed as a relaxing sport offering peace and tranquility, and the existence of numerous fishing destinations. Underpenetrated nature of the market; increasingly westernized lifestyles, growing stress levels, surging interest in fishing, and expanding population offer major opportunities for growth in developing economies. The growing interest in kayak fishing is considered to be the main driver for increased fishing rod sales, commonly across all markets.
Fishing Lines Segment to Reach $1.8 Billion by 2026
Fishing line is a link between the bait/lure and the reel, and is available in various strengths ranging from 2 pounds test to above 100 pounds test. Monofilament nylon line is commonly used for fishing due to its durability and strength. Another type of fishing line is fly-fishing line, which are woven synthetic strands and coated with various thin layers of plastic. In the global Fishing Lines segment, USA, Canada, Japan, China and Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion in the year 2020 will reach a projected size of US$1.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$120.9 Million by the year 2026. More
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Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world’s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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SOURCE Global Industry Analysts, Inc.