A $15.4 Billion Global Opportunity for Sports Fishing Equipment by 2026 - New Research from StrategyR

SAN FRANCISCO, March 11, 2022 /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.

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Edition: 17; Released: February 2022
Executive Pool: 2319
Companies: 159 - 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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ABSTRACT-

Global Sports Fishing Equipment Market to Reach $15.4 Billion by 2026
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. Globally, fishing is a broad market and is poised to maintain a stable growth rate in the coming years. A rapid growth in the food and beverages industry and rising demand for sea food products is anticipated to propel growth in the fishing industry in the near future. With numerous people across the globe increasingly shifting towards the consumption of fish and other sea food products, the demand for fishing equipment is likely to increase significantly over the next few years. In addition, the rapid growth in global population, coupled with changing trend towards non-vegetarian food, is also expected to augment growth in the fishing equipment market. Moreover, fish recreational programs and fisheries conservation are gaining global prominence with increasing expenditure by sports fishers and anglers across the globe.

Amid the COVID-19 crisis, the global market for Sports Fishing Equipment estimated at US$13.2 Billion in the year 2022, 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 $4.6 Billion in 2022, While China is Forecast to Reach $1.9 Billion by 2026
The Sports Fishing Equipment market in the U.S. is estimated at US$4.6 Billion in the year 2022. 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. 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. In such countries governments are making possible, improved access for sports fishing enthusiasts to the available water bodies. New water bodies are also being developed for the sport along reservoirs and canals. China represents the fastest growing market over the analysis period. Huge potential exists for offering sophisticated equipment to anglers in the region as majority of them continue to use traditional products that are indigenously made, mostly by a domestic manufacturer. Other growth drivers include underpenetrated nature of the market; increasingly westernized lifestyles, growing stress levels, surging interest in fishing, and expanding population.

Fishing Lines Segment to Reach $1.8 Billion by 2026
In the global Fishing Lines segment, USA, Canada, Japan, China and Europe will drive the 3.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.1 Billion 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.

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www.StrategyR.com
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