Global Fishing Reels Market Size Estimated to Reach USD 5,075.5 Million by 2027, With 4.6% CAGR: Astute Analytica

NEW DELHI, April 27, 2022 /PRNewswire/ -- The study undertaken by Astute Analytica foresees a tremendous growth in revenue of the market for global fishing reels market from US$ 3,883 Million in 2021 to US$ 5,075.5 Million by 2027. The market is anticipated to grow at a CAGR of 4.6% during the forecast period 2022-2027. A fishing reel is a device that uses a spool mounted on an axle to deploy and recover fishing line. Although certain specialized reels are fixed directly to boat gunwales or transoms, they are commonly used in conjunction with a fishing rod. The fishing equipment market basically comprises of baits, flies, tools & pliers, lures, hooks, sinkers, tippers & swivels, reels, sinkers, rings and poles. Furthermore, the rise in innovation in reels and fishing equipment, the market witnessed a rapid growth during the forecast period.

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On the basis of reel type, spinning reel segment holds the major share in 2021. Whereas, electric reel segment is expected to project the highest CAGR in the global fishing reel market due to its easy-to-use features. Moreover, based on reel mechanism, the direct drive reel segment holds the largest market share in the global fishing reel market in 2021. Whereas, anti-reverse reel segment is expected to hold the highest CAGR in the global fishing reel market during the forecast period. Furthermore, in terms of price range, the price range below US $100 is dominating the market in 2021. While, the price between US $100-500 is projected to grow at the highest CAGR during the forecast period. In addition, by sales channel, offline segment holds the largest market share in 2021. Whereas, online segment is expected to grow at the highest CAGR over forecast period due to significant rise in the number of internet and mobile users in emerging markets. Also, in terms of application, the freshwater fishing segment holds the largest market share in 2021. Whereas the saltwater fishing segment is expected to grow with the highest CAGR over the forecast period.

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Market Dynamics and Trends

Drivers

The growing popularity of recreational activities such as fly-fishing, sport fishing, bait fishing etc., among millennials and rise in consumer awareness towards the health benefit of fish will boost the global fishing reel market during forecast period. Millennials are the generation most concerned with natural and ethical food products, which enforces them to hunt more thereby driving the growth of fishing reel market. Moreover, rise in consumer awareness towards the health benefit of fish such as vitamins, proteins and others quantity further create a high demand for the fishing reel market. It is one of the best sources of the long-chain omega-3 fatty acids, eicosapentaenoic acid (EPA) and docosahexaenoic acid (DHA), which is an essential part for human diet.

Restraints

Depletion of sea species is a restraining factor which inhibits the growth of the market during the forecast period. The rising demand for organic seafood and fish, is the main key factor that depletes the marine species, which results in restraining the growth of the market. Overfishing is a process of catching fish from the sea at rates too high where fish stocks become too depleted to recover.

Opportunity

E-commerce penetration has changed the way every business is performed across the world, it has become a crucial part of the international delivery industry as internet penetration and smartphone adoption is growing in personal and commercial price range. Therefore, the demand for fishing reel is gaining a high growth potential in the e-commerce market as it attracts consumers who prefer healthy to shop online.

Fishing Reel Market Country Wise Insights

• North America Fishing Reel Market-

US holds the major share in terms of revenue in the North America Fishing Reel Market in 2021 owing to the increasing popularity of fishing activities such as ice fishing, sport fishing, etc., across this region. Whereas, Mexico is projected to grow with the highest CAGR during forecast period.

• Europe Fishing Reel Market-

Poland is expected to project the highest CAGR in the Europe Fishing Reel Market during forecast period. Whereas, Russia held the major share in the Europe market in 2021 owing to the presence of leading players and increasing adoption of new product launches and innovations in the existing reels.

• Asia Pacific Fishing Reel Market-

China is the highest share holder region in the Asia Pacific Fishing Reel Market in 2021. Whereas, India is expected to project the highest CAGR during the forecast period owing to the increasing number of budget friendly game fishing destinations across this region. Moreover, based on reel mechanism, direct drive segment contributed the major share in the Asia Pacific market. Where, the anti-reverse reel mechanism in Asia Pacific is growing at the highest CAGR during the forecast period.

• Oceania Fishing Reel Market-

Australia is expected to hold the largest share while, New Zealand is anticipated to witness the highest CAGR in the Oceania fishing reel market during forecast period. Moreover, based on application segment, freshwater fishing contributed the major share in the Oceania fishing reel market. Where, the saltwater fishing is projected to grow at the highest CAGR during the forecast period.

• Rest of the World Fishing Reel Market-

South America is projected to grow with the highest CAGR in the ROW Fishing Reel Market over the forecast period. Also, South America held the major share in the ROW market in 2021. Furthermore, based on channel, offline channel holds the major share in the ROW fishing reel market and further the online channel is projected to grow at the highest CAGR during the forecast period.

Strategies adopted by Key Players in the Global Fishing Reel Market

• Abu Garcia is a fishing reel and fishing equipment company which was formerly known as AB Urfabriken. The company majorly focuses on exploration and making innovative products. The company remains firmly committed to maintaining its industry leadership position by providing anglers everywhere with the highest quality.
• Florida Fishing Products is a Florida based company that provides fishing products and sunglasses. The company focuses on providing high-quality fishing products at an affordable price. In addition, it is committed to promote the responsible management of the fisheries as well as creating a culture of conservation minded anglers for generations to come.
• Shimano Inc. is a Japan-based bicycles, fishing products providing company which operates globally. The company focuses on product development and providing innovative solutions in the field of fishing products and bicycles. It emphasizes global presence by providing quality and environment-friendly products.

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Competitive Insight

Global Fishing Reel Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global fishing reel market include Abu Garcia, Alvey Reels, Daiwa Corporation, Elec-Tra-Mate, Florida Fishing Products, Hooker Electric Inc., Mitchell Reel Co., Shimano Inc., Shakespeare Company. LLC, Zebco, Pokee Fishing, Cabela's Inc. and AFTCO Mfg among others.

Segmentation Overview

Global Fishing Reel Market is segmented based on reel type, reel mechanism, price range, sales channel, application and region. The industry trends in the global fishing reel market are sub-divided into different categories in order to get a holistic view of the global marketplace.

Following are the different segments of the Global Fishing Reel Market:

• By Reel Type segment of the Global Fishing Reel Market is sub-segmented into:
  
  
• Spincast Reels
• Spinning Reels
• Baitcast Reels
• Round Baitcasting Reel
• Low-Profile Baitcasting Reel

• Electric Reel
• Fly fishing Reel
• Offshore Reels
• Others
  
  
• By Reel Mechanism segment of the Global Fishing Reel Market is sub-segmented into:
  
  
• Direct-drive reel
• Anti-reverse reel
  
  
• By Price Range segment of the Global Fishing Reel Market is sub-segmented into:
  
  
• < US$ 100
• US$ 100 - 500
• US$ 500 - 1,500
• > US$ 1,500
  
  
• By Sales Channel segment of the Global Fishing Reel Market is sub-segmented into:
  
  
• Offline

• Sports Stores
• Departmental Stores

• Online

• E-commerce websites
  
  
• By Application segment of the Global Fishing Reel Market is sub-segmented into:
  
  
• Freshwater Fishing
• Saltwater Fishing

• By Region segment of the Global Fishing Reel Market is sub-segmented into:

• North America
• The U.S.
• Canada
• Mexico

• Europe
• The UK
• Germany
• France
• Italy
• Spain
• Poland
• Russia
• Rest of Europe

• Asia Pacific
• China
• India
• Japan
• ASEAN
• Oceania
• Australia
• New Zealand
• Rest of Oceania

• Rest of Asia Pacific

• Rest of the World

• Middle East & Africa (MEA)
• UAE
• Saudi Arabia
• South Africa
• Rest of MEA

• South America
• Argentina
• Brazil
• Rest of South America

Browse the Detail Report "Global Fishing Reels Market- (By Reel Type– Spincast Reels, Spinning Reels, Baitcast Reels, Electric Reel, Fly fishing Reel, Offshore Reels and Others; By Reel Mechanism- Direct-drive reel and Anti-reverse reel; By Price Range- < US$ 100, US$ 100 – 500, US$ 500 - 1,500 and > US$ 1,500; By Sales Channel-Offline and Online; By Application- Freshwater Fishing and Saltwater Fishing; and By Region) - Industry Dynamics, Market Size and Opportunity Forecast, 2027" with in-depth TOC: https://www.astuteanalytica.com/industry-report/fishing-reels-market

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SOURCE Astute Analytica