Global Fishing Rods and Accessories Market Expected to Reach US$ 5,514 Mn by 2027: Industry Probe

August 08, 2019, Domain: Consumer Goods & Retail

According to a new market report published by Industry Probe titled ‘Fishing Rods and Accessories Market (Product Type: Rod (Casting Rods, Spinning Rods, Fly Rods, and Others), Accessories (Reel, Lures & Baits, Hooks & Sinkers, Fishing Lines & Leaders, Nets, and Others); Water Type: Freshwater, Salt Water; Rod Material: Bamboo Rods, Graphite Rods, and Fiberglass Rods; Distribution Channel: Online, and Offline (Hypermarkets/Supermarkets, Specialty Stores)) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027’ the global fishing rods and accessories market was valued at US$ 3,580.5 Mn in 2018 and is expected to expand at a CAGR of 5.0% from 2019 to 2027.

Overview

  • Factors such as rising participation in sports fishing competitions, government support for recreational fishing initiatives, and growing enthusiasm of fishers are projected to drive the demand for fishing rods and accessories worldwide. Additionally, increasing participation of women in sports fishing is also expected to drive the market. A number of sports fishing events and competitions organized worldwide are specially targeting women anglers. ‘Ladies Annual Fish-Off,’ one of the largest female fishing tournaments in South Florida, U.S. is also attracting more women to the sport.

  • Europe held major share in the global fishing rods and accessories market in 2018 followed by North America and Asia Pacific. Asia Pacific region is expected to show good growth opportunities for manufacturers of fishing rods and accessories during the forecast period. Growing prominence of fishing vacations, rise in fishing destinations in Southeast Asia, and establishment of fishing resorts are some of major factors expected to drive the growth of the market in the region.

Driving Factors

  • Increasing involvement in recreational activities such as fishing is one of the crucial factors anticipated to drive the sale of fishing rods and accessories worldwide. Growing popularity of prestigious fishing events and tournaments such as ‘Opening Day of Trout Season,’ ‘Bassmaster Classic,’ and ‘Yamaha Contender Miami Billfish Tournament,’ is also expected to increase the demand for fishing rods and accessories.

  • Social and promotional activities such as donation of fishing rods and accessories to charities are predicted to increase interest in the fishing rods and accessories global market. In June 2019, Cabala and Bass Pro Shops, American outdoor recreation merchandise retailers collaborated to donate around 55,000 fishing rods and reels to children and charities across the U.S. The demand to exclude sports fishing equipment from proposed tariffs on Chinese imports in the U.S is foreseen to create a favorable business environment in the American market. In June 2019, the American Sportfishing Association expressed its views before the US Trade Commission to exclude sport fishing equipment from a future round of tariffs.

Key Challenges

  • Growing popularity of other leisure activities (computer games, mobile games, etc.) and the time consuming and pricy fishing license procedure in some parts of the globe are the factors anticipated to hamper the growth of the market during the forecast period.

Market Preference

  • Based on region, Europe holds a major share of the global fishing rods and accessories market, followed by North America. Currently, there are more than 3,000 fishing tackle manufacturers, 13,000 specialist fishing tackle stores, and a fishing population of approximately 25 million in Europe.

  • Over the past few years, the prices of fishing rods and accessories have gone up as the Dollar rose against the Euro; despite this fact, fishing rods and accessories continue to enjoy stable demand from European fishermen. The ongoing economic recovery along with the strong private consumption in Europe is expected to boost the demand for fishing rods and accessories in the region.

Competitive Landscape

  • The fishing rods and accessories market is dominated by several players who are focused on the development of new products to cater to the changing consumer preferences.

  • The report includes the below mentioned pointers of major players operating in the fishing rods and accessories market:

    • Competition Matrix

    • Company Overview

    • Product Profiling

    • Market Share Analysis (2018)

    • Product Comparison Analysis

    • Business Strategies / Recent Developments

      • Technological advancements

      • Key mergers and acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered under the Scope Include

  • Globeride, Inc.

  • Pure Fishing, Inc.

  • Okuma Fishing Tackle Co., Ltd

  • SAGE

  • Bruce & Walker

  • Shimano, Inc.

  • Croix Rods

  • L. Winston Rod Company

  • Weihai Huayue Sports Goods Co., Ltd

  • L Wilson & Co Pty Ltd.

Market Segmentation/Research Scope

Fishing Rods and Accessories Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2027

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