Sports fishing or recreational fishing is becoming popular all over the world. One of the major reasons for the popularity of sports fishing is the efforts being carried out by various fishing associations like the American Sportfishing Association that are encouraging people to increase their participation in fishing activities by conducting various programs and events. As the popularity of recreational fishing is growing, various governments all over the world are focusing on development of the fishing activities. Also, countries across the world are making efforts to increase their fishing platforms, which results in improved access to water bodies where fishing can be enjoyed. Moreover, governments across the world are concentrating their energies and resources on issues such as habitat degradation, restoring the marine ecosystems and improving the aquatic systems that support recreational fishing. This results in the market for sports fishing equipment to head in a positive direction.
The global sports fishing equipment market surpassed a US$ 2.5 Bn valuation in 2020,and is poised to reflect a moderate rate of growth through the forecast period (2021 and 2031).
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The industry is likely to register a steady resurgence in growth in 2021 over 2020, as lockdown restrictions due to the COVID-19 pandemic are gradually being relaxed. The market outlook remains largely steady over the coming years, and is expected to register a 4.4% CAGR from 2021 to 2031.
4 Forecast Highlights on Global Sports Fishing Equipment Market
- As per the forecast of Fact.MR, the fishing reels segment is slated to touch a value of nearly US$ 455 Mn in the year 2022. This represents a moderate CAGR during the assessment period of 2017-2022. The fishing reels segment is estimated to account for nearly one-fifth of the revenue share of the product type segment by the year 2017 end and is expected to gain in market share by the year 2022 end.
- As per the forecast of Fact.MR, the clubs end user segment will reach a value of nearly US$ 420 Mn in the year 2017. This represents a sluggish CAGR growth during the forecast period. The clubs end user segment is estimated to account for nearly one-fifth of the revenue share of the end user segment in the year 2017-end and is expected to lose market share by the end of the year 2022.
- As per the forecast of Fact.MR, the independent sports outlet segment is slated to reach a value of nearly US$ 862 Mn in 2022. The independent sports outlet segment is expected to lose some market value by the end of the year 2022. The largest share is contributed by the North America region in the independent sports outlet segment.
- Fact.MR forecasts the US sports fishing equipment market to grow from nearly US$ 671 Mn in 2017 to nearly US$ 843 Mn in 2022. This represents a compound annual growth rate (CAGR) of 4.6% from 2017 to 2022.
- The U.S. will account for a valuation over US$ 800 Mn in 2021, with long-term growth estimates remaining positive.
- France is the largest and fastest-growing market in Europe, and accounts for around a quarter of the European industry.
- The U.K.‘s outlook in the sports fishing equipment market is reflecting a gradual decline in share through 2031, as other European countries witness steady growth.
- China will continue to be a high potential market for sports fishing products.
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