Fishing Equipment Market Expected to Reach $23 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Fishing Equipment Market," The fishing equipment market size was valued at $14.5 billion in 2022, and is estimated to reach $23 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.

Fishing equipment encompasses a broad array of tools, gear, and accessories essential for the pursuit of fish. It encompasses an assortment of items thoughtfully crafted to aid anglers in their quest to land their catch, with considerable diversity depending on the fishing style, environment, and the species they are after. Within this category, you'll discover a comprehensive range of gear, including fishing rods, reels, lines, hooks, lures or bait, tackle storage containers, specialized fishing attire, and an assortment of handy accessories such as fishing knives, pliers, and nets.

The launch of new fishing equipment with enhanced technology has been introduced by leading market players. These companies have taken care of the problems that are faced during fishing and have come up with the necessary solutions for fishing sports. Aquadrone is the leading producer in the fish equipment market which has customized the drone specifically to catch fish. Moreover, the drone is designed to find fish using sonar, take images using the camera installed in it, come back to install the bait & lure, and again visit the same spot. The device is 100% waterproof, and it can be used in both fresh and salty water. Furthermore, Aquadrone has become more popular among the young generation and ones with less patience to wait and catch fish. Thus, the rapid advancement of technology in equipment augments the growth of the fishing equipment industry.

The increase in interest of children toward fishing and its related activities has created new business opportunities for the stakeholders. Moreover, fishing activities are becoming one of the favorite outdoor activities that can be enjoyed with kids which is expected to create lucrative fishing equipment market opportunities in the upcoming years.

In addition, parents are encouraging children to start fishing as it helps in increasing concentration levels and enhances the patience level of the kids. Furthermore, there are a variety of simple pole equipment available, which are designed especially for children. These short rod equipment are available with kid-friendly characters, and they are also less frustrating for small hands. In addition, Mitchell, a manufacturer of fishing equipment, produces a number of 5½- foot combos that are perfect for kids aged 7 and up. Thus, the increase in interest shown by children toward fishing activities and the easy availability of fishing equipment for children are expected to augment the growth of the fishing equipment market trends.

People for the Ethical Treatment of Animals (PETA) is a charity, which operates globally and is dedicated to establishing and protecting the rights of all animals. PETA, therefore, campaigns against angling and have launched a number of initiatives and campaigns, which are designed to turn the general public against fishing and to achieve their ultimate aim of having angling banned.

In addition, PETA initiated a campaign called “Don’t Let Your Kids Become Hookers” which was aimed at stopping parents from encouraging their children toward fishing. Moreover, many NGOs such as the Aquaculture Stewardship Council, Fisheries Innovation Scotland, and others are against commercial fishing and fishing equipment. Moreover, 40% of the world’s oceans are heavily affected by human activities including depleted fisheries, pollution, and loss of coastal habitats, which makes PETA and NGOs more brutal against fishing. Thus, the increase in campaigns against fishing by NGOs and PETA restricts the fishing equipment market growth.

According to the market analysis, the global fishing equipment market is segmented into type, nature, distribution channel, and region. Based on type, the market is divided into hooks, lines, sinkers & floats, rods, reels, nets & traps, spears & gaffs, and others. By nature, the market is divided into fresh water, salt water, and fly fishing. As per the distribution channel, the market is segmented into offline and online. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, UK, Russia, and the rest of Europe), Asia-Pacific (China, Japan, India, Australia & New Zealand, Korea, ASEAN, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Turkey, Saudi Arabia, and rest of LAMEA).

Based on type, the hooks segment accounted for more than 22.5% of the market share, in terms of revenue, in 2022. A fish hook is a curved or U-shaped section of strong wire, which is sharpened at one end and the other tied to a fishing line. Moreover, fish hooks enable the user to catch saltwater and fresh fish. Furthermore, sizes, shapes, designs, and materials are all adjustable depending on the intended purpose of the hook. Thus, the availability of fish hooks in a wide variety for fishing further boosts the demand for fishing equipment.  

Based on nature, the freshwater segment led the market and accounted for more than fishing equipment market share 63.5% in 2022 and is expected to maintain its dominance during the forecast period. Fresh water is naturally occurring water except seawater and brackish water. Fresh water is generally characterized by having low concentrations of dissolved salts and other total dissolved solids. Various types of fishing equipment such as rods, reels, hooks, rigs tackle, and others are used for catching fish in fresh water.

As per the distribution channel, the offline segment led the market and accounted for more than 85.1% of the global fishing equipment market in 2022 and is expected to maintain its dominance during the forecast period. Nowadays, expansion through brand outlets has been one of the important business strategies by prominent players. Specialty stores are small retail outlets that focus on selling a particular product range and associated items. Most specialty store business operators maintain considerable depth in the type of product that they specialize in selling, usually at premium prices, in addition to providing higher service quality and expert guidance to shoppers.

Region-wise, North America was the largest market in 2022 and had the highest market share of 36.5%. The rise in population and improved lifestyle are the key factors that drive the growth of the fishing equipment market. An increase in purchasing power in this region majorly boosts the sale of fishing equipment products in this region. Moreover, the surge in the interest shown by adults and children toward fishing in salt water, fly fishing, and freshwater further augments the growth during the fishing equipment market forecast.

Some of the key players profiled in the fishing equipment market analysis include Rome Specialty Company, Inc., GLOBERIDE, Inc., Pure Fishing, Inc., Sea Master Enterprise Co., Ltd., Maver UK Ltd., JARVIS WALKER Pty Ltd, PRADCO OUTDOOR BRANDS, JOHNSON OUTDOORS INC., TICA FISHING TACKLE, and Bright Tribe, Inc.

Key findings of the study

• Based on the type, the spear and gaffs segment is projected to witness the highest CAGR of 6.3%, in revenue terms, during the forecast period.
• Based on nature, the saltwater segment is expected to grow at a significant CAGR during the forecast period.
• Based on the distribution channel, the online retail segment is projected to witness the highest CAGR of 5.5%, in revenue terms, during the forecast period.
• Based on region, Asia-Pacific is anticipated to witness the highest growth rate, registering a CAGR of 5.4% from 2023 to 2032.