Date : March 31, 2023
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The global fishing equipment market is set to make waves with strong growth and technological advancements in the coming years, with a 4% CAGR for 2023-28. – Bonafide Research

The global fishing equipment market is set to make waves with strong growth and technological advancements in the coming years, with a 4% CAGR for 2023-28. – Bonafide Research
Fishing is a sport that requires patience, skill, and the right equipment. Fishing can also be a relaxing way to spend time outdoors and connect with nature. Fishing has played a significant role in the development of human societies and has been practiced for thousands of years, with evidence of early fishing techniques dating back to the Paleolithic era. There are many different types of fishing techniques, including fly fishing, spin fishing, baitcasting, and trolling. The global fishing equipment market has been steadily growing over the years, driven by the increasing popularity of recreational fishing as a leisure activity. The rise in disposable incomes and the growth of the tourism industry have also contributed to the growth of the market. With the demand for high-quality and durable fishing equipment on the rise, manufacturers are constantly innovating and introducing new products to meet the evolving needs of anglers. One of the most important pieces of equipment for any angler is the fishing rod. There are many different types of fishing rods available, each designed for a specific type of fishing. For example, a fly rod is used for fly fishing, while a spinning rod is used for casting lures or bait. Fishing reels are also an important part of an angler's arsenal, as they are used to retrieve the fishing line and control the fish once it is hooked. Additionally, fishing line, hooks, sinkers, and bait are all essential pieces of equipment that can greatly affect your chances of catching fish. Fishing culture varies greatly across different regions and countries, with each community having its unique practices and rituals. For instance, in Japan, fishing is considered an art form, with anglers practicing traditional fly fishing techniques and using bamboo rods. In some African countries, fishing is a communal activity, with entire villages coming together to fish and share the catch.

According to the research report, “Global Fishing Equipment Market Outlook, 2028” published by Bonafide research the market is anticipated to reach USD 17.88 Billion by 2028 with a significant CAGR of 4% from USD 14.19 Billion in 2022. As the aquaculture industry has grown, there has been an increased demand for specialized equipment, such as fish feeders, aeration systems, and water quality monitoring systems. This has created new opportunities for fishing equipment manufacturers and suppliers to expand their product lines to cater to the needs of the aquaculture industry. With the rise of aquaculture, there has been a shift in demand for fishing gear. For example, traditional fishing gear such as nets, traps, and lines may not be suitable for use in aquaculture operations, where specialized equipment like cages, tanks, and pumps are needed. This has led to a change in the composition of the fishing equipment market, with a greater focus on equipment for aquaculture. The growth of the aquaculture industry has led to increased competition for resources such as land, water, and feed. This has impacted the availability and cost of these resources, which in turn affects the demand for fishing equipment. For example, fluctuations in the availability and price of fish feed can impact the demand for fishing gear used in aquaculture.

The global fishing equipment market can be divided into several regions based on geography, including North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The North American fishing equipment market is one of the largest in the world, driven by the popularity of recreational fishing in the United States and Canada. The United States is the largest market in the region as well in the global market, accounting for the majority of the fishing equipment sales. Canada is also a significant market for fishing equipment, with a strong focus on fly fishing gear. Europe is another major market for fishing equipment, driven by the popularity of commercial fishing in countries such as Norway and the United Kingdom, as well as recreational fishing in countries such as Germany and France. The European market is highly competitive, with a large number of players competing for market share. However, many countries in Asia Pacific, such as Japan and South Korea, have a long history of fishing and have developed unique traditional fishing methods. These methods often require specialized fishing equipment, such as bamboo fishing rods and hand-operated fishing reels, which are not commonly used in other parts of the world. Recreational fishing is becoming increasingly popular in many countries in Asia Pacific, particularly in China and South Korea. This has led to a growing demand for high-end fishing equipment, such as high-performance fishing rods and reels, as well as a range of accessories such as fishing lures and lines. South America and Middle East & Africa are projected to grow with moderate CAGR by the end of the forecast period.

In recent years, the global fishing equipment market has been witnessing a significant shift towards sustainable and eco-friendly fishing practices. This has led to an increased demand for fishing equipment made from environmentally friendly materials and with features that promote sustainable fishing practices. In response, many fishing equipment manufacturers are incorporating eco-friendly materials, such as bamboo, recycled plastic, and biodegradable fishing lines, into their products. Furthermore, technological advancements, such as the use of GPS systems and fish finders, are also driving the growth of the global fishing equipment market, making fishing more efficient and enjoyable for anglers. As the demand for fishing equipment continues to rise, manufacturers are constantly striving to develop and introduce new products that cater to the diverse needs of anglers. Furthermore, there is a growing demand for customized fishing equipment, as anglers seek equipment that is tailored to their specific needs and preferences. This trend is being driven by advancements in technology, which are enabling manufacturers to produce more personalized and specialized fishing gear. Based on the report, the market can be divided into fishing hooks, lines, sinkers and floats, rods, reels, nets and traps, spears and gaffs, baits and lures, and other products based on product type. With a market share of more than 36% in 2022, the fishing reels category has dominated the industry. This is because fishing reels are a crucial piece of equipment for anglers and are used for a wide range of fishing activities, including freshwater, sea, fly fishing, and ice fishing.

Wearable technology is being increasingly incorporated into fishing equipment, with the development of products such as smart fishing watches and fish finder vests. These devices allow anglers to monitor water conditions, track fish movements, and more. In addition to that, there is a growing trend towards urban fishing, as more people seek to fish in urban environments such as parks, canals, and rivers. This trend is creating opportunities for manufacturers to develop specialized equipment for urban fishing, such as lightweight and portable fishing gear. Subscription services for fishing equipment are becoming more popular, with companies offering monthly or quarterly deliveries of fishing gear to subscribers. This trend is being driven by the convenience and cost-effectiveness of subscription services, as well as the opportunity for anglers to try out new gear and accessories. Also, renting fishing equipments is emerging as a major driver for global market. Renting fishing equipment can be more convenient than purchasing and maintaining equipment, particularly for individuals who may not have the space or resources to store and maintain their own gear. The fishing equipment rental market is benefiting from innovations in fishing gear, such as lightweight and portable equipment that is well-suited for rental applications. This includes products such as collapsible fishing rods, travel-friendly tackle boxes, and all-in-one fishing kits.

According to the nature, freshwater segment is anticipated to occupy over 55% market share by 2028. Freshwater fishing is accessible to a large number of people as compared to saltwater fishing. Freshwater bodies such as lakes, rivers, and ponds are found in almost every region of the world, making it easier for people to access and engage in fishing. Freshwater fishing requires less expensive equipment as compared to saltwater fishing. This makes it easier for people to get started and sustain their hobby or profession. Also, Freshwater bodies are home to a wide variety of fish species that are popular among anglers. These include bass, trout, catfish, and many others, which provide a diverse range of fishing opportunities. Freshwater fishing is also a major tourism industry in many countries. The availability of freshwater bodies and the variety of fish species make it an attractive destination for tourists who are interested in fishing. However, the demand for seafood continues to grow as the global population increases, and sea water fishing is a major source of seafood production. As a result, there is a growing need to increase sea water fishing to meet this demand. Many countries that have access to the sea have developed sea water fishing as a significant export industry. This has increased the demand for sea water fishing and contributed to the growth of the market. On the other hand, fly fishing is often associated with catch-and-release practices, which are becoming increasingly important as more people recognize the need to protect fish populations. This sustainable approach to fishing has helped to promote fly fishing as an environmentally-friendly activity.

Offline sales channel is expected to lead the market during the forecast period, however; online sales channel is growing at a higher compound annual growth rate by 2028. The offline segment remains important for customers who prefer to examine and purchase products in-person, while the online segment offers convenience and a wider selection of products. The offline segment includes brick and mortar stores, specialty stores, supermarkets, and others. This segment continues to be relevant today, particularly in regions where online shopping is not yet fully established or in remote areas where access to the internet is limited. The future of the fishing equipment market is likely to see a continued growth in the online segment, as more customers embrace online shopping and e-commerce platforms continue to improve their services. This segment has been growing rapidly in recent years due to the increasing popularity of online shopping and the convenience it offers. Customers can browse a wide selection of products, compare prices, read reviews, and make purchases from the comfort of their own homes. The COVID-19 pandemic has also accelerated the growth of the online segment, as many people have shifted to online shopping due to lockdowns and social distancing measures.

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The global fishing equipment market is set to make waves with strong growth and technological advancements in the coming years, with a 4% CAGR for 2023-28. – Bonafide Research

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