Global Fishing Equipments Market Overview, 2023-28

Fishing is a popular activity and cultural practice around the world, with many different variations and traditions depending on the region and community. Fishing has played a significant role in the economy and way of life of many coastal and inland communities for thousands of years. Fishing equipment culture is closely tied to the fishing culture and varies significantly depending on the region and community. Fishing equipment has evolved over the centuries, and different cultures have developed their own unique styles and designs to suit their specific needs and environments. In some parts of the world, fishing is a way of life and a primary source of income for many families. For example, in parts of Southeast Asia, fishing is a traditional occupation that has been passed down through generations. In other parts of the world, such as the Nordic countries, fishing is a recreational activity that is deeply ingrained in the local culture and lifestyle. Fishing is also associated with many cultural and religious traditions. For example, in Japan, fishing is closely tied to the Shinto religion, and certain fish species, such as tuna and eel, have special cultural significance. In Hawaii, fishing is an important part of the local culture, and the practice of "aloha fishing" emphasizes respect for the ocean and sustainable fishing practices. In many countries, fishing festivals and competitions are held to celebrate the local fishing culture and traditions. These events often involve competitions to catch the largest or most fish and may include cultural performances, food, and other festivities. Fishing equipment culture is a diverse and dynamic aspect of global culture that reflects the local environment, traditions, and values of different communities. In many parts of the world, fishing equipment culture emphasizes sustainability and conservation, with a focus on using equipment and practices that minimize the impact on the environment and promote the long-term health of fish populations. According to the research report, “Global Fishing Equipment Market Overview, 2023-28” 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. The growing popularity of recreational fishing, particularly in developing countries, is driving demand for fishing equipment. This presents opportunities for businesses to expand their market presence and develop new products and services to meet this growing demand. Also, there is a growing focus on sustainability and conservation in the fishing industry, particularly with regards to commercial fishing. Further, advances in technology are driving innovation in the fishing equipment industry. New materials and designs are improving the performance of fishing equipment and making it more durable and efficient. With rise in internet penetration, number of social media users has increased considerably. Taking this into consideration, most key players in the fishing equipment market strategize on promoting their products and services on these social media platforms. E-commerce is one of the major strategies adopted by various companies and industries on imparting awareness regarding their product offerings among target customers on e-commerce channels. Moreover, there is variety of fishing techniques such as gathering, netting, trapping, angling, and spearfishing used to catch fish. In addition, recreational, artisanal, and commercial fishers use different techniques and sometime similar techniques. Recreational fishers fish for pleasure or sport and mostly use angling methods for fishing in both salty and fresh water. Furthermore, modern fishing techniques such as electric reels, modern rods and nets have added more accuracy in the fishing techniques. Thus, increase in efficient fishing techniques for fishing further propels growth of the market. Based on product type, reels segment is leading the market in 2022.

The global market is further segmented into five major regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. Among them, North America is leading followed by Europe. The North America fishing equipment market is one of the largest in the world and is driven by the popularity of recreational fishing and the presence of several large manufacturers of fishing equipment in the region. Recreational fishing is a significant driver of the North America fishing equipment market, with an estimated 50 million recreational anglers in the United States alone. The popularity of recreational fishing is supported by a strong culture of outdoor activities and the availability of numerous fishing locations throughout the region. However, Asia-Pacific region is growing at a higher CAGR by 2023-28 driven by the increasing demand for seafood and the growing popularity of recreational fishing. The Asia-Pacific region is home to some of the world's largest commercial fishing industries, with countries such as China, Japan, and Indonesia being major players in the industry. The commercial fishing industry in the region is focused on species such as tuna, squid, and shrimp. The presence of several large manufacturers in the region is also contributing to the growth of the market. However, PETA (People for the Ethical Treatment of Animals) a charity that operates globally dedicated to establishing and protecting rights of all animals, campaign against angling and have launched a number of initiatives and campaigns designed to turn 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 is aimed at stopping parents from encouraging their children toward fishing. Moreover, many NGOs such as Aquaculture Stewardship Council and Fisheries Innovation Scotland are against commercial fishing and fishing equipment. In addition, 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, rise in campaign against fishing by NGOs and PETA restricts growth of the fishing equipment market. Based on the sales channel, offline segment is leading the market in 2022. While online sales channels have been growing in popularity in recent years, offline sales channels continue to lead the fishing equipment market due to the unique benefits they offer customers. Based on the market, the report is categorized into three nature types including fresh water, sea water and fly fishing. Freshwater fishing is done in lakes, rivers, streams, and ponds that contain fresh water. Freshwater fishing equipment typically includes lighter fishing rods, smaller reels, and smaller lures and baits. North America and Europe are the largest markets for freshwater fishing equipment, driven by the popularity of recreational fishing in these regions. On the other hand, the Asia-Pacific region is considered as one of the essential market for saltwater fishing equipment, driven by the significant commercial fishing industry in countries such as China, Japan, and Indonesia. Nowadays, ice fishing has emerged as a major trend across the globe. It is done on frozen bodies of water such as lakes, ponds, and rivers during the winter months. Ice fishing equipment typically includes specialized fishing rods and reels, as well as augers to drill holes in the ice. Based on a growing trend among fly anglers towards sustainability and conservation, many anglers are advocating for catch-and-release practices and supporting organizations that work to protect fish populations and their habitats. Fly fishing is becoming a popular activity for travellers, with many people planning trips specifically to fish in exotic locations. This has led to the growth of the fly fishing travel and tourism industry, with many outfitters and lodges offering guided trips and packages. There is a growing number of women taking up fly fishing, with more gear and apparel designed specifically for women. Women's fly fishing clubs and events are also becoming more common.

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Manmayi Raval

Research Consultant

The fishing equipment market is constantly evolving and there are several futuristic trends that are likely to shape the industry in the coming years. The industry is likely to become more efficient, cost-effective, and environmentally friendly as these trends continue to develop. There is a growing trend towards the development of smart fishing equipment that utilizes advanced sensors, software, and wireless connectivity to improve efficiency and accuracy. Smart fishing gear can provide real-time data on fish behaviour, water conditions, and other variables to help anglers make better decisions. With the increasing focus on sustainability and conservation, there is a growing trend towards the use of sustainable materials in fishing equipment. Manufacturers are experimenting with biodegradable and environmentally friendly materials such as bamboo, cork, and recycled plastics. Advances in automation technology are likely to impact the fishing industry, with the development of autonomous fishing boats and drones that can be used to track and catch fish. This technology can help reduce costs and improve efficiency in commercial fishing operations. Also, 3D printing technology is likely to play a significant role in the future of fishing equipment manufacturing. This technology can be used to create custom-made fishing gear, improve product design, and reduce waste. Augmented reality (AR) technology can also be used to enhance the fishing experience by providing real-time information on fish locations, weather conditions, and other relevant data. AR can be used to create virtual fishing simulations and training programs. Companies Mentioned in this Report: Globeride Inc, Pure Fishing, Inc, Sea Master Enterprise Co., Ltd, Maver UK Ltd, Jarvis Walker Pty, Inc, Okuma Fishing Tackle Co., Ltd, Shimano Inc, Rapala VMC Corporation, St. Croix Rods, Cabela's LLC Considered in this report • Geography: Global • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028

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Aspects covered in this report • Global Fishing Equipment market with its value and forecast along with its segments • Region-wise Welding Equipment & Consumables market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report: • North America • Europe • Asia-Pacific • South America • Middle East & Africa By Product type: • Hooks • Lines • Sinkers & floats • Rods • Reels • Nets & Traps • Spears& Gaffs • Baits & Lures • Others (Fishing Stopper, Swivel Fishing Line, Fishing Snap, etc.) By Nature Type: • Fresh water • Salt water • Fly fishing By Distribution Channel: • Online • Offline The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Fishing Equipment industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.