Global Fishing Equipment Market Report and Forecast 2024-2032

Global Fishing Equipment Market Outlook

The global fishing equipment market stood at a value of around USD 15,534.17 million in 2023. The market is further expected to grow at a CAGR of 4.3% in the forecast period of 2024-2032 to attain a value of nearly USD 22,690.03 million by 2032.

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The Fresh Water Segment to Hold a Substantial Share of the Global Fishing Equipment Industry

Based on the nature of fishing, the freshwater segment is expected to hold a significant share in the global fishing equipment industry during the forecast period. It is due to the increasing commercial and domestic fishing activities being carried out on freshwater bodies such as the Amazon basin, and Lake Victoria, among others. Meanwhile, in terms of type, the reels segment is estimated to account for a significant market share. It is a small cylindrical pulley-like device put on the fishing rods that eases the task of winding and pulling out a potential catch.

North America to Account for a Significant Market Share of the Global Fishing Equipment Industry

The North American region is predicted to account for a considerable share of the global fishing equipment industry. The market growth can be attributed to the increased popularity of fishing in the region. People from all age groups enjoy and actively engage in it. This has contributed substantially to the overall market growth. Meanwhile, Europe is also witnessing a rise in preference for fishing as a recreational sport, which is expected to impact the industry growth positively.

Fishing Equipment: Market Segmentation

Fishing is a recreational sport enjoyed by many around the world. People engage in fishing as a means to relieve stress, bond with nature, and socialise with new people with similar interests. In addition, seafood is an essential dietary element worldwide and is an acclaimed source of protein and healthy fats. Hence, fishing is carried out in different ways, such as cast-net fishing, spearfishing, and fly fishing, which require various tools to accomplish. Fishing equipment, therefore, is any tool that aids in the process of catching fish, such as hooks, fishing rods, reels and nets.

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By type, the market is divided into:

• Hooks
• Lines
• Sinkers and Floats
• Rods
• Reels 
• Nets and Traps
• Spear and Gaffs
• Others

On the basis of nature, the industry can be categorised into:

• Fresh Water
• Salt Water
• Fly Fishing
• Others

Based on distribution channel, the market can be bifurcated into:

• Online
• Offline

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increased Investments in Online Promotional Strategies to Bolster the Growth of the Global Fishing Equipment Industry

Fishing equipment manufacturers are focussing on online sales and promotional activities due to the increased number of internet and social media users and a rising preference for online shopping, which is expected to grow significantly in the coming years. The online sales channel helps widen the consumer reach and narrow target segments while also assisting in logistics management, ease of payment, and enhancing the consumer experience. In addition, there has been an increase in fishing equipment sales due to the rising disposable incomes, growing consumer spending on recreational activities, and a surge in commercial and domestic fishing activities to meet the rising demand for seafood. These factors are expected to positively impact the industry growth in the forecast period.

Key Industry Players in the Global Fishing Equipment Market

The report gives a detailed analysis of the following key players in the global fishing equipment market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Daiwa Corporation
• Pure Fishing Inc.
• Sea Master Enterprise Co., Ltd.
• Maver (UK) Ltd
• Johnson Outdoors Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

Key Highlights of the Report