Rising number of recreational and sports fishing anglers, especially in North America and East Asia, is set to drive demand for fishing reels and other fishing associated accessories. Growth rate with respect to number of recreational anglers at a global level is expected to be 2.3% over the next ten years. Further, social media has silently elevated demand across several industries, including sports fishing equipment. Anglers post about their catch on social media, which increases the curiosity of people in their circle about participating in these activities. This trend is expected to continue through the forecast period, thereby positively impacting the growth of the fishing reels market.
However, the outbreak of COVID-19 has impacted demand for global sports goods and other associated products, as a result of nationwide lockdowns that have had a showing significant effect on the production and supply chain of products. This has resulted in short-term decline in sales of fish equipment across North America, Europe, and East Asia.
Fact.MR’s report predicts that the global fishing reels market will progress at a CAGR of 4% over the forecast period of 2023 to 2030.
Fishing Reels Market Insights by Fishing Type
Freshwater fishing in the fishing reels market is one of the most prominent segments, and is expected to account for 65.5% of the market share by reaching a valuation of US$ 2 Bn by the end of 2023. As per the Recreational Boating & Fishing Foundation (US), anglers spent nearly US$ 33 Bn in 2019 on freshwater fishing activities. This, in turn, is foreseen to unlock more growth avenues for the freshwater fishing among anglers, thereby supplementing the growth of the fishing reels market.
Moreover, growing number of outdoor events such as recreational fishing and sports fishing activities among all kinds of people, all ages, and income groups is driving freshwater fishing, as it is largely considered as a recreational fishing activities. Therefore, rising number of recreational anglers and their increasing disposable income will boost demand for highly customized and modified fishing reels during the forecast period.
Following Questions Answers Covered in the Report are:
- How will the global Fishing Reels Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Fishing Reels Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Fishing Reels Market?
- How will these strategies influence the market growth and competition?
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Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
Fishing Reels Market: Competitive Landscape
Players operating in global fishing reels market have anchored their presence across prominent high potential regions due to increased participation in recreational fishing and sport fishing activities. Players have adopted targeted acquisition strategies and innovative product launches to meet increasing demand for deep fishing and offshore fishing across high potential regions.
Key players in the fishing reels market are focusing on product portfolio management. For instance, NingBo HaiBao Fishing Tackle Co., Ltd. expanded its product portfolio to various types of fishing reels, including spincast reels, spinning reels, baitcast reels, etc. The company’s strategy is to enhance its profitability and efficiency by manufacturing and developing innovative products across different fishing reel segments.
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