The latest study from Future Market Insights (IMF) provides a qualitative and quantitative assessment of the fishing reel market. It studies the market on the basis of product type, material type, fishing type and sales channel for the assessment period 2021-2031.
According to an in-depth study published by IMF, the global fishing reel market will reach US $ 8.6 billion in 2021. The growing demand of anglers and recreational anglers for sport fishing is driving the growth of the market. Driven by this, the market is expected to grow at a CAGR of 4.9% during the forecast period 2021-2031, compared to the CAGR of 3.3% from 2016 to 2020.
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A rapid increase in the trend of outdoor recreational activities such as fishing, hunting and others is creating a healthy demand for fishing reels. According to a study by the American Sport Fishing Association (ASA), more than 49 million people in the United States participate in recreational fishing activities each year. This increase in the number of anglers across the world is expected to create lucrative opportunities for the market.
The fishing industry is developing at a rapid pace. In response to this, several strict guidelines are being implemented for fishing in regional oceans to protect marine life and the environment. Several restrictions are in place on fishing using fishing nets. Driven by this, fishing reel sales are expected to increase to US $ 5.3 billion in 2021.
Based on the product type, spinning reels are expected to become the main category in the market, accounting for nearly 48.2% of total sales. The high efficiency, ease of use, durability and drag settings of spinning reels make them highly sought after in the market.
“The market is expected to gain popularity as the major players focus on launching customized and modified reels based on customer requirements. Intensive efforts by regional governments to promote recreational fishing activity will accelerate market growth, ”the IMF analyst said.
Key takeaways from fishing reel market research
• The United States is expected to become North America’s most lucrative market, contributing more than three-quarters of revenue in 2021.
• The UK is expected to experience rapid growth in the European market, with a CAGR of 4.8% during the assessment period.
• The Australian market is estimated to have the largest revenue share in Oceania, accounting for over 61.8% of sales through 2031.
• South Korea and Japan are expected to account for 12.6% and 24.3% market shares, respectively, in the East Asian fishing reel market in 2021.
• In terms of type of fishing, freshwater fishing is expected to dominate the market, accounting for 66.2% of the total share by 2021.
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Key factors
• Growing demand for strong and durable reels to withstand the corrosive saltwater atmosphere for recreational fishing activities is driving sales of aluminum fishing reels.
• The increasing availability of a wide range of products on e-commerce platforms is driving sales in the online retail segment.
Key restrictions
• The implementation of strict regulations to restrict fishing activities in North America and Asia-Pacific is hampering market growth.
Competitive landscape
Some of the leading companies in the global market are SHIMANO INC., Tackle World, Daiwa Corporation, TICA FISHING TACKLE and Pure Fishing, Inc. According to IMF, these players are expected to account for nearly 24% to 28% of the total revenue share up to ‘in 2031.
Major manufacturers are focused on adopting expansion strategies such as new product launches, mergers, acquisitions and partnerships to expand their product portfolio. Some companies aim to strengthen their digital presence to increase their consumer base. For example,
• In 2021, Abu Garcia, a reels and fishing equipment company, announced the launch of its unique ZENON rods and reels, which the company claims to be its lightest and most technologically advanced product on the market. The reels in this series are constructed of magnesium which provides better performance, less weight and more sensitivity in fishing sports.
• In 2020, Daiwa Corporation, a Japanese manufacturer of fishing equipment, announced the launch of its new website, specially designed to showcase the arrival of new fishing equipment, including rods, reels and others. The strategy will help the company expand its consumer base and strengthen its digital presence.
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Some of the major players operating in the market presented by IMF are:
• SHIMANO INC.
• Daiwa Company
• Abu Garcia
• NingBo HaiBao fishing tackle co., Ltd.
• OKUMA FISHING TACKLE CO., LTD
• Orvis, Inc.
• BPS Direct, LLC
• Attack the world
• TICA FISHING EQUIPMENT
• BCF Australia
• Pure Fishing, Inc. (Penn)
• Others
More Valuable Information About Fishing Reels Market
IMF in its new report offers an unbiased analysis of the Fishing Reels market, analyzing forecast statistics through to 2021 and beyond. The survey reveals growth projections in the Fishing Reels market with detailed segmentation:
By product type:
• Spinning reel
• Bait casting reel
• Spincast reel
• Fly reel
• Others (Offshore, Conventional, Surf Fishing, etc.)
By type of material:
• Stainless steel
• Aluminum
• Graphite
• Others (Plastic, Rubber, etc.)
By type of fishing:
• Freshwater fishing
• Saltwater fishing
By sales channel:
• Direct sales
• Hypermarkets / Supermarkets
• Specialty stores
• an outdoor sports store
• Online retailers
• Other sales channel (convenience stores)
By region:
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa
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Key questions addressed in the report
• The report provides an overview of the demand outlook of the Fishing Reels market for the forecast period 2021-2031.
• The market research also highlights the forecasted sales growth for the Fishing Reels market between 2021 and 2031.
• Fishing Reels market research identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluating the current market size and forecast and technological advancements within Of the industry
• Analysis of fishing reels market share, covering key companies in the sector and coverage of strategies such as mergers and acquisitions, joint ventures, collaborations or partnerships, etc.
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