The surge in demand from anglers and mounting popularity of sport fishing as a recreational activity are anticipated to expand the global fishing reels market size in near future. Soaring popularity of fishing as a sport activity and consequent popularity of fishing equipment will fuel the demand for fishing reels.
According to a recent report by Future Market Insights (FMI), the fishing reels market is expected to surpass a valuation of US$ 8.6 Bn at a CAGR of over 4.9% through 2031.
Technological improvements in fishing reels have played a key role in driving the market. Correspondingly, the high demand for modified and customized reels based on the requirements of the customer is another factor leading to surge in demand for such fishing reels.
Increase in use of modified fishing reels for freshwater or saltwater fishing will push growth in the market. Besides this, popularity of fishing as a leisure activity is soaring among aged people in North America and Europe, catapulting both regions to the forefront of the market.
Moreover, efforts by regional governments and other communities have helped in the growth of recreational fishing activity. To encourage it, they have introduced various policies and regulations benefitting the fishing enthusiasts.
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For instance, the American Sport Fishing Association (ASA) recently held its inaugural online auction to raise funds in support of Keep America Fishing. Keep America Fishing (KAF) is the association’s grassroots advocacy program that provides nation’s 55 million anglers a way to let their voices be heard when fisheries policy and management decisions will impact recreational fishing.
Such efforts by different organizations are likely to support recreational activities such as fishing among all age population and help the market growth in significant manner.
Key Takeaways from the Fishing Reels Market Study
- Spinning reels are expected to hold the leading revenue share of 48.2% in the market in 2021 aided by their high durability and efficiency in all types of waters.
- Aluminium reels dominate the market as they can withstand corrosion even in saltwater bodies and are regarded as most durable by fishing enthusiasts.
- The U.S. holds a share of 76.5% in North America owing to the high penetration of key players in the region.
- Malaysia is a key market in South Asia, registering growth at above 8% CAGR owing to higher spending on premium products in the country.
- Europe showcases lucrative opportunities for the fishing reels industry backed by a larger pool of consumer population who are willing to spend on recreational activities.
“Intensive promotional activities and marketing campaigns by manufacturers on back of greater support for recreational activities from various government and private organizations will drive fishing reels market in the near future,” says an FMI analyst.
Impact of COVID-19 on the Market
The novel coronavirus outbreak had caused economic downturn by disrupting corporate operations in various industries. The retail sector had been considerably hit. Decline in overall discretionary spending also had adverse impact on the retail sector.
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Consumers were subjected to maximum restrictions, which causes the year-on-year growth to nose-dive. During the pandemic, there was a drop in productivity due to complete lockdown and resultant chaos in the industrial environment. The sales were bracketed by online retailing.
In light of this, players concentrated their efforts on increasing internet penetration, as this allowed them to reach a larger consumer base more quickly and at a lower cost. Moreover, restrictions on going out hampered the recreational activities across the globe and correspondingly hampered the fishing reels sales.
Who is Winning?
Leading manufacturers of fishing reels are focused on differential strategies and advertisements that have driven sales growth globally.
Major players present in the fishing reels market are SHIMANO INC., Daiwa Corporation, Abu Garcia, NingBo HaiBao fishing tackle co., Ltd., OKUMA FISHING TACKLE CO., LTD, The Orvis Company, Inc., BPS Direct, L.L.C., Tackle World, TICA FISHING TACKLE, BCF Australia, and Pure Fishing, Inc. (Penn) among others.
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