The Global Hunting Equipment & Accessories Market is experiencing significant growth, primarily driven by the increasing consumer attraction toward outdoor recreational activities as a means to de-stress from hectic work life. Moreover, the rising urbanization and growing health awareness among individuals have further contributed to the surge in consumer involvement in hunting activities.
As hunting gains popularity as a recreational pursuit, market sellers are responding by expanding their product portfolios to cater to the diverse needs of enthusiasts. The demand for a wide range of hunting accessories is on the rise, leading to innovations and product diversification in the market.
Given these factors, the global hunting equipment & accessories market is expected to witness continued growth during the forecast period as more people embrace outdoor activities and seek ways to enjoy nature while maintaining their physical and mental well-being.
The global hunting equipment & accessories market is currently valued at US$ 23.21 Billion in 2023 and is anticipated to expand at a CAGR of 7.8%. Owing to the technological advances in hunting equipment the market is likely to propel to US$ 49.19 Billion by 2033.
Increasing consumer attraction toward outdoor recreational activities due to the growing need to de-stress and hectic work life. Furthermore, growing urbanization and rising health awareness have notably amplified consumer involvement in hunting activities.
The rising popularity of hunting activities is encouraging market sellers to enlarge their product portfolio and deliver diverse hunting accessories. These factors are projected to drive the growth of the global hunting supplies & equipment market during the forecast period.
Increasing preferences for hunting and fishing and the prevalence of lead-free ammunition to prevent the impact on wildlife and contamination of water are the major factor fostering the growth of the market.
North America represents a considerably high market share and increases with higher growth rate as the market is improving in the region due to the increased per-capita expenditure and interests in recreational hunting sports.
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Key Takeaways from the Market Study
- As of 2023, the hunting equipment & accessories market was valued at US$23.21Billion
- From 2023 to 2033, the industry is poised to grow at a 7.8% CAGR
- By 2033, hunting equipment & accessories market is slated to reach a valuation of US$49.19Billion
- By distribution channel, the specialty stores segment accounted for the largest share of 8.1% and is expected to continue this trend over the forecast period.
- China is poised to yield a CAGR of 8.1% with respect to hunting equipment & accessories in 2033
“Growing per capita income and increased spending on recreational activity are expected to radically transform the hunting equipment & accessories market in the coming years,” comments an analyst at FMI.
Competitive Landscape
American Outdoor Brands Corp., Beretta Holding SA, BPS Direct LLC, . Buck Knives, Inc., Dick’s Sporting Goods, Inc., SPYPOINT, Under Armour, Inc., Spyderco, Inc., Sturm Ruger & Co. Inc., Vista Outdoor Inc. are some of the key players in the hunting equipment & accessories industry.
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These players are continuously adopting various strategies such as new product launches, facility expansions, mergers, collaborations, partnerships, and acquisitions to increase their revenue share and gain a competitive edge in the market. for instance,
- In October 2022- Vista Outdoor Inc. has officially welcomed Ganka Inc., a leading distributor of high-quality outdoor clothing & accessories, as a new licensee partner. Ganka represents an extensive line of leading br&s, & this partnership is designed to provide essential apparel & footwear to hunters, hikers & outdoor enthusiasts.
- In August 2022 – Sturm, Ruger & Company, Inc. introduce the lightweight, compact Ruger® LC Carbine™ chambered in 5.7x28mm. The compact nature of this carbine owes to its bolt-over-barrel design & feeding through the grip. The Ruger LC Carbine has a full 16.25″ barrel, features a reversible side-folding stock adjustable for length of pull, and is compatible with Picatinny rail-mounted accessory stocks. The stock & Rapid Deploy adjustable sights can be folded for storage.
More Valuable Insights Available
FMI, in its new offering, presents an unbiased analysis of the hunting equipment and accessories market, presenting historical demand data (2018-2022) and forecast statistics for the period of 2023-2033.
The study divulges essential insights on the Hunting Equipment & Accessories Market by Market by Product Type (Gun, Riffle, Archery, Ammunition, Auxiliary Equipment, Other) by Distribution Channel (Supermarket/Hypermarket, Speciality Stores, Online, Other) by End-User (Individual, Commercial) and by Region
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