The global hunting equipment and accessory market is set for significant growth, projected to expand from USD 25.03 billion in 2024 to USD 51.58 billion by 2034, achieving a compound annual growth rate (CAGR) of 7.5% during the forecast period. This growth is largely fueled by the rising interest in outdoor recreational activities, particularly in North America.
The hunting culture in the United States is supported by established infrastructure, making hunting trips more accessible and appealing. Additionally, the sport is gaining popularity worldwide, with more individuals seeking to learn hunting as a leisure activity. Trophy hunting, in particular, is driving demand for specialized equipment, transforming hunting into a mainstream recreational pursuit.
Key Industry Developments
- Technological Advancements: The industry is witnessing rapid innovation, with manufacturers developing advanced rifle scopes that connect to ballistic computers, providing real-time data on bullet drop and environmental conditions. This technology enhances long-range accuracy and promotes ethical hunting practices.
- Sustainability Trends: There is a growing push for sustainable materials in hunting apparel, responding to eco-conscious consumer demands. Manufacturers are adopting recycled fabrics while maintaining functionality with innovative camouflage patterns.
- Camouflage Technology: Cutting-edge camouflage technology is making hunting blinds nearly invisible, using photorealistic patterns and 3D textures to ensure hunters remain undetected by game.
- DIY Customization: The popularity of DIY broadhead sharpening tools is on the rise, empowering hunters to customize their equipment for specific hunting scenarios.
- Crossbow Innovations: Enhanced designs and user-friendly features in crossbows are attracting new hunters, making the sport more accessible to a broader audience.
- Safety Gear Development: The industry is increasingly focused on safety, with manufacturers introducing high-visibility clothing to reduce the risk of accidents in the field.
- Revival of Traditional Skills: There is a resurgence of interest in traditional archery, as enthusiasts appreciate the skills and heritage associated with classic hunting techniques.
Regional Insights
- United States: Moderate growth anticipated at a CAGR of 4.6% as the mature market focuses on consolidation and innovation.
- Germany: Projected to grow at a CAGR of 5.3%, indicating stable demand in a mature hunting culture.
- Australia: Expected CAGR of 7.7%, driven by increasing participation in outdoor activities.
- India: Significant growth forecasted at 11.3% CAGR, fueled by a rich hunting tradition and rising outdoor interest.
- China: Projected to surge at a CAGR of 10.5%, capitalizing on an emerging middle class and interest in high-performance gear.
Leading Companies in the Hunting Equipment and Accessory Industry
- 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 and Co. Inc.
- Vista Outdoor Inc.
Industry Updates
- Buck Knives, Inc., headquartered in Post Falls, Idaho, United States, sharpens its edge in the outdoor market with the launch of the Model 663 Alpha Guide fixed-blade knife. This latest addition complements the company’s renowned lineup, offering rugged reliability for outdoor enthusiasts.
- American Outdoor Brands, Inc., based in Springfield, Massachusetts, United States, aims to make headlines at the 36th Annual ROTH Conference on March 18, 2024. As a leading provider of outdoor products and accessories, the company’s participation underscores its commitment to industry innovation and investor engagement.
- Academy Sports and Outdoors, Inc., hailing from Katy, Texas, United States, gears up for expansion with the grand opening of its first store in Fredericksburg, Va. Scheduled for the fall of 2023, this marks another milestone in the retailer’s mission to provide “Fun for All” across the United States.
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Key Segments of Market Report
By Product:
The industry includes segments such as gun and rifle, archery, ammunition, auxiliary equipment, and others.
By Application:
The applications category covers individual and commercial uses of hunting equipment and accessories.
By Distribution Channel:
Distribution channels encompass supermarkets/hypermarkets, specialty stores specializing in hunting equipment, online platforms, and others.
By Region:
Region-wise insights include North America, Latin America, Europe, East Asia, South Asia and Pacific, and Middle East and Africa.
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