The fishing tourism market is projected to reach a valuation of US$ 78.5 Bn in 2022. Sales are projected to increase at a 12.5% CAGR, with the market size reaching US$ 254.9 Bn by 2032.
The fishing tourism market is forecasted to grow at an impressive rate during the forecast period. The majority of the growth in the market will be attributed to the growing countries in the Asian region. The need for fishing towns to revamp their economies and for the locals to earn some additional incomes has made the authorities push in favor of fishing tourism and provide incentives and a regulatory framework for the same.
This is expected to help the market immensely across the globe. Different government and local authorities from across the world are providing skill training and investing in the promotion of these activities. Fishing tourism has also been gaining popularity among the people trying to create awareness regarding the pollution and destruction of marine life, where they try to promote sustainable fishing and angling activities.
Although the market is expected to rise, there are a few restraints that might arrive during the forecast. The fall in the number of skilled individuals in the fishing industry has been a concern for a long now, finding knowledgeable and skillful crew members has become a major problem for operators.
This along with the increasing pressure from environmental authorities regarding the destruction of the coastlines and the problem of overfishing has led to a lot of complications in the market. These challenges can be maneuvered through the protocols like sustainable and safe fishing activities, providing training to individuals, and establishing rules and regulations to oversee the market.
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Key Takeaways from the Fishing Tourism Market Study:
- The fishing tourism market is prominent in countries like Italy, the USA, India, Hong Kong, and Japan.
- There is a rapidly rising demand for fishing tourism among the MEA countries.
- Sustainable fishing activities are also promoted through the fishing tourism market.
- The fishing tourism market is forecasted to grow at a CAGR of 12.5% over the forecast period.
- Currently, the Asia Pacific region holds the largest market share accounting for 37% of the total market share.
- Fishing in the sea is the most preferred amongst the tourists in the fishing tourism market.
- Online booking channels are popular among consumers.
“Marketing and promoting the fishing tourism market globally along with focusing on the changing consumer base demographics will be the key to market growth during the forecast period.” – FMI Analyst said.
Impact of COVID-19
The COVID-19 pandemic has affected almost every major market across the globe. This included the complete halt on the fishing tourism market, which suffered greatly due to the pandemic. The implication of the global lockdown was severe on the market; the lockdowns were placed to decrease social activities and confine the spread of the virus. This meant an absolute stoppage of tourism activities.
The market did revive post-pandemic with the key firms innovating their offerings and trying to recuperate from the losses that occurred during the pandemic. The industry is expected to see a surge of visitors due to the increase in the number of people wanting to go out and explore outdoor activities that they missed out on during the pandemic. This will help in creating opportunities for entry into the market and provide the much-needed revenue flow in the market.
Who is winning?
The secret to keeping a competitive edge in the market will be to offer consumers thorough packages and the whole experience of fishing and angling activities. Currently, businesses in the sector provide customers with an experienced crew, online reservations, and other optional services.
The key players in the fishing tourism market are Fish Travel, Tour My India Pvt., Viator, Inc., Worldsbestfishingtrips.com, Angler Adventures, iOutdoors, and Fisea.
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global fishing tourism market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022 to 2032. The study divulges compelling insights on the fishing tourism market based on Location Type (River, Lake, and Sea), By Activity Type (Observing and Participation), By Booking Channel (Online Travel Agents, Traditional Agents, and Direct Booking), By Tourist Type (Domestic and International), By Tour Type (Independent Traveler, Package Traveler, and Tour Group), By Consumer Orientation (Men and Women), By Age Group (15-25 Years, 26-35 Years, 36-45 Years, 46-55 Years, and 66- 75 Years) & Region – Forecast to 2017 – 2032.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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