The global hunting equipment & accessories market is projected to grow at a compound annual growth rate (CAGR) of 7.8%, with a projected valuation of US$ 23.21 billion in 2023. Due to advancements in technology, the hunting equipment market is projected to reach US$ 49.19 billion by 2033.
Increasing attraction of a consumer towards outdoor recreational activities due to fast paced work life and the need for stress reduction. Moreover, increased urbanization and increasing health consciousness have significantly intensified the public participation in hunting activities.
These factors are expected to fuel the global hunting supplies & equipment market during the forecast period. It is major market foster factor as increased popularity of hunting and fishing as well as widespread use of lead-free ammunition to prevent harm on wildlife finds its way into commercial water sources. North America speaks about a significantly high market share that increases with higher growth rate because the region’s all markets are getting better and even now .Thus, players can have a great chance to better their security and strengthen their stand in the competitive market.
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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.
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,
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- 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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