According to a new report by Allied Market Research, a market research and business-consulting wing of Allied Analytics, the global fishing equipment market will grow by a compound average annual growth rate (CAGR) of 4 percent from 2021 to 2027, reaching $16.10 billion by 2027.
The emergence of innovative fishing techniques, widespread e-commerce channels, and the surge in sports fishing will drive the growth across the market. Ease in the availability of fishing equipment for children will also create new opportunities. Meanwhile, actions taken by organizations such as People for the Ethical Treatment of Animals (PETA) and other NGOs against hunting will likely hinder the growth of the market, analysts said.
By product type, the hooks segment, which accounted for the largest market share of the global fishing equipment market in 2019 (nearly 25%), is expected to continue its dominant position in terms of revenues during the 2021-2027 period. By distribution channel, the offline segment took the largest share in 2019 (more than 80%), and is projected to maintain this dominant position, but the online channel is expected to register the highest CAGR (5.5%) from 2021 to 2027. By region, North America will maintain its leading position by 2027. The region accounted for more than two-thirds of the total share of the global fishing equipment market in 2019. The Asia-Pacific region is expected to record the fastest CAGR (6.6%) during the forecast period.
The report is entitled “Fishing Equipment Market by Type (Hooks, Lines, Sinkers & Floats, Rods, Reels, Nets & Traps, Spears & Gaffs, and Others), Nature (Fresh Water, Salt Water, and Fly Fishing), and Distribution Channel (Online and Offline): Global Opportunity Analysis and Industry Forecast, 2021–2027.”