The global fishing reels market is expected to surpass a valuation of US$ 8.6 Bn at a CAGR of over 4.9% through 2031.
In 2021, North America is predicted to account for approximately one-third of worldwide fishing reel sales. Meanwhile, the United States is likely to account for more than three-quarters of North American sales. The growing popularity of recreational sports activities in the region can be ascribed to the regional population’s growing interest in fishing.
The United Kingdom is expected to have the largest market share in Europe, growing at a CAGR of 4.8 percent over the forecast period. Aquafarming, which includes marine fishing, freshwater fishing, and fish farming, has become more popular in the region, resulting in the adoption of fishing reels by the local community.
In 2021, Australia will account for over 61.8% market share in Oceania. In Australia, there is a high presence of chain retail stores. The availability of fishing reels in such retail stores as well as large independent stores is a key factor leading to market growth.
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Key Takeaways from the Fishing Reels Market Study
- Europe has attractive potential for the fishing reels business, with a wider pool of consumers willing to spend money on recreational activities.
- Spinning reels are predicted to dominate the market in 2021, with a revenue share of 48.2 percent, thanks to their great durability and efficiency in all sorts of seas.
- Aluminium reels are the most popular because they can survive corrosion even in saltwater and are considered the most robust by anglers.
- Because of the significant penetration of key competitors in the region, the United States has a 76.5 percent market share in North America.
- Malaysia is an important market in South Asia, with a CAGR of more than 8% due to increased expenditure on high-end goods in the country..
“Intensive promotional activities and marketing campaigns by manufacturers on back of greater support for recreational activities from various government and private organizations will drive fishing reels market in the near future,” says an FMI analyst.
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Impact of COVID-19 on the Market
Corporate operations in a range of industries had been hampered by the latest coronavirus pandemic, producing an economic downturn. The retail business had been severely impacted. Overall discretionary expenditure has decreased, which has harmed the retail business.
Consumers were subjected to the strictest restrictions, causing year-over-year growth to plummet. Due to complete lockdown and the resulting instability in the industrial environment, there was a reduction in production during the pandemic. Online commerce was used to separate the sales.
As a result, players focused their efforts on boosting internet penetration, as this allowed them to reach a wider consumer base faster and for less money. Furthermore, limits on going out impacted recreational activities around the world, which in turn hampered fishing reel sales.
Who is Winning?
Leading manufacturers of fishing reels are focused on differential strategies and advertisements that have driven sales growth globally.
Major players present in the fishing reels market are SHIMANO INC., Daiwa Corporation, Abu Garcia, NingBo HaiBao fishing tackle co., Ltd., OKUMA FISHING TACKLE CO., LTD, The Orvis Company, Inc., BPS Direct, L.L.C., Tackle World, TICA FISHING TACKLE, BCF Australia, and Pure Fishing, Inc. (Penn) among others.
Fishing Reels Market by Category
By Product Type:
- Spinning Reel
- Baitcasting Reel
- Spincast Reel
- Fly Reel
- Others (Offshore, Conventional, Surf Fishing, etc.)
By Material Type:
- Stainless Steel
- Others (Plastic, Rubber, etc.)
By Fishing Type:
- Freshwater Fishing
- Saltwater Fishing
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
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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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