Fishing Equipment Market

Global Fishing Equipment Market Size (2024 to 2032)

The size of the global fishing equipment market was valued at USD 15.33 billion in 2023. The global market is expected to grow at a CAGR of 5% from 2024 to 2032 and be worth USD 23.78 billion by 2032 from USD 16.10 billion in 2024.

Current Scenario of the Global Fishing Equipment Market

Fishing tackle like hooks, lines, baits, and others that are used in fishing is known as fishing equipment. Fishing is becoming most popular across the globe due to the rising importance of providing highly nutritious food. Also, fishing supports a number of livelihoods, and the launch of advanced equipment can help them grow economically. In both developed and developing countries, the demand for fishing equipment is steadily growing with the people's interest in the historical and cultural aspects of fishing. Fishing is entirely different from routine life. In this modern era, many people are gearing up their interests to enjoy nature by going to a stream or pond to fish for relaxation in their busy lifestyle schedule. All these factors are attributed to leveling up the growth rate of the fishing equipment market during the forecast period. 

MARKET DRIVERS

The popularity of sports fishing and innovative fishing equipment act as major drivers for the global fishing equipment market.

Across the world, sports fishing has significant popularity and is more spread in different regions. The word sports fishing itself relates to the recreational fishing activity that could be done in both salt water and fresh water. Developed nations like the UK and the U.S. are making efforts to increase their fishing platforms so that it can be made a popular, engaging activity. The increase in the popularity of fishing made the key players arrange a wide range of fishing programs and activities to involve many people. The rise in investment by the governments of different nations in fishing will drive the market. Noticing the interest of the people in the fishing activity made the government concentrate on developing the activity and accessibility to different water bodies for fishing with the investment of funds. This can be mainly seen in countries like the UK, the U.S., China, and others. This will be a market expansion opportunity for the industry stakeholders.

The rising interest of children in fishing activity is also contributing to the fishing equipment market expansion.

The fishing activity, along with the parents, would be a most interesting and popular outdoor activity for the children and their parents. Increasing concentration and patience with the fishing activity would lead to attracting the parents, and that can make their children involved in fishing. This could provide a new way of commercial opportunity for the fishing equipment manufacturing industries to increase sales. The fishing equipment market boosting features is the easy availability of the fishing equipment combined with the rise in the interest of children in participating in fishing. The growing demand for technology-equipped fishing equipment will be a new market dimension.

MARKET RESTRAINTS

The high cost of fishing equipment and the scarcity of fishing locations are majorly hindering the fishing equipment market growth.

Fishing equipment such as rigs, rods, and others are expensive and are not affordable to everybody. With the increasing environmental concerns, many fishing gear are abandoned along with it; the ethical considerations of the people towards the hunting of the fishes are also limiting fishing activities across some regions of the world. The negative impact on the environment due to the modern fishing equipment and tactics will limit the adoption of fishing activity and leads to a decline in the requirement for fishing equipment. The loss and mishandling of fishing equipment can cause a severe loss of marine life and result in the piling up of plastic and debris in the water bodies.

MARKET OPPORTUNITIES

Fishing equipment is mandatory for any kind of people fishing, irrespective of their experience. The demand for the launch of innovative technological developments in fishing is greatly emphasizing the popularity of fishing even in urban cities.

GPS systems can track fish's location accurately and send signals to anglers, which is a new technological development in recent times that has been attributed to fuelling the market's growth rate. Urban people are being influenced to spend their weekends fishing, and for some people, it has become a hobby. The innovative launch of various fishing equipment is ascribed to attracting a huge number of people fishing, which is most comfortable and needs no skill/training. The rising number of social media influencers is greatly enhancing the growth opportunities for the fishing equipment market. The rising disposable income and growing popularity of fishing through social media activities are ascribed to posing huge growth opportunities for the market during the forecast period.  

Improving the fishing practices infrastructure along with launching customizable products is likely to amplify the growth rate of the market in the future. The government initiatives to promote fishing activities that help many people in rural areas are gearing up the fishing equipment market's growth rate. 

MARKET CHALLENGES

Unpredictable weather conditions like heavy rainfall, floods, droughts, and extreme temperatures are directly posing a threat to fishing activities, which is a big challenging factor for the market key players.

Government bodies are taking stringent actions to protect the marine environment. The use of various technological developments in the ocean for fishing is causing several issues with marine life. So, the concern that arises to protect various species in the ocean is to degrade the growth rate of the fishing equipment market. However, the collaborations between the topmost companies and different strategies to overcome the challenges are likely to showcase the growth opportunities for the market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Fishing Equipment Market Analysis By Type

The hooks segment is leading with the largest share of the market. The hook is an important type of fishing equipment to catch fish by penetrating the fish's mouth. The hook is designed appropriately to catch fish using different materials, which is likely to enhance the growth rate of the fishing equipment market. The rods segment is positioned second in leading the largest share of the market, with a rising number of people showing interest in fishing in their free time, especially in urban areas. 

Global Fishing Equipment Market Analysis By Nature

The freshwater segment is gaining huge traction over the market share, with growing prominence for seafood lovers. The trend towards organic sea foods to maintain a healthy diet is attributed to leveling the growth rate of the freshwater segment's size. The saltwater segment is likely to have a prominent growth rate throughout the forecast period. To fulfill the rising demand for fishing sports activities in developed countries, we are inclined to show opportunities for the saltwater segment in the coming years. Quick adoption of the latest technological advancements and rising consumer demand for organic foods is shaping the demand for saltwater fishing, which is leveraging the growth rate of the fishing equipment market. 

Global Fishing Equipment Market Analysis By Distribution Channel

Online distribution channels are leading with the dominant share of the fishing equipment market. New entrants can easily find huge opportunities by selling their products online, which enables them to expand their product portfolio. People are more likely to buy the products that are available in online stores, which amplifies the demand for the online distribution channel. The offline segment is anticipated to have a prominent growth rate during the forecast period. The demand for premium branded fishing equipment, especially in urban cities, is propelling the growth rate of the offline fishing equipment market. 

REGIONAL ANALYSIS

North America is the topmost region, leading with the highest share of the fishing equipment market.

Growing disposable income and the rising popularity of various fishing activities among people are majorly driving the growth rate of the market in the North American region. Fish is a rich source of protein, and people who seek to maintain a healthy lifestyle by eating balanced food options completely rely on sea foods, which is elevating the growth rate of the fishing equipment market in North America. The US and Canada are developed countries where the demand for fishing equipment increases every year with the frequently changing lifestyles.  

Following North America, Asia Pacific accounted for holding the dominant share of the fishing equipment market. India and China hold the major share of the fishing equipment market with the growing population. China is the major producer of seafood in the world, and a large number of people consume seafood. There are nearly 3000 marine species in the seas around China, and more than 150 of the species are for commercial purposes, which is outrageous in showing the new opportunities for the fishing equipment market. In addition, the presence of the top sea food companies in China is gearing up the market growth rate. There is a high number of deep-sea professionals available in China, and the presence of the massive fishing industry is strongly elevating the growth rate of the market.  

Europe's fishing equipment market size is attributed to hitting the highest CAGR by the end of 2032 with the rising number of people exploring various cuisines in seafood. According to the European Union, roughly 3.4 million tonnes of live-weight fish catch was performed in the EU from the seven marine areas located around this region in 2022. Spain is the topmost country in holding one-fifth of the share in fish catching, which is hugely attracting the top companies to their portfolio in this region.  

The Latin fishing equipment market is likely to have prominent growth opportunities in the coming years, whereas Middle Eastern & African fishing equipment is anticipated to grow steadily during the forecast period. Government support for the fishing industry in countries like Mexico, UAE, and other countries will expand the growth rate of the fishing equipment market.

KEY PLAYERS IN THE GLOBAL FISHING EQUIPMENT MARKET

Rome Specialty Company, Inc. (ROSCO), Sea Master Enterprise Co., Ltd., Jarvis Walker Pty, Inc., Newell Brands, PRADCO Outdoor Brands, Inc., Daiwa Corporation, Okuma Fishing Tackle Co., Ltd, Orvis, Maver Fishing & Angling Equipment, Costa Del Mar and simply Costa are some of the notable companies in the global fishing equipment market.

RECENT HAPPENINGS IN THE GLOBAL FISHING EQUIPMENT MARKET

• In 2024, Gamakatsu Co, one of the topmost companies in manufacturing fishing hooks for salt and fresh water, announced the new release of the Crankbait circle hook. The crankbait circle hook is a new concept that was designed by legendary angler Bill Dance to help anglers easily plug the fish. The crankbait circle hook has the magic eye feature, which is an innovative feature to catch the fish easily. 

DETAILED SEGMENTATION OF THE GLOBAL FISHING EQUIPMENT MARKET INCLUDED IN THIS REPORT

This global fishing equipment market research report has been segmented and sub-segmented based on the type, nature, distribution channel and region.

By Type

• Hooks
• Lines
• Sinkers & Floats
• Rods
• Reels
• Nets & Traps
• Spears& Gaffs
• Others

By Nature

• Fresh Water
• Salt Water
• Fly Fishing

By Distribution Channel

• Online
• Offline

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa