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Sports Fishing Equipment Global Market Report 2022: Steady Proliferation of Connected Electronic Fishing Devices Drive Healthy Growth - ResearchAndMarkets.com

The "Sports Fishing Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Sports Fishing Equipment Market to Reach $15.4 Billion by 2026

Fishing as a commercial, leisure, and sporting activity has gained widespread popularity owing to the recognition of fishing as a leading sport by several associations. Globally, fishing is a broad market and is poised to maintain a stable growth rate in the coming years.

A rapid growth in the food and beverages industry and rising demand for sea food products is anticipated to propel growth in the fishing industry in the near future. With numerous people across the globe increasingly shifting towards the consumption of fish and other sea food products, the demand for fishing equipment is likely to increase significantly over the next few years. In addition, the rapid growth in global population, coupled with changing trend towards non-vegetarian food, is also expected to augment growth in the fishing equipment market. Moreover, fish recreational programs and fisheries conservation are gaining global prominence with increasing expenditure by sports fishers and anglers across the globe.

Amid the COVID-19 crisis, the global market for Sports Fishing Equipment estimated at US$13.2 Billion in the year 2022, is projected to reach a revised size of US$15.4 Billion by 2026, growing at a CAGR of 3.4% over the analysis period. Rods, Reels, & Poles, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$6.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lures, Flies, & Baits segment is readjusted to a revised 4.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $4.6 Billion in 2022, While China is Forecast to Reach $1.9 Billion by 2026

The Sports Fishing Equipment market in the U.S. is estimated at US$4.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$1.9 Billion by the year 2026 trailing a CAGR of 5.9% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.8% and 2.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.4% CAGR. In developed countries, such as the US and the UK, fishing platforms are being expanded, thereby improving access to water bodies for fishing purposes and turning the activity into a social sport. In such countries governments are making possible, improved access for sports fishing enthusiasts to the available water bodies. New water bodies are also being developed for the sport along reservoirs and canals. China represents the fastest growing market over the analysis period. Huge potential exists for offering sophisticated equipment to anglers in the region as majority of them continue to use traditional products that are indigenously made, mostly by a domestic manufacturer. Other growth drivers include underpenetrated nature of the market; increasingly westernized lifestyles, growing stress levels, surging interest in fishing, and expanding population.

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For more information about this report visit https://www.researchandmarkets.com/r/gb4cej

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