(MENAFN- PR Newswire) DUBLIN, Oct. 20, 2023 /PRNewswire/ -- The
"Global Fishing Rods market Size, Share, Growth Analysis, By Product Type, By Raw Material, By Application, By Distribution channel - industry Forecast 2023-2030" report has been added to
ResearchAndMarkets's offering.
The global fishing rods market, valued at USD 1.03 billion in 2021, is projected to reach USD 1.62 billion by 2030, with a Compound Annual Growth Rate (CAGR) of 5.13% from 2022 to 2030, according to a market report.
The market's expansion is propelled by the increasing popularity of recreational fishing, particularly in countries like the U.K., Japan, and Australia. Fishing has gained favor for its recreational and skill-enhancing aspects, offering both challenge and creativity.
Key Market Insights:
Recreational Fishing On the Rise:
Recreational fishing, accounting for over 52% of the market in 2021, is expected to continue dominating. Fishing vacations, government regulations, and revenue generation through "pay to fish" programs are driving this segment.
Commercial Fishing Gaining Traction:
The commercial fishing segment is projected to experience the fastest CAGR of 6% from 2022 to 2028, driven by the use of multiple hooks to catch pelagic species like tuna, marlin, and swordfish.
Offline Channels Dominate:
Over 86% of revenue in 2021 was generated through offline channels, as anglers prefer purchasing fishing rods in physical stores for a hands-on experience.
Asia-Pacific's Rapid Growth:
Asia-Pacific is expected to witness the fastest growth with a CAGR of 6.2% from 2022 to 2028, driven by the increasing interest in fishing, especially in countries like Japan, Australia, and New Zealand.
Global Fishing Rods Market Dynamics
Drivers
Fishing-Oriented Vacations: Fishing vacations in North America and Europe, at well-known fishing spots worldwide, are attracting more tourists and driving the demand for fishing rods.
Rising Global Interest in Fishing Competitions: The growing interest in fishing competitions, increasing personal disposable income, and the popularity of ice fishing are contributing to market growth.
E-commerce Expansion: The expansion of e-commerce platforms and increased awareness of the benefits of fishing rods are expected to boost market growth.
Restraints
Overfishing and Ecological Damage: The depletion of marine resources due to overfishing has led to ecological damage, prompting governments worldwide to implement regulations.
Fluctuating Raw Material Prices: Fluctuating raw material prices, government fishing regulations, and rising environmental concerns could hinder market growth.
Global Fishing Rods Market Competitive Landscape
The global fishing rods market is characterized by intense competition and fragmentation. Leading players employ various strategies, including product launches, innovations, mergers, acquisitions, collaborations, partnerships, and research and development efforts to maintain their positions in the market.
Companies Mentioned
St. Croix Rods Shimano Inc. Abu Garcia Daiwa Corporation Pure Fishing Inc. Okuma Fishing Tackle Corp. G. Loomis Inc. Fenwick Orvis Company Hardy & Greys Ltd. Cabela's Inc. Sage Fly Fishing PENN Fishing Tackle Manufacturing Co. Ugly Stik Shakespeare Tica Fishing Tackle Rapala VMC Corporation Gamakatsu Fishing Hooks Jarvis Walker Pty Ltd Rapala
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