According to the Market Statsville Group (MSG), the global fishing reels market size was valued at USD 4,166.2 million in 2022, which is expected to reach USD 6,021.9 million by 2033, growing at a CAGR of 4.9% from 2023 to 2033. One of the primary drivers of the fishing reel market is the growing popularity of recreational fishing. Fishing is a popular leisure activity among individuals of all ages, and the increasing number of people taking up the sport has led to a surge in demand for fishing reels. Another factor driving the fishing reel market is the technological advancements in fishing reel design and functionality. Manufacturers are continually introducing new features and materials to improve the performance of fishing reels, such as more durable and lightweight construction, better drag systems, and improved casting abilities. This has resulted in an increased demand for new and improved fishing reels among anglers. The increasing popularity of competitive fishing tournaments is also a significant driving factor for the fishing reel market.
The COVID-19 pandemic has significantly impacted the global fishing reel market. With the implementation of lockdowns and restrictions on outdoor activities in many parts of the world, the market experienced a decline in demand for fishing equipment, including fishing reels. The closure of fishing charters, restrictions on fishing activities in many countries, and the economic uncertainty caused by the pandemic led to a decrease in fishing participation, resulting in a decline in the demand for fishing reels.
However, as restrictions began to ease and people started looking for outdoor activities that allowed for social distancing, the market began to recover. With the rise of outdoor recreation, including fishing, demand for fishing reels began to increase. As people started to explore new hobbies and activities, many discovered the joys of fishing, leading to an uptick in demand for fishing reels and related equipment. Furthermore, as the pandemic prompted an increase in online shopping, the market experienced a rise in e-commerce sales of fishing reels, with people opting to purchase equipment online rather than going to physical stores.
Overall, while the COVID-19 pandemic had a negative impact on the fishing reel market initially, while led to a shift in consumer behavior and an increase in demand for fishing reels as people looked for safe and enjoyable outdoor activities.
As younger Millennial and Gen Z consumers get older, seafood sustainability is becoming increasingly important in the marketplace, which witnesses a tremendous growth perspective in the fishing reel market. Compared to previous generations, millennials exhibit a higher level of concern for health, as evidenced by 90% of them acknowledging the significance of maintaining a healthy diet while enjoying treats in moderation. Millennials are the most concerned with natural and ethical food products, which encourages them to hunt more, thereby driving the growth of the fishing reel market. Moreover, millennials depend on smart phone-internet, influencing other users to opt for the fishing method by strategizing on promoting their methods and fun activity on social media platforms and also sending a message to eat healthy and fresh. This attracts a huge population to opt for fish hunting, which boosts market growth. More than 49 million people in the U.S. participate in recreational fishing every year, as stated by the American Sportfishing Association (ASA).
Similarly, according to American Sportfishing Association (ASA) Fishing organization, freshwater fishing attracted 42.6 million participants in 2020, which is 3.4 million more than in 2019 in the United States. In the United States, freshwater fishing has become more popular, with a participation rate of 14%, the highest since 2010. Meanwhile, saltwater fishing remained the second most popular type of fishing, with approximately 5% of the U.S. population, or 14.5 million people, participating, including 1.3 million new participants. Saltwater fishing has shown a positive trend in recent years, growing by almost 3% annually over the last three years. Participants in saltwater fishing took 195 million outings in total, which is a significant increase from 172 million outings in 2019. While the average annual outings per participant rose to 13.4, surpassing the 13.1 reported in 2019, it is still 2.5 days fewer than the average freshwater participant. Thus, the surging popularity of recreational activities such as fishing has driven the growth of the fishing reel market.
The rising demand for seafood and fish is the main key factor that depletes the marine species, which results in restraining the market's growth. Overfishing is a process of catching fish from the sea at rates too high, where fish stocks become too depleted to recover. Generally, the oceans take up over 70% of the Earth sea creatures, hence, the overall health of marine life is essential for sustaining life elsewhere on the planet. However, overfishing, climate change, marine pollution and many others are drastically affecting the future of both ocean and land dwellers. According to Condor Ferries ltd, around 100 million marine animals die each year from plastic waste alone and more than 90% of all seabirds have plastic pieces in their stomachs. It further stated that contaminated fish is the cause of 50,000-100,000 deaths annually due to damaged immune systems and cancer.
For livelihood, millions of people depend on fishing, with increased overfishing-related practices without sustainable management endanger ecosystems and affect the balance of life in oceans. At the same time, various economies are taking the initiative to save marine life by introducing various support organizations. For instance: The Worldwide Life Organization endorses the establishment and administration of thoughtfully designed marine protected areas on a global scale, safeguarding vital fish species spanning from the Arctic to the tropics. Managed by the community and often based on their long-standing knowledge and conventional practices, these protected areas can prove advantageous to the individuals residing in coastal areas who rely heavily on fishing to make ends meet. By doing so, it is expected to offer an effective resolution to environmental problems, thereby creating a more ecologically, economically, and socially sustainable fishing market.
E-commerce penetration has changed the way every business is performed across the world. Over the last few decades, e-commerce has become a crucial part of the international delivery industry as internet penetration and smartphone adoption is growing in personal and commercial applications. Besides, the area of online to offline (O2O) commerce is increasing the usage of delivery platforms. Compared to physical stores, online retailers typically offer their products to consumers 24/7 worldwide. Last few years, the industry has witnessed various online developments. For instance, in June 2018, a Japan-based fishing tackle brand, Asian Portal Fishing, launched a new transnational online website to supply around 200,000 items (fishing tackle) worldwide. Therefore, the demand for the fishing reel is gaining a high growth potential in the e-commerce market as it attracts consumers who prefer healthy to shop online.
Furthermore, consumers have depended on e-commerce platforms for their day-to-day needs amidst the pandemic. Several brands and local retailers are selling their products via online platforms since many consumers spend more time online shopping worldwide. Thus, high e-commerce penetration creates a lucrative market growth prospectus. Moreover, many manufacturers and e-commerce-based reel outlets are offering products & services through online platforms due to the acceptance of online transactions is significantly growing worldwide. Therefore, the robust growth of the e-commerce sector and growing customer preference to buy products through online sources create a high demand for fishing reel and significantly create a lucrative growth opportunity for the market over the forecast period.
The study categorizes the fishing reels market based on reel type, reel mechanism, price range, sales channel, and application area at the regional and global levels.
Based on the sales channel, the market is divided into offline and online. The online segment is expected to witness the highest CAGR of 6.1% during the forecast period. The rise of e-commerce platforms has made it easier for consumers to purchase fishing reels from the comfort of their own homes. The accessibility and convenience of online shopping have driven the growth of online sales channels, with more consumers turning to the internet to purchase fishing reels and other fishing equipment. In addition, the pandemic has accelerated the shift to online shopping, with many consumers avoiding physical stores and opting for online purchases. This has further fueled the growth of online sales channels in the fishing reel market, with companies investing in digital marketing and e-commerce strategies to capitalize on the trend. Moreover, online sales channels allow manufacturers to reach a wider audience and cater to customers' needs in different regions. They can also offer a wider range of products and more competitive pricing than traditional retail stores, leading to increased sales and revenue.
Based on the regions, the global fishing reels market has been segmented across Europe, North America, the Middle East & Africa, Asia-Pacific, and South America. In 2022, North America accounted for the largest market share of 35.6% in the global market. North America has a significant demand for fishing reels, driven by the popularity of recreational fishing in the region. According to the National Marine Manufacturers Association, recreational fishing is a $125 billion industry in the United States and supports over 800,000 jobs. This suggests that there is a considerable demand for fishing equipment, including fishing reels, in the region. According to the U.S. Fish and Wildlife Service, in 2020, huge number of people in the United States participated in recreational fishing, spending over $48 billion on fishing-related expenditures. This highlights the scale of the fishing industry in North America and the potential market for fishing reels in the region. Furthermore, organizations such as the American Sportfishing Association promote the sport of fishing and work to support the industry. They organize events and initiatives to increase participation in recreational fishing, which could lead to increased demand for fishing reels in the region.
The fishing reels market is a significant competitor, and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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