Fishing Reels Market

Fishing Reels Market Outlook

In FY 2023, the fishing reel market reached a valuation of US$ 6 Billion, and is, Furthermore, across the 2023-2033 period of assessment, growth is expected to accelerate at a 4.1% CAGR, reaching US$ 9 Billion.

Sales of fishing reels are expected to show a healthy growth throughout the projection period, with the United Kingdom, the United States, Australia, and Germany emerging as important manufacturers.

Because of the impact of the COVID-19 pandemic, the sector has seen tremendous demand. This pandemic has encouraged people all over the world to take up fishing as a social distancing activity.

While global demand for the product remains high, fishing tackle retailers, particularly in the United States, have been experiencing significant supply shortages as a result of the closure of major warehouses and manufacturers producing fishing equipment.

North America is predicted to grow at a rapid pace throughout the projection period. Over the years, the region's growing popularity of recreational fishing has created a robust demand for fishing reels. Every year, more than 49 million Americans participate in recreational fishing, according to the American Sportfishing Association (ASA). As a result of the significant number of fishermen in the area, North America is expected to be a profitable market for fishing reels over the projected period.

China remains the world's leading exporter of fishing reels. However, increased demand for handcrafted goods has boosted the expansion of European markets, particularly Italy. In the near future, producers throughout the world are expected to focus on creating handmade products that appeal to a wide range of consumers. Manufacturers are expected to develop new anodizing procedures and entirely sealed drag systems to combat the problem of corrosion in the product's interior components.

Report Attributes	Details
Expected Market Value (2023)	US$ 6 Billion
Projected Forecast Value (2033)	US$ 9 Billion
Global Growth Rate (2023-2033)	4.1% CAGR
Expected Growth Rate of the UK Market (2023-2033)	4.9% CAGR
Anticipated Growth Rate of the Chinese Market (2023-2033)	4.5% CAGR
Prominent Players	Shimano Inc. Pure Fishing, Inc. Daiwa Corporation Bass Pro Shops Zebco Jiu Yu Fishing Tackle Co., Ltd. NingBo HaiBao Fishing Tackle Co., Ltd. Okuma Fishing Tackle Co., Ltd. Weihai Guangwei Group Co., Ltd. Weihai Hemingway Group Co. Ltd.

2018-2022 Revenue Analysis of Fishing Reels Market vs. Growth Outlook 2023-2033

According to Fact.MR, market research and competitive intelligence provider, the global market for Fishing Reels expanded at under 3.5% CAGR from 2018 to 2022.

Fishing reels, which are either hand-held or mounted to the gunwales of boats, are used in conjunction with fishing rods to wind and pack fish. Due to a robust fisheries sector and the worldwide trend of leisure activities increasing popularity, the fishing reel market has been gradually rising in recent years.

However, with the resuscitation of the manufacturing industry, distribution networks, and production activities across multiple sectors, Fact.MR anticipates that the global fishing reel market will return to pre-pandemic levels throughout the projected period, rising at a 4.1% CAGR.

Key Market Drivers Influencing Fishing Reels Industry Expansion

Increased Popularity of Leisure Activities among Millennials to Foster Market Growth Prospects

The increased popularity of leisure activities among millennials, such as fishing, is expected to drive product demand throughout the forecast period. Furthermore, key companies in the fishing reels market are focused on cooperation with sports fishing players for product customization, innovation, and product USP in order to increase their market share.

Furthermore, firms are broadening their market reach by reaching out to individual and fishing club consumers through e-Commerce and other digital channels. The fishing reels market is likely to develop gradually in the future years as demand from recreational fishers across various landscapes continues to rise.

Expanding Millennial and Generation-Z Population's Desire to Acquire New Skills via Fishing to Fuel Market Growth

The expanding millennial and generation-Z population's desire to acquire new skills via fishing will bode well for the fishing reels industry. The growing popularity of outdoor recreational activities has increased demand for fishing reels, prompting market participants to spend in promotional activities and innovative marketing techniques.

Furthermore, introducing and launching new fishing gadgets has been a popular practice to entice clients. Manufacturers' ability to supply higher material quality reels as a result of enhanced production processes is enhancing sales possibilities. To build a place in the Fishing Reels Market, some businesses are even offering innovative technology.

What are the elements that are limiting sales opportunities?

Limitations on Travelling and Roaming outside had an Unfavorable Influence Hamper the Market Growth

Following the global pandemic, limitations on travelling and roaming outside had an unfavorable influence on the global fishing reels business, resulting in a dramatic decline in demand and sales.

In the previous year, emerging brands were most hit. Since the last several years, some of the younger firms have formed a large number of franchisees. However, due to prohibitions on the establishment of non-essential firms, their activities were severely hampered.

Furthermore, the outbreak's interruption in the supply chain and disruption in the logistics sector had a negative impact on fishing reel sales. Production was halted due to a lack of raw materials. Additionally, due to the lockdown, production units throughout the world were shut down, stifling the expansion of the fishing reels industry.

Country-wise Analysis

What is the prognosis for fishing reel demand in the United States?

Rising Trend of Recreational Sports Activities in the Region to Boost the Market Growth

North America is predicted to account for approximately 1/3rd of worldwide revenues in 2023. Meanwhile, the United States is forecast to provide more than three-quarters of North American sales. The rising trend of recreational sports activities in the region might be traced to the growing interest of the regional populace in fishing.

Aside from that, the availability of huge open space in North America, as well as the legality of fishing in the region, provides a favourable atmosphere for market development. Furthermore, several sorts of fishing contests are held in the region, which is another notable aspect driving robust demand for a diverse selection of reels.

According to the National Oceanic and Atmospheric Administration (NOAA), an American scientific and regulatory body, recreational fishing in the United States captured more than 950 million fish, with 64% of those caught being released. The overall recreational catch was anticipated to be 341 million pounds of fish. Another aspect encouraging market expansion is the region's high level of fishing.

Will the UK's high demand for Fishing Reels Continue?

Increasing Aquafarming in the Region to Enhance the Market Prospects

The United Kingdom is expected to have the largest market share in Europe, rising at a 4.9% CAGR during the projection period. Aquafarming, which includes marine fishing, freshwater fishing, and fish farming, has been on the rise in the region, resulting in the adoption of fishing reels by the local populace.

The growing presence of big global brands in the region has resulted in fierce rivalry among the participants. To overcome such obstacles, players are progressively incorporating new product releases and innovation in old reels.

Country-wise Forecast CAGRs for the Fishing Reels Market

Country	CAGR
U.K	4.9%
India	4.4%
South Korea	4%
China	4.5%
U.S	4.7%

Category-wise Insights

Which is the Most Sought-after Fishing Type Category?

The Freshwater Fishing to Boost the Segment’s Growth

According to Fact.MR, the freshwater fishing would account for the lion’s share of market demand in 2023. With freshwater readily available in many places, freshwater fishing drew a big number of fishermen in 2020. According to the Outdoor Foundation and the Recreational Boating & Fishing Foundation, freshwater participation increased to 14%, the highest level since 2010.

Saltwater fishing remained the second most popular kind of fishing in 2020, accounting for a considerable share of the market, with 1.3 million additional participants. Participation in saltwater fishing is increasing during the projection period.

Which Sales Channel Will Be the Most Profitable in the Future?

Outdoor Sport Stores Segment to Enhance Growth Prospects

Outdoor sport stores will account for a substantial share of sales channels in 2021. During the projected period, however, the online sales channel is expected to emerge as a favored channel.

The availability and accessibility of a diverse selection of items on online platforms, as well as the opportunity to compare prices, product designs, and features, will assist in the spread of online sales channels. Customers are mainly interested in features such as secure transaction/payment and doorstep delivery. Over the forecast years, online platforms will become the most profitable sales channel for fishing reels.

Fishing Reels Market- Competitive Landscape

Leading companies in the worldwide fishing reels market are establishing themselves through rigorous differentiation focused tactics, in which players separate themselves from competitors via value proposition rather than reduced price to customers. A differentiation strategy gives distinctive traits and attributes that meet the customer's needs in order to connect to its target sector.

Recent Developments

• In 2020, Daiwa Corporation created a new website designed specifically to advertise the introduction of new fishing equipment such as reels, rods, and other accessories. The website keeps fishing equipment buyers up to date on new product introductions and, in turn, promotes industry growth.

Key Segments Covered in the Fishing Reels Industry Survey

• By Type :

  • Spinning Reels
  • Spincast Reels
  • Baitcaster Reels
  • Trolling Reels
  • Offshore Reels
  • Others

• By Reel Mechanism :

  • Anti-reverse Reels
  • Direct-drive Reels

• By Fishing Type :

  • Freshwater Fishing
  • Saltwater Fishing
  • Great Lake Fishing

• By Sales Channel :

  • Outdoor Sports Stores
  • Modern Trade Channels
  • Online Retail
    • Company Websites
    • Third-party Online
  • Other Channels

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa