Sports Fishing Equipment
With Traditional Forms of Recreation Coming to an Abrupt Halt, Sports Fishing Equipment Market Slumps by -9.8%
The global market for Sports Fishing Equipment is expected to slump by -9.8% in the year 2020 and thereafter recover and grow to reach US$15.9 billion by the year 2027, trailing a post COVID-19 CAGR of 3.4% over the analysis period 2020 through 2027. The COVID-19 pandemic has severely dented the sports equipment market and bears negative implications for sports equipment providers for immediate term. The outbreak has disrupted supply chains and affected production of sports equipment in various countries. Moreover, the scenario has resulted in cancellation or rescheduling of several sporting events like NBA, Indian Premier League, French Open and Tokyo Olympic 2020. Demand for sports equipment has been plummeting. Despite easing of lockdowns and pandemic-related curbs by most countries the market is yet to witness a resurge. Annual outings among fishing participants have declined sharply as a result of the COVID-19 travel & movement restrictions. Attempts to reopen popular fishing lakes & parks are being met with the challenges of rising second wave of infections. As a result of the complete annihilation of the travel & tourism industry, sports fishing vacation remains muted with air travel still far from regaining normalcy. Popular fishing destinations in North/Central America remain closed or are experiencing significantly lower footfall. Professionally organized sports fishing competitions also remain cancelled and postponed in several countries worldwide. Rising unemployment & erosion in household wealth is resulting in reduced spending on fishing expeditions & equipment.
In the post COVID-19 period, growth in the market will be driven by the growing demand for technologically advanced and innovative fishing equipment including but not limited to fishing lines with higher abrasion resistance, durability, strength, smoothness, sensitivity, invisibility, low-stretch, and seamlessness; and reels made of polymeric materials and features faster speed, better adjustment in changing wind conditions, satiny finish, and a larger spool. Other innovative equipment poised to benefit market prospects in the near term include rods made of carbon fiber that are lightweight and at the same time strong and slim, with enhanced grip, impeccable balance and mechanically efficient action; lures that mimic sounds of fish, and the characteristic wobbling action; bobber with an integrated intel chip, and 3D printed bobbers; and a fishing camera for easy underwater viewing using tablets or smartphone. Increase in the percentage of female-anglers represents another opportunity for vendors who are launching a variety of differently designed fishing rods for this end-user segment.
Demand for high quality lures has also increased over the years as anglers reduced live bait usage going by the trend of 'catch-and-release'. Increase in the percentage of female-anglers is also an opportunity of sorts for vendors who are launching a variety of differently designed fishing rods for this end-user segment. As regards to distribution, sports shops report the highest sales for sports-fishing equipment worldwide. Large specialty sports shops especially are able to carry almost all the top brands available, making it convenient for anglers to shop for their required gear. Participation in sports fishing will also benefit from the myriad health benefits offered by the sport. Sport fishing offers an excellent opportunity for social bonding and reinforcing relationships with family and acquaintances. Sport fishing offers a fun and rewarding experience to the anglers who like adventure and want to spend good amount of time enjoying nature. Fishing is one of the best stress busting outdoor activities in serene surroundings. It relieves pressure from brain and body, and creates a sense of tranquility. The fishing activity forms an excellent exercise and mental relaxation technique, aiding in the recovery of post-traumatic stress disorder patients. Fishing offers an opportunity to unplug from the hectic daily lives and replace the sedentary electronic leisure pursuits through exploring the saltwater, lakes, ponds, rivers and other water bodies in depths of woods, up mountains, and small trout stream. Sport fishing provides a challenging atmosphere for catching wild fish for food that are high in protein, low in cholesterol and fat, and have rich source of omega-3 fatty acids, which aid in decreasing blood pressure, and lowers risk of heart failure and stroke. It also aids in promoting good health, improves stamina and enhances the quality of lifestyle by burning extra calories and keeping active. Paddling the kayak, hiking or biking to reach the fishing spot offers excellent cardiovascular benefits. Further, spending time on the serene waters rejuvenates the body through fresh air and ample vitamin D.
Competitors identified in this market include, among others,
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook