Nearly 12 million units of fishing rods are likely to be sold globally, by the end of 2020. As indicated by a recent outlook by Fact.MR, the fishing rods market has been a significant contributor to several local economies’ buildout via activities, such as recreational and sportfishing. With broader applicability in recreation and tourism sectors, fisheries and associated markets have been witnessing significant growth opportunities over the recent past.
Fact.MR’s study opines that surpassing the conventional consumer interests of adventure and recreation, fishing rods manufacturers have been recently discovering profits in consistently rising penchant for sportfishing and professional angling, particularly across developed regional markets. Steady growth in demand for innovative fishing rods is envisaged as the sportfishing industry is observing a rapid surge in the number of professional angling clubs or associations.
Accounting for nearly 30% of the global sportfishing equipment industry as of 2018, fishing rods have been among high selling fishing gear and equipment, which is further estimated to thrive with a noteworthy rise in the number of fishing and angling tournaments. According to the study, fishing rods manufacturers are currently focused on micro-level research targeting specific angling requisites, which will remain an important booster to fishing rods sales in the near future.
Spinning Rods Remains Sought-after among Amateur Anglers
As per the findings, nearly 2/5th of total sales is accounted by lightweight rods, followed by the rods within a medium weight range. Convenience of use associated with lighter weight of fishing rods will continue to be instrumental in creating higher traction for these categories over other variants. Moreover, spinning type of fishing rods is currently the first choice of consumers, accounting for over 35% of total fishing rods sales. Time-saving, easy-to-master attributes of spinning tackle technique, particularly for amateur anglers, is likely to remain the prominent factor responsible for retaining the top selling position of spinning rods in market.
Regional analysis of the fishing rods market reveals that North America and Europe remain a lucrative market duo for manufacturers, with a primary push received from higher investments in the field of sportfishing and the professional fishing equipment industry. Europe has a remarkable number of trout and salmon streams, in addition to ample coarse fish water bodies, which continue to make the region an important marketplace for fishing rods manufacturers. Poland has been specifically cited as a high potential market holding robust opportunity of growth owing to a strong fishing density of one angler per 1.23 ha of lakes, rivers, and reservoirs.
The report opines that following developed regions, the market for fishing rods in Asia Pacific excluding Japan (APEJ) is progressing at a notable pace. Global players are highly likely to eye opportunities arising in China, ASEAN countries, and Oceania. Among these key recreational fishing clusters, Oceania registers the highest per capita spending on recreational fishing, thereby attracting fishing rods businesses to the APEJ region. Meanwhile, the presence of a large number of quality water bodies and fish diversity are positioning Japan as a strong market for commercial and recreational fishing, and sportfishing.
According to the strategy analysis of the competition landscape, a majority of fishing rods manufacturers are collaborating with popular, award-winning professional anglers for brand endorsement. Moreover, an important finding of Fact.MR’s research points to emergence of the increasing number of outdoor sports and fishing exhibitions in laying a strong ground for strategic collaborations and partnerships, assisting in further growth of fishing rods market. The developmental strategies of companies will also continue to focus on new products development catering to versatile ranges, from budget to premium.
This Fact.MR report provides an exclusive outlook of the fishing rods market for the projection period, 2019 to 2029. The fishing rods market is projected to record a CAGR of nearly 4.5% through 2029.