Fishing Reel Market– Statistics And Analysis & Forecast To 2027

Posted by Mrudula Karmarkar on December 21st, 2021

The global fishing reel market size is expected to reach USD 5.97 billion by 2027, expanding at a CAGR of 4.2% from 2020 to 2027, according to a report conducted by Grand View Research, Inc. The growth of the market is attributed to growing interest among millennials worldwide in recreational activities, such as fishing. From a broad perspective, rising consumer spending on sports fishing equipment has been favoring market growth.

North America is likely to witness a healthy demand for the product throughout the forecast period. Fishing is among the most popular sports and outdoor recreational activities in U.S. The American Sportfishing Association (ASA) represents the entire sportfishing community in the country and encourages U.S. citizens to participate in fishing activities as a sport. Presence of such associations has been encouraging domestic manufacturers to increase their scale of operation within the country, backed by an expanding number of millennials in the country expressing their passion for fishing.

At a macro level, various factors including rising global participation rates in fishing activities, growing popularity of social media, and development of deep water offshore wind projects continue to favor market growth. Furthermore, growing trend of fishing tackle collection has been improving product circulation worldwide. In this regard, fishing reels are being increasingly considered a possession of gentility, along with other equipment, such as creels and fly rods.

North America emerged as the largest regional market for fishing reels in 2020 and is likely to retain its pole position throughout the forecast period. This region offers sports enthusiasts a surfeit of popular fishing locations. Some of the most popular locations include Silver Lake (California), Devils Lake (North Dakota), Lake Winnipeg (Manitoba, Canada), Lake Simcoe (Ontario, Canada), and Lake Washington (Minnesota). Furthermore, rising popularity of ice fishing in North America has been contributing to the healthy demand for all fishing equipment over the years.

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Offline distribution channel continue to remain the most preferred sales platform for the product. These channels include independent sports outlets, specialty stores, discount stores, and departmental stores. Rising need for anglers to feel the product before making a purchase continues to contribute to the growth of the offline segment.

Fishing Reel Market Report Highlights

• By type, the spinning reel segment accounted for the largest share of more than 33.0% in 2020
• Based on distribution channel, the offline segment dominated the market in 2020
• Rising popularity of outdoor recreational activities amongst the millennial and Gen z consumers is expected to favor market growth over the forecast period.

The market is characterized by intense competitive rivalry, with both domestic and international players sharing the market space. To stay competitive, prominent market participants have adopted new product launches as their key strategy over the years.

Companies are increasingly focusing on research and development (R&D) to develop technologically advanced products to gain a competitive edge over other players. In this regard, manufacturers are increasingly employing lighter metals, such as aluminum and alloys, backed by increasing consumer demand to reduce the weight of reels.

Product development continues to remain one of the most preferred competitive strategies in the market. In this regard, manufacturers have been increasingly introducing their products with stainless steel multi-lock technology. Such fishing reels are being marketed as ideal for use in both offshore and inshore mojo lures, bunker spoons, and umbrella rigs. Some of the prominent players in the fishing reels market include:

• Stradic
• Daiwa
• Creed
• GT
• Penn Spinfisher
• Pflueger
• Shimano
• Orvis
• Okuma
• LL Bean
• Abu

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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