Fishing Reels Market Research, 2031
The global fishing reels market size was valued at $5.0 billion in 2021, and is projected to reach $7.6 billion by 2031, growing at a CAGR of 4.3% from 2022 to 2031.Fishing reels are mounted to fishing rod and it is used to wind and stow fishing line. The global fishing reels market is expected to witness a significant growth during the forecast period owing to the rising importance of Blue economy on the GDP of a nation. The rising participation of people in recreational, leisure, and hunting activities is anticipated to boost the growth of the fishing reels industry. Fishing is becoming popular among all age groups across the globe. According to the Food and Agricultural Organization of the United Nations (2018) estimates, an average of 6.7% of the world's population participates in recreational fishing but varies this figure substantially and it is directly related to economic and cultural and societal-level developments affecting resources, time, and socialization into recreational fishing. In Europe an estimated 9 million people, or 1.6% of the population, are engaged in marine recreational fishing, spending about $6.7 billion a year, and fishing for around 77 million days a year.
The fishing reels market is segmented into Product Type, Material, Fishing Type and Distribution Channel.
Increase in interest of children toward fishing and its related activities has created new business opportunities for stakeholders. Moreover, fishing activities have become one of the favorite outdoor activities for kids as well as adults. In addition, parents are encouraging children to start fishing as it helps them to boost their concentration level and patience level. Furthermore, there are a variety of simple poles available for fishing, which are designed specifically for children. These short rods equipment are available with kid-friendly characters. In addition, Mitchell, a manufacturer of fishing equipment, produces number of 5 ½ foot combos that are perfect for kids aged 7 and up. Thus, rise in interest of children toward fishing activities and easy availability of fishing equipment for children further propels the fishing reels market growth.
According to the global fishing reels market analysis, the fishing reels market is segregated based on product type, material, fishing type, distribution channel, and region. Based on the product type, the market is divided into spinning, spincast, fly reel, baitcasting, and others. Further, on the basis of material, the market is segmented into aluminum, graphite, stainless steel, and others. Based on the fishing type, the market is segregated into saltwater fishing and freshwater fishing. Depending on the distribution channel, it is divide into modern trade, outdoor sport stores, online sales, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Product Type
Spinning segment dominated the market in 2021
As per the fishing reels market forecast, based on the product type, the market was led by the spinning segment that garnered around 47.4% of the fishing reels market share in 2021. This growth is attributed to the increased adoption of the spinning reels among the anglers from long time. One of the benefits of spinning reels is that they are more versatile than conventional fishing rods. They can be used in saltwater or freshwater, with bait or lures, and for both fresh- and saltwater game fish.
As per the fishing reels market trends, on the basis of material, the stainless steel is anticipated to be the fastest-growing segment during the forecast period. The elegance, flexibility, corrosion resistant, longer life, and strength are the major features of the stainless steel reels that makes it a suitable choice for fishing in both the saltwater and freshwater. The fluctuating prices of the raw materials used for making stainless steel is a major factor that may hamper the growth of this segment.
On the basis of fishing type, the freshwater segment led the market with 68.5% in 2021. The presence of large number of freshwater bodies across the globe and the rising number of participants in recreational fishing are the major factors that has boosted the growth of the freshwater segment.
Depending on the distribution channel, the online sales is expected to be the fastest-growing segment during the forecast period. This growth is attributable to the rising penetration of the smartphones, growing penetration of internet, rising adoption of e-commerce platforms, and rising investments of the suppliers on increasing their digital presence. According to the International Telecommunication Union (ITU), in 2021, around 4.9 billion people across the globe had access to the internet.
Region-wise, North America dominated the global fishing reels market in 2021. The huge presence of anglers and marine tourists along with the rising government initiatives to promote the growth of Blue economy owing to its huge impact on the GDP of the region has led to the dominance of this region in the global market.
The major players operating in the global fishing reels industry includes ABU Garcia, BCF Australia, Daiwa Corporation, Jarvis Walker Pty, Inc., Kastking, Lew's Fishing, Maver UK Ltd., Okuma Fishing Tackle Co., Ltd., Piscifun, Pure Fishing, Inc. (Penn), Shimano, Inc., The Orvis Company, Inc., Tica Fishing Tackle, Zebco, and 13 Fishing.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the fishing reelsmarket segments, current trends, estimations, and dynamics of the fishing reels market analysis from 2021 to 2031 to identify the prevailing fishing reels market opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global fishing reels market size.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global fishing reels market trends, key players, market segments, application areas, and market growth strategies.
Fishing Reels Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Material |
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 By Fishing Type |
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 By Distribution Channel |
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 By Region |
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 Key Market Players | Tackle World, zebco, Pure Fishing, Inc., okuma inspired fishing, The Orvis Company, Inc., Rhythm inc, Rather outdoors,corporation, BCF Australia, Abu Garcia, Daiwa Corporation, Shimano, Inc., kastking, BPS Direct, LLC., Tica Fishing Tackle, Piscifun |
Analyst Review
Innovation is the key for growth of the global fishing reels market, in terms of value sales. Launch of new fishing reels with enhanced technologies by leading market players has raised interest of fishing among general public. These fishing reel manufacturers have taken care of problems that were faced during fishing and have come up with necessary solutions. AquaDrone is one of the leading producers in the fish equipment industry, which offer customized drones specifically to catch fishes. Moreover, the drone is designed to find fishes using sonar, take images using camera installed on it, install a bait & lure, and visit the same spot to catch fishes. The device is 100% water proof and can be used in both fresh and salt water. The rising adoption of these advanced equipment in fishing is expected to attract the fishers and hobbyists towards fishing. Furthermore, AquaDrone has become more popular among young generation and ones with less patience to wait to catch fishes. Thus, rapid advancements in technology in fishing equipment boosts growth of the fishing reels market.
Moreover, the rising initiatives by the several manufacturers to increase the awareness and promote participation of women in fishing is expected to drive the demand for the fishing reels in the forthcoming future. For instance, in 2018, The Orvis Company, Inc., launched 50/50 On the Water campaign to promote the participation of women in fishing. Further in 2020, the company launched Angling for All Pledge to promote angling among the people. All these initiatives are expected to boost the participation of the consumers in angling, particularly in fishing, which will boost the growth of the fishing reels market.
The global fishing reels market size was valued at $5,024.1 million in 2021, and is estimated to reach $7,627.2 million by 2031, registering a CAGR of 4.3% from 2022 to 2031. The rising participation of population in fishing and hunting activities as a part of recreational and leisure activity is boosting the market growth.
The global fishing reels market is projected to grow at a CAGR of 4.3% from 2022 to 2031. This growth is attributable to the rising focus of the people in recreational activities. The growing popularity of fishing among the women and children population is boosting the growth of the fishing reels market.
The report is available on request on the website of Allied Market Research.
The forecast period considered in the global fishing reels market report is from 2022 to 2031. The report analyzes the market sizes from 2022 to 2031 along with the upcoming market trends and opportunities. The report also covers the key strategies adopted by the key players operating in the market.
The major players operating in the global fishing reels market includes ABU Garcia, BCF Australia, Daiwa Corporation, Jarvis Walker Pty, Inc., Kastking, Lew's Fishing, Maver UK Ltd., Okuma Fishing Tackle Co., Ltd., Piscifun, Pure Fishing, Inc. (Penn), Shimano, Inc., The Orvis Company, Inc., Tica Fishing Tackle, Zebco, and 13 Fishing.
According to the global fishing reels market analysis, the market is segregated based on product type, material, fishing type, distribution channel, and region. Based on the product type, the market is divided into spinning, spincast, fly reel, baitcasting, and others. Further, on the basis of material, the fishing reels market is segmented into aluminum, graphite, stainless steel, and others. Based on the fishing type, the market is segregated into saltwater fishing and freshwater fishing. Depending on the distribution channel, it is divide into modern trade, outdoor sport stores, online sales, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Asia-Pacific is expected to be the fastest-growing region during the forecast period, owing to the rising focus of the government to boost the growth of the Blue or marine economy. Recreational fishing may have a significant contributions in the growth of an economy’s GDP and hence the rising focus of the government towards the marine sector is expected to drive the growth of the market in developing nations.
North America dominated the global fishing reels market in 2021. The huge presence of anglers and marine tourists along with the rising government initiatives to promote the growth of Blue economy owing to its huge impact on the GDP of the region has led to the dominance of this region in the global market.
In the post COVID-19 period, the rising participation of population in recreational and leisure tourism is expected to boost the growth of the global fishing reels market. Further, the growing penetration of e-commerce is expected to drive the sales of the fishing reels across the globe.
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