USA, ROCKVILLE, MD, April 06, 2022 (GLOBE NEWSWIRE) — The fishing rod market is poised to grow at a CAGR of 4.5% and is expected to grow in absolute dollar terms during the forecast. Will create $1.5 billion opportunity Term 2020-2030. The outbreak of COVID-19 will have a short-term impact on the Fishing Rods market. However, increasing participation in fishing activities and increasing sales of fishing boats will drive this Fishing Rods Market Growth in the coming years. Offshore wind farms offer an opportunity for the fishing industry. The US Department of Energy has allocated approximately US$200 million for research, development and demonstrations of offshore wind projects. Therefore, the demand for fishing rods will increase in the future.
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Rising participation in fishing competitions and support of recreational fishing initiatives by governments of different countries are expected to fuel the expansion of fishing rod market in the coming years. The development of offshore wind projects in deep water, which have little impact on fishing activities and recreational boating, has enabled anglers to achieve greater catches. The increase in offshore wind farm projects will continue to boost sales of fishing rods.
Key insights from the Fishing Rods market study
- The global fishing rod market is expected to be valued at US$2.7 billion by the end of 2020 and is expected to exceed US$4.2 billion by the end of 2030.
- By rod type, spinning rods are expected to grow 1.7x in 2020 than flying rods. On the other hand, casing rods will account for 18% of the total market share in 2020.
- The weight of the rods is expected to increase but lose 194 BPS over the projected duration.
- The Fishing Rods Market is expected to grow at a CAGR of 5.5% in APEJ, while North America is projected to be valued 1.8 times higher than Europe and is projected to account for a large portion of the demand pie by the end of 2020 during the forecast period.
Regional outlook on the fishing rod market
North America is expected to dominate the Fishing Rods market share followed by Europe in 2020 and is expected to maintain its dominance in terms of both value and volume over the forecast period. The increasing demand for technologically advanced fishing rods in North America and Europe is expected to boost the fishing rod market in these regions. In the US, recreational fishing is the second most popular outdoor activity in the country, after jogging. Such activities are said to contribute to the growth of the Fishing Rods market in the region.
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Impact of COVID-19 on Fishing Rods Market
The impact of COVID-19 has been profound lately, with significant impacts on various sectors. Fish and fish products, which are highly dependent on international trade, suffered early in the pandemic due to trade restrictions and closures of global markets.
North America is one of the leading regions in the fishing rod market and will see a maximum drop in demand as it is the region hardest hit by the outbreak. However, with the decline in offline sales of fishing rods, the increasing use of virtual technologies will improve online shopping among consumers and is expected to gradually increase sales in the post-COVID-19 period.
Fishing Rod Market: Competitive Landscape
The fishing rod market is inherently fragmented and there are a large number of local players. Some of the leading players in the market are Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St. Croix Rods and Piscifun, among others.
The fishing rod market continues to grow steadily, with low to moderate growth in developed markets, with slightly better expansion in emerging markets. Low barriers to entry led to an influx of startups into the fishing rod landscape, further adding to the already intense competition. While increased distribution remains the mainstay of leading players in the Fishing Rods market, emerging players are focused on maintaining long-term relationships with existing suppliers.
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Key Segments of Fishing Rods Market
Fact.MR’s Fishing Rods Market study provides information segmented into five key segments: Rod Type, Rod Weight, Flex Type, Distribution Channel and Region. This report provides comprehensive data and information on key market dynamics and growth parameters related to these categories.
- spinning rods
- housing rods
- ice fishing rods
- fly rods
- surf rods
- telescopic rods
- extra heavy
- Tip Flex
- Medium flex
- Full flex
- sports shops
- specialty shops
- online stores
- corporate websites
- Third party online
- specialty online
- direct procurement
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