LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global sports fishing equipment market to grow at a CAGR of 3.06% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global sports fishing equipment market for 2016-2020. To calculate the market size, the report has taken into consideration the revenue generated from the retail sales of different types of sports fishing equipment to individual consumers, clubs, and sports organizers.
Kayak fishing has been gaining popularity due to its healthy method of transportation, as it requires the angler to paddle, and also for its low cost compared to motorized boats. A kayak can be easily available for less than USD 3,000, which includes expenditure on towing fuel costs, insurance, maintenance, and launch fees. Meanwhile, the minimum price of a fishing boat in the US is over USD 10,000. In the US, the number of trips recorded in kayak fishing were more than 38 million in 2015. This number of kayak fishing outings held a share of 4.3% in 2015 out of total number of fishing outings from shorelines, boats, river banks, piers or jettys, kayaks, and other fishing venues.
Technavio analysts highlight the following three factors that are contributing to the growth of the global sports fishing equipment market:
- Increasing fishing campaigns by government and fishing organizations
- Increasing number of participants in sports fishing
- Fishing platform development
Increasing fishing campaigns by government and fishing organizations
Sports fishing not only helps the market of fishing equipment grow, but also helps the tourism market. In Costa Rica, sports fishing accounts for over USD 400 million annually, as the country is visited by more than 250,000 anglers every year, accounting for more than 20% of the tourists. The sports fishing market in Costa Rica generated more than 60,000 jobs in the country. To increase tourism, including sports fishing, Costa Rica government launched a campaign in 2015, called "Save the Americans".
Mantri Charan Kumar, a lead outdoor gear research analyst at Technavio, says, “In the US, the sports fishing market contributes more than USD 115 billion to the economy every year, and generates over 800,000 jobs. Campaigns like Take Me Fishing, which was launched by Recreational Boating and Fishing Foundation in 2015, encourage sports fishing participation in the US.”
Even in the UK, many organizations have campaigns to promote the sport. For instance, Sport England, which is the government department for sports, launched the Get Out There campaign to go fishing more often, and this campaign reached more than half a million of people in 2015. Every year, the anglers spent more than USD 2 billion in England and supported more than 26,000 jobs.
Increasing number of participants in sports fishing
Fishing has become a popular recreational activity across the globe. The US is one of the key leading countries when it comes to sports fishing. In 2015, the total number of anglers rose to 55.75 million from 55.46 million in 2013. Since the sports fishing market is expanding, the number of licenses sold each year is also on the rise.
“In the UK, there is a popular event called the National Fishing Month, which is organized every year in the months of July and August. The program does not require any particular age, experience, cultural, or social background for the participants, and so, such fishing programs are increasing the popularity of the sport,” adds Mantri.
Fishing platform development
When it comes to sports fishing, the fishing platform is the one of the most important aspects of infrastructure. Many key leading countries like the US and the UK are increasing their fishing platforms, which can improve access to water bodies to fish in, and make it an even more social sport. Fishing along canals and reservoirs is growing in popularity. The development of platforms on these canals and reservoirs is driving the growth of the market.
For example, in 2016, a new fishing platform was developed in Drayton Reservoir Northampton, UK. In the same year in the US, fishing platforms were developed in Maine, so that disabled veterans can fish for landlocked salmon and lake trout at Sebago Lake. These platforms are open to anyone, but priority is given to disabled veterans. This development of infrastructure for disabled persons who have limited choices for sports is driving the growth of sports fishing.
In Australia, the government provided USD 1 million in 2015 for 17 new projects to develop infrastructure. These new projects were aimed to improve sports fishing opportunities for beginners and experts to fish in lakes, rivers, bays, or offshore. The Australian government is trying to grow the number of anglers to one million by 2020. Thus, infrastructure development will increase sports fishing participation.
Top vendors in the market:
| Eagle Claw |
| Newell Brands |
| Okuma Fishing Tackle |
| Shimano |
| Tica |
Source: Technavio
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