The global fish hunting equipment products market is projected to reach USD 8.7 billion by 2030, at a CAGR of 4.0% from 2023 to 2030. The market is driven by the increasing demand for fish hunting equipment for recreational fishing and commercial fishing. Moreover, the increasing demand for sport fishing and recreational fishing is expected to boost the demand for fish hunting equipment. The growing trend of recreational fishing and the availability of technologically advanced fishing gear are some of the key factors driving the demand for fish hunting equipment.

Furthermore, the rising popularity of tournaments is resulting in increased participation in fishing activities, which is driving the demand for fish hunting equipment. The increasing number of fishing enthusiasts has led to the development of innovative and advanced fish hunting equipment. For instance, in February 2021, Abu Garcia launched the Revo® Beast, a low-profile baitcasting reel with a powerful gear system that enables anglers to gain more control over their fishing.

The growing popularity of fishing as a hobby and leisure activity is anticipated to drive the demand for fish hunting equipment. The rising awareness of fishing and its health benefits, such as physical fitness and mental relaxation, is encouraging more people to engage in fishing. Furthermore, the increasing disposable income of people is enabling them to purchase fish hunting equipment.

In addition, the increasing demand for fish hunting equipment in the commercial sector is likely to support the growth of the market. The government of various countries is promoting fishing activities in order to provide employment to fishers. This is resulting in the increasing demand for fish hunting equipment from the commercial sector. Furthermore, the increasing initiatives by the government to promote fishing activities are boosting the demand for fish hunting equipment.

The increasing demand for technologically advanced fish hunting equipment is expected to further propel the market. Manufacturers are increasingly focusing on developing products with advanced features such as remote-controlled boats and wireless fish finders. This is enabling anglers to have a better fishing experience. Furthermore, the increasing demand for eco-friendly fishing equipment is expected to drive the market growth.

The fishing rods segment is expected to hold the largest market share during the forecast period. Fishing rods are an integral component of fishing equipment, and their demand is rising due to the growing popularity of recreational fishing activities. According to a report by the National Marine Fisheries Service, the number of people who engaged in fishing activities in the US increased from 46 million in 2011 to 49.8 million in 2016. Furthermore, increasing disposable income of consumers and the introduction of technologically advanced fishing rods are supporting the growth of the segment.

The lures segment is anticipated to expand at the fastest CAGR of 5.3% over the forecast period. Lures are artificial baits used to attract fish. They are available in various sizes and shapes. Increasing number of fishing activities and rising awareness regarding the use of lures among the consumers are some of the factors driving the growth of the segment. Additionally, the availability of lures designed for specific fish species, materials, and colors are creating lucrative opportunities for the growth of the segment.

The offline retail stores segment is projected to dominate the fish hunting equipment market, with a share of over 41.3% in 2022. Offline retail stores provide customers with the opportunity to compare and select the right product. The availability of a variety of products and services such as installation, after-sales service, and repair service offered by these stores is likely to propel the growth of the segment. Moreover, the presence of knowledgeable sales staff, along with the availability of promotional offers, discounts, loyalty programs, and payment options, is likely to drive the segment’s growth over the forecast period.

The online segment is expected to expand at the highest CAGR of 12.6% over the forecast period. The increasing penetration of internet, rise in the number of consumers using mobile devices, and the introduction of various promotional offers by e-commerce websites are major factors driving the segment’s growth. The presence of a large number of online platforms such as Amazon, Flipkart, and eBay providing a wide range of fish hunting equipment products is further likely to boost the segment’s growth. Additionally, the convenience offered by online stores in terms of doorstep delivery, 24/7 shopping, and easy return policies is also likely to support the segment’s growth.

The recreational segment accounted for the largest revenue share of 76.5% in the year 2022. The increasing adoption of fishing as a recreational activity, especially among the younger generations, is propelling the demand for fishing-related equipment. Furthermore, the expanding base of anglers in the U.S. is also expected to have a positive impact on the market in the coming years. For instance, according to the U.S. Fish and Wildlife Service, the total number of anglers in the U.S. increased from 36 million in 2011 to 46 million in 2016.

The commercial segment is expected to expand at a significant CAGR of 10.4% during the forecast period. This is attributed to the rising demand for fishing equipment in the commercial sector. The increasing number of aquaculture operations and fisheries is expected to drive the market in the forecast period. Furthermore, the increasing investments by governments in the fishing sector is also anticipated to propel the market. For instance, the U.S. government has invested approximately US$ 40 million in the Deepwater Horizon Oil Spill Trust Fund for the restoration of the marine ecosystem and fisheries in the Gulf of Mexico.

North America accounted for the largest share of the global fish hunting equipment market in 2020. This is due to the presence of several fishing equipment manufacturers in the region, as well as the presence of several recreational fishing spots in the region. Additionally, the increasing popularity of fishing as a recreational activity in the region is also driving the growth of the market. For instance, in 2021, the U.S. Fish and Wildlife Service reported that over 40 million Americans participated in fishing activities.

Asia Pacific is expected to witness the fastest growth over the forecast period. This is due to the presence of a large number of fishing enthusiasts in the region. Additionally, the increasing popularity of angling in countries such as China and India, is expected to drive the market growth in the region. For instance, in 2020, the Chinese Angling Association organized several angling competitions in the region, which attracted numerous fishing enthusiasts.

In this part of the fish hunting equipment products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your fish hunting equipment products. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions
The main source of revenues for a fish hunting equipment products business comes from the sale of fishing equipment such as rods, reels, lures, tackle, and other related items. Here you will find a list with a description of each of them and other possible sources of profit such as licensing of intellectual property and the sale of related services or products.

Projecting Expenses
In this section, all the regular expenses related to keeping the fish hunting equipment business running will be described. The list of operating expenses includes advertising, staff salaries, rent, utilities, insurance policies, maintenance and repairs, and others.

Some of the key companies operating in the fish hunting equipment market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Fishhunter Inc. launched its new fish-finding device, the Fishhunter Pro, designed to detect fish up to 200 feet below the surface.

– In August 2022, Wildgame Innovations launched its latest fish-finding device, the Aqua-Vu Micro Plus, designed to detect fish up to 150 feet below the surface.

– In October 2022, Aqua-Vu launched its latest fish-finding device, the Aqua-Vu Pro Plus HD, designed to detect fish up to 300 feet below the surface.

Some of the prominent players in the fish hunting equipment market include:

– Fishhunter Inc.
– Wildgame Innovations
– Aqua-Vu
– Chartplotters
– Garmin International
– Humminbird
– Lowrance
– Raymarine
– Simrad
– Standard Horizon

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global fish hunting equipment market based on product, distribution channel, type, and region:

1. Product Outlook (Revenue, USD Million, 2017 – 2030)

– Fishing Rods
– Fishing Reels
– Fishing Nets
– Fishing Line
– Fishing Lures and Baits
– Other Fishing Equipment

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Supermarkets & Hypermarkets
– Online
– Others

3. Type Outlook (Revenue, USD Million, 2017 – 2030)

– General Purpose Fishing
– Specialty Fishing

4. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What are the Major Factors Driving the Fish Hunting Equipment Market?
[A]: The major factors driving the fish hunting equipment market are the increasing demand for fishing as a recreational activity, rising disposable incomes, and the increasing popularity of angling as a competitive sport. In addition, technological advancements in fish finders, lures, and other fishing equipment have made angling more convenient and efficient.

[Q]: What are the Major Challenges Faced by the Fish Hunting Equipment Market?
[A]: The major challenge faced by the fish hunting equipment market is the stringent regulations imposed by governments on the use of certain types of fishing equipment. Moreover, the rising awareness of the need to conserve aquatic species is also a major challenge to the market.

[Q]: Who are the Key Players in the Fish Hunting Equipment Market?
[A]: The key players in the fish hunting equipment market include Abu Garcia, Daiwa, Okuma Fishing Tackle Corp., Shakespeare, Shimano, Inc., Pure Fishing, Inc., St. Croix Rods, Zebco, and 13 Fishing.

[Q]: What is the Market Outlook for Fish Hunting Equipment?
[A]: The global fish hunting equipment market is expected to reach a size of USD 13.9 billion by 2027, growing at a CAGR of 4.3%. The increasing demand for fishing as a recreational activity, rising disposable incomes, and the increasing popularity of angling as a competitive sport are some of the key factors driving the market.

[Q]: What is the Potential of Product Innovation in the Fish Hunting Equipment Market?
[A]: Product innovations such as smart fishing rods and lures, augmented reality-based fishing apps, and drone-mounted fish finders are expected to create significant opportunities for the fish hunting equipment market over the forecast period. In addition, technological advancements in fish finders, lures, and other fishing equipment have made angling more convenient and efficient.