Fishing Reels Market - Industry Dynamics, Market Size, And Opportunity Forecast To 2027

Global Fishing Reels Market is estimated to witness a rise in revenue from US$ 3,883.0 Mn in 2021 to US$ 5,075.5 Mn by 2027. The market is registering a CAGR of 4.6% during the forecast period 2022-2027. 

Market Snapshot

A fishing reel is a device that uses a spool mounted on an axle to deploy and recover a fishing line. Traditional fishing reels are employed in the recreational sport of angling. Although certain specialized reels are fixed directly to boat gunwales or transoms, they are commonly used in conjunction with a fishing rod. The various types of fishing reels include baitcasting reels, spinning reels, center pin reels, and others.  Fishing equipment comprises baits, flies, tools and pliers, lures, hooks, sinkers, reels, rigs, and poles among others.

Market Dynamics

The market is majorly driven by factors such as the growing popularity of recreational activities among millennials and the rise in consumer awareness of the health benefit of fish. Millennials are the generation most concerned with natural and ethical food products, which enforces them to hunt more thereby driving the growth of the fishing reel market. Moreover, the growing demand for healthy food, brought on by a rapidly expanding population, rising literacy levels, and technological advancement leads to high expectations from food services. Therefore, the robust growth of the urban population and improved healthy lifestyle of individuals create a high demand for the fishing reel market. However, the rising demand for organic seafood and fish is the main key factor that depletes the marine species, which results in restraining the growth of the market.

Key Insights of the Report: 

• The latest study published by Astute Analytica analyses the Global Fishing Reels Market for the study period of 2017-2027; where the historical years are 2017-2020, the base year is 2021, and the forecast period is 2022-2027.
• The research report offers a detailed study of market determinants including market drivers, restraints, opportunities, and trends; along with an attractive presentation in the form of impact analysis to gain a simpler and easy comparison view of all market determinants.
• The research study is a compilation of 18 chapters distributed across 217 pages with 48 lists of tables and 127 lists of figures.
• The market estimates are presented in terms of value (US$ Mn).
• Along with market estimations, the market study was conducted on the basis of various economic models such as PESTLE and Porter’s five force models.
• A detailed value chain analysis of the industry was conducted. It includes raw material providers, fishing reel manufacturers, distributors/market intermediaries, and end-users.
• The competitive dashboard section includes analysis on the basis of Concentration Ratio (CR), based on market size and market presence of key companies.

Key Takeaways from the Global Fishing Reels Market Report

• Based on reel type, the spinning reel segment holds the major share in 2021 as it is the most widely used reel across the globe, backed by its advantageous factors such as being easy to use, effective and can be used to fish for nearly any freshwater species and most saltwater species. Moreover, the electric reel segment is expected to project the highest CAGR in the global fishing reel market due to its easy-to-use features.
• On the basis of reel mechanism, the direct-drive reel segment holds the largest market share in the global fishing reel market in 2021. The direct-drive reel demand is rising as it is an advanced feature of traditional fly reels. Whereas, the anti-reverse reel segment is expected to hold the highest CAGR in the global fishing reel market during the forecast period.
• In terms of the price range, the price range below the US $100 is dominating the market in 2021 due to the major population in the emerging economies are using fishing reels and their income is also low. Moreover, the price between US $100-and 500 is projected to grow at the highest CAGR during the forecast period.
• In terms of sales channel, the offline segment holds the largest market share in 2021 due to the individual's demand to visit stores for purchasing electric equipment for proper checking of products as well as seek the opinion of experienced staff for better purchasing decisions. Whereas, the online segment is expected to grow at the highest CAGR over the forecast period due to the rising number of internet users with a habit of purchasing products online.
• By application, the freshwater fishing segment holds the largest market share in 2021. While the saltwater fishing segment is growing with the highest CAGR over the forecast period.
• By region, North America is the dominating region in the fishing reel market in 2021 owing to the rising popularity of recreational fishing in the region has been creating a healthy demand for fishing reels over the years. Whereas, the Asia Pacific region in the global fishing reel market is growing at the highest CAGR during the forecast period owing to the increasing number of budget-friendly game fishing destinations across this region.

COVID-19 impact on Global Fishing Reels Market 

The global fishing reel market is expected to witness a slight decline of 11% in 2020, in the recent outbreak of the COVID-19 pandemic. Keeping up with the present changing challenging condition, the market situation of fishing is being halted and has forced the government authorities and key manufacturers to stop or delay their fishing harvesting and investment in such facilities in order to control the spread of the novel coronavirus disease. Several market players suspended their operations and rather faced a declining staff count due to the spread of COVID-19 in the staff. This ongoing pandemic further interrupted the demand and supply of fishing reels throughout the world, backed by the certain restriction on trade and lockdown imposed by government bodies. This often limits the production of fishing reels and therefore, inhibits the market growth globally. 

However, the post-pandemic situation will create lucrative growth opportunities for the fishing reel market after such a long break of social distancing. Further, the market players are making strategies to run their businesses more efficiently and effectively amidst COVID-19. This, in turn, is expected to strengthen the growth of the global fishing reel market in the forthcoming years.

Competitive Landscape

The key players in the Global Fishing Reel Market are Abu Garcia, Alvey Reels, Daiwa Corporation, Elec-Tra-Mate, Florida Fishing Products, Hooker Electric Inc., Mitchell Reel Co., Shimano Inc., Shakespeare Company. LLC, Zebco, Pokee Fishing, Cabela's Inc., and AFTCO Mfg among others. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on an emerging market. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.

Segmentation Overview 

Global Fishing Reel Market is segmented based on reel type, reel mechanism, price range, sales channel, application, and region. The industry trends in the global fishing reel market are sub-divided into different categories in order to get a holistic view of the global marketplace. 

Following are the different segments of the Global Fishing Reel Market:

By Reel Type segment of the Global Fishing Reels Market is sub-segmented into:

• Spincast Reels
• Spinning Reels
• Baitcast Reels
  • Round Baitcasting Reel
  • Low-Profile Baitcasting Reel
• Electric Reel
• Fly fishing reel
• Offshore Reels
• Others

 By Reel Mechanism segment of the Global Fishing Reels Market is sub-segmented into:

• Direct-drive reel
• Anti-reverse reel

By Price Range segment of the Global Fishing Reels Market is sub-segmented into:

• < US$ 100
• US$ 100 - 500
• US$ 500 - 1,500
• > US$ 1,500

By Sales Channel segment of the Global Fishing Reels Market is sub-segmented into:

• Offline
  • Sports Stores
  • Departmental Stores
• Online
  • E-commerce websites

By Application segment of the Global Fishing Reels Market is sub-segmented into:

• Freshwater Fishing
• Saltwater Fishing

By Region segment of the Global Fishing Reels Market is sub-segmented into:

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • The UK
  • Germany
  • France
  • Italy
  • Spain
  • Poland
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • ASEAN
  • Oceania
  • Australia
  • New Zealand
  • Rest of Oceania
  • Rest of Asia Pacific
• Middle East & Africa (MEA)
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of MEA
• South America
  • Argentina
  • Brazil
  • Rest of South America