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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.
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.
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:
Key Takeaways from the Global Fishing Reels Market Report
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.
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.
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:
By Reel Mechanism segment of the Global Fishing Reels Market is sub-segmented into:
By Price Range segment of the Global Fishing Reels Market is sub-segmented into:
By Sales Channel segment of the Global Fishing Reels Market is sub-segmented into:
By Application segment of the Global Fishing Reels Market is sub-segmented into:
By Region segment of the Global Fishing Reels Market is sub-segmented into:
|Market Size Value in 2021||US$ 3,883.0 Mn|
|Expected Revenue in 2027||US$ 5,075.5 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Reel Type, Reel Mechanism, Price Range, Sales Channel, Application, and Region|
|Leading players||Abu Garcia, Alvey Reels, Daiwa Corporation, Elec-Tra-Mate, Florida Fishing Products, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
The various types of fishing reels include bait casting reel, spinning reel, center pin reel and others.
The fishing equipment market basically comprises of baits, flies, tools & pliers, lures, hooks, sinkers, tippers & swivels, reels, sinkers, rings and poles.
The global fishing reel market is studied from 2017-2027.
The growth rate of the global fishing reel market is 4.6%, with an estimated value of US$ 5,075.5 Million by 2027.
North America held the major share in terms of revenue, in the global fishing reel market in 2021.
Factors such as growing popularity of recreational activities among millennials and rise in consumer awareness towards the health benefit of fish drives the growth in the global fishing reel market.
Depletion of sea species is a restraining factor which inhibits the growth of the market during the forecast period.
Reel type, reel mechanism, price range, sales channel, application and region are the different segments of the global fishing reel market.
Based on application segment, the fishing reel market is bifurcated into freshwater fishing and saltwater fishing.
US holds the major share in terms of revenue in the North America fishing reel market in 2021.
The spinning reel segment holds the major share in 2021 due to its advantageous factors such as easy to use, effective and can be used to fish for nearly any freshwater species and most saltwater species
The key players operating in the market include 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.