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The global Fish Hunting Equipment market size is expected to be worth around US$ 20.75 billion by 2027, according to a new report by Vision Research Reports.

The global Fish Hunting Equipment market size was valued at US$ 15.2 billion in 2019 and is anticipated to grow at a CAGR of 29.2% during forecast period 2020 to 2027.

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Growth Factors

Growing consumer preference for outdoor recreational activities, such as fish hunting, owing to growing millennial participation and urbanization is driving the market for fish hunting equipment.

In addition, the growing trend of travel and vacation is increasing the inclination towards recreational activities, such as fish hunting, thereby positively accelerating the growth of the market for fish hunting equipment. Growing popularity of fish hunting in the outdoor recreational industry is resulting in a large number of anglers, thereby ramping up the sales of fish hunting equipment.

Rising preference for recreational outdoor sports owing to growing trend of travel and leisure is boosting the growth of the market. In addition, sport fishing serves as the most prominent outdoor activity in the U.S. after jogging. This is eventually helping in increasing awareness regarding activities like fish hunting, thereby ramping up the sales of the fish hunting equipment over the forecast period.

Increasing popularity of fishing as the second-most popular outdoor activity in America, after running, jogging, and trail running is fueling the growth of the market. According to Outdoor Recreation Participation Topline Report, in the U.S., 31.5 million adults who were 25 and older participated in fishing in the year 2016. Moreover, increased spending on fishing equipment and accessories as a result of rising number of participants is ramping up the sales of such products.

Report Highlights

Fishing reels dominated the market for fish hunting equipment, accounting for a share of more than 28.2% of the global revenue in 2019.

Baits & lures are expected to register a revenue-based CAGR of 4.6% from 2020 to 2027. Emerging trend of combination of different styles in topwater bass lures, such as blades, hollow body frogs, and other large prop baits, are boosting the growth of these fish hunting equipment.

Offline distribution channel for fishing equipment accounted for more than 87% share of the overall revenue in 2019. Specialty stores dominated the offline channel segment due to availability of a large variety of fishing tackles in these stores.

Online distribution channel is expected to expand at a CAGR of 4.8% from 2020 to 2027. Surge in online shopping as a result of rising awareness as well as increased convenience is fueling the growth of the online channel for fishing equipment.

North America dominated the global market, accounting for a share of 60.1% of the global revenue in 2019. High prominence of recreational fishing as an American tradition is increasing the popularity of this activity.

Europe is expected to register a revenue-based CAGR of 4.5% from 2020 to 2027 owing to growing popularity of recreational fishing in the region.

Key Players

The market has been characterized by intense competition. Top players operating in the market include Orvis; Van Staal; Globeride, Inc.; Sensas; Maver UK Ltd.; PRADCO Outdoor Brands, Inc.; Eagle Claw; Costa Del Mar, Inc.; Pure Fishing, Inc.; and Newell Brands.

Market Segmentation