MARKET OVERVIEW - GLOBAL FISHING RODS MARKET
Fishing is one of the most popular leisure activities and helps participants develop and improve their skills. A growing trend in fishing sports is expected to drive demand for the fishing rod market. Fishing rods that help people catch fish consist of a hook at one end connected to a long, flexible rope. It is a long, cylindrical, flexible, thin rod made of fiberglass, wood, or steel, typically used by anglers to catch fish. Many people around the world tend to participate in various types of recreational activities, such as fishing. This factor is the major driving force behind the expansion of the global fishing rod market. Fly rods, casting rods and spinning rods are some of the most popular products available on the fishing rod market. These sticks are made from a variety of materials such as carbon fiber, bamboo and fiberglass.
MARKET DRIVERS
In recent years, the number of participants in various leisure activities has increased dramatically. Increasing individual participation in fishing competitions coupled with various government initiatives and massive fundings to promote recreational fishing in various countries around the world, are driving the global market. Also, one of the key factors behind this growth is the improvement in disposable income in large populations around the world, mainly in developed countries. Furthermore, the recent increase in ice fishing acceptance is another trend impacting the fishing rod market. Ice fishing is popular in countries such as Norway, Bulgaria, France and Canada with numerous lakes and sub-zero climate conditions. All these factors are expected to drive market growth across the globe.
MARKET OPPORTUNITY
The increasing number of fishing associations and clubs for recreational fishing around the world is also driving the growth of the fishing rods market. The rising popularity of angling competitions around the globe and increasing personal disposable income are two major factors propelling market growth.
MARKET RESTRINT
The market has major restraining factors, like overfishing, as the marine ecosystem accounts for a significant proportion of its destruction. Thus, governments across the world have been enforcing restrictions, conventions, licensing restrictions to protect marine life. For instance, in Ireland, the central Fisheries commission regulates fishing and administers national licenses in the country. Other impediments to market growth include action by PETA and other NGOs on the environmental impact of hunting and fishing gear.
MARKET GROWTH CHALLENGES
The fluctuations in the price of raw materials are one of the major factors challenging the growth of the fishing rods market. Furthermore, the growing government regulations and rising environmental concerns will pose a major challenge to the growth of the market.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of the fishing rods market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. A growing trend among many of the population to spend their vacations near various fishing sports and an increased interest in children in fishing across the globe are fueling the growth of the market, which is expected to witness growth at a specific CAGR from 2023-2029.
GLOBAL FISHING RODS MARKET SEGMENTAL OVERVIEW
The fishing rods market comprises of different market segment like product type, material type, flex type, rod weight, application, distribution channel and geography.
GLOBAL FISHING RODS MARKET BY PRODUCT TYPE
By product type, the fishing rods includes key segment of
- Spinning Rods
- Fly Fishing Rods
- Casting Rod
- Ice Fishing Rods
- Surf Rods
- Telescopic Rods
Over the forecast period spinning rods are expected to dominate the market. These products are efficient at casting lighter baits in the water and complement crankbaits, jerk baits, shaky heads and drop shots. This segment is growing owing to its ease of use and these rods are very useful when fishing in windy areas where most other rods fail miserably, as they make casting easier. It also avoids creating backlash and thus, the use of lures can be skipped. Thus, all these factors boost segment growth.
On the other hand, the fly-fishing rods are expected to register the fastest CAGR during the forecast period. It can also be used as baiting cast in shallow water, and it is gaining popularity as it can cast small baits such as Finicky Tarpon and Finicky Trout in a long range.
GLOBAL FISHING RODS MARKET BY MATERIAL TYPE
By material type, the fishing rods includes key segment
- Bamboo
- Fiberglass
- Carbon Fiber
The bamboo material type is expected to dominate the market over the forecast period. In 2018, bamboo-based fishing roads accounted for 40.0%. These products are suitable for medium to small rivers and still waters. Their size ranges from 6 to 8 feet, giving them an advantage in bushy environments. Bamboo rods are an idea for anglers who enjoy the most delicate presentation as well as the slow and extremely flexible action of their rods. Moreover, its toughness prevents the rod tip from breaking due to maintenance or impact. A short rod absorbs shock better and can stop fish. All these factors are expected to boost the bamboo segment's growth.
Fiberglass is expected to register the fastest CAGR during the forecast period. These rods are most suitable for catching large and heavy baits and are the preferred choice of fishers owing to their lower costs and lighter weight yet more durability than graphite fishing rods.
GLOBAL FISHING RODS MARKET BY FLEX TYPE
By flex type, the fishing rods includes key segment
The tip flex is expected to dominate the market over the forecast period. The tip flex model has a stiffer bend along most of the rod. This creates a stronger backbone that allows for heavier, faster throws on large presentations such as large foam patterns and streamers.
GLOBAL FISHING RODS MARKET BY ROD WEIGHT
By rod weight, the fishing rods includes key segment
- Ultra-light
- Light
- Medium
- Medium Heavy
- Heavy
- Extra Heavy
The ultra-light rods are expected to dominate the market over the forecast period. Ultra-light rods are great for catching small fish in shallow water. Designed to cast small amounts of weight. This makes them best for mild lures like tiny spoons and spinners. Ultralight rods can also help boost the movement at the entice for the duration of the retrieve.
GLOBAL FISHING RODS MARKET BY APPLICATION
By application, the fishing rods includes key segment of
- Competitive Casting
- Recreational Fishing
- Commercial Fishing
Recreational fishing is expected to dominate the market over the forecast period. In the year 2018, recreational fishing accounted for the largest share, around 50.0%, in the fishing rods market. Recreation fishing is the second most popular outdoor activity in the United States after jogging. Many enjoy fishing and spending time near the reservoirs. Adding to that, growing interest in children’s fishing and related activities has created new business opportunities for interest groups. Fishing is also a popular outdoor activity for adults and children. Furthermore, parents encourage their children to start fishing. Therefore, the demand for fishing rods is growing in recreational fishing.
GLOBAL FISHING RODS MARKET BY DISTRIBUTION CHANNEL
By distribution channel, the fishing rods includes key segment
- Supermarket
- Hypermarkets
- Sports Stores
- Online Store
- Direct Procurement
The supermarket is expected to dominate the market over the forecast period. Buyers prefer to experience using a rod before purchasing a rod. Most anglers are very conscious of how the product feels in their hands and how they control it. On the other hand, the online store is expected to register the fastest CAGR during the forecast period. E-commerce is one of the most effective strategies adopted by companies and industries to increase target customer awareness of product offerings on e-commerce channels.
GLOBAL FISHING RODS MARKET BY GEOGRAPHY
By geography, the fishing rods includes key segment of
- North America
- Asia Pacific
- Europe
- RoW
North America is expected to dominate the market over the forecast period. In the year 2018, North America accounted for the largest share, accounting for over 40.0% of global fishing rod sales. People have adopted this peaceful activity as a hobby and enjoy spending time near the reservoir. In addition, increased fishing competition activity in the region is expected to boost sales of fishing rods in the coming years.
The Asia Pacific is expected to register the fastest CAGR during the forecast period. In countries like Japan, Australia, and New Zealand, people actively engage in fishing as part of their recreational activities.
COVID-19 IMPACT ANALYSIS ON GLOBAL FISHING RODS MARKET
The outbreak of the COVID-19 pandemic is expected to have a noticeable impact on market growth. Lockdowns imposed to stem the spread of the disease have disrupted supply chains and manufacturing operations around the world. Massive lockdowns and travel restrictions imposed to combat the pandemic are altering human behavior, disrupting industrial activity, and creating challenges and uncertainties for the global economy and human societies. Due to lockdowns, 81% of the global workforce remained at home by early April 2020, and global manufacturing output fell by 20% in April 2020. Also, the impact of the COVID-19 on the seafood industry and aquaculture has been tremendously huge and people who actually rely solely on seafood have had to go through a lot while the food supply chain has been hampered due to the various measures taken while trying to prevent the ill-effects of the pandemic. Although the pandemic has slightly reduced the global fishing rod market, net income, and production of rods in the upcoming years, the market is expected to slowly pick up.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the fishing rods market is primarily focused on expanding the global growth of the fishing rods market through new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in the market has led to growing demand for the market. Besides, the market offers a range of products to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
- AFTCO
- Cabela’s Inc.
- Dongmi Fishing Tackle Co., Ltd.
- Eagle Claw
- Preston Innovations
- RYOBI
- Pokee Fishing Tackle
- Pure Fishing, Inc.
- Shimano, Inc.
- St. Croix Rods
- Tica Fishing Tackle
- Shakespeare
- Weihai Guangwei Group
RECENT DEVLOPMENT
AUGUST 2022: PENN Fishing, a leading saltwater tackle company, has introduced a dependable rod for anglers looking for functionality and durability in a variety of fishing conditions. The Mariner III is the perfect rod for anglers who need a reliable, versatile rod for most saltwater species, including salmon and steelhead.
