Fishing Reels Market

Fishing Reels Market Analysis and Review by Product - Spinning, Baitcasting, Spincast, and Fly Reels for 2021-2031

Fishing Reels Market Analysis

[300 Pages Report]  As per newly released data by Future Market Insights (FMI), the demand in the Fishing Reels Market grew by year-on-year (YoY) rate of 4.3% in 2021, reaching a market valuation of US$ 5.3 Bn in 2021.

Expanding at a 4.9% CAGR, sales of fishing reels are projected to grow exponentially over the forecast period, with U.K., the U.S., Australia, and Germany emerging as key producers in the market.

Base year (2020) Market Value

US$ 5.1 Bn

Projected year (2021) Market Value

US$ 5.3 Bn

Projected year (2031) Market Value

US$ 8.6 Bn

CAGR% (2021-2031)

4.9% CAGR

2016-2020 Global Fishing Reels Market Outlook Compared to 2021-2031 Forecast

Demand for Fishing Reels grew at 3.3% CAGR between 2016 and 2020. The outbreak of the COVID-19 adversely impacted the sales prospects due to restrictions imposed on movement, which also disrupted supply chains.

Fishing reels are either hand-held or fixed on the gunwales of boats and are used to wind and pack fish in conjunction with fishing rods. The fishing reels market has been steadily growing in recent years, owing to a thriving fisheries industry and in line with the global trend of leisure activities gaining popularity.

However, with revival of manufacturing industry, distribution networks, and production activities across various sectors, FMI projects the global fishing reels market to achieve its pre-pandemic status over the forecast period, growing at a 4.9% CAGR.

What is Driving Demand for Fishing Reels?

The rising popularity of recreational activities among millennials such as fishing is likely to fuel demand for the product over the projection period. Furthermore, to boost their market share, leading players in the fishing reels market are focusing on collaboration with sports fishing players for product customization, innovation, and product USP.

Additionally, businesses are expanding their market reach by using e-Commerce and other digital platforms to reach individual and fishing club buyers. The fishing reels market is expected to grow steadily over coming years, due to the continued increases in demand from recreational anglers across different landscapes.

Who are the Key Consumer Demographic?

The growing enthusiasm in millennial and generation-Z population to develop fishing skills as a quest to learn new activities will bode well for fishing reels market. Soaring popularity of outdoor recreational activities have created a surge in the demand for fishing reels, correspondingly encouraging market players to invest in promotional activities as well as new marketing strategies.

Moreover, the introduction and launch of new fishing devices has become a common practice to woo customers. The capability of manufacturers to deliver better material quality reels on back of improved manufacturing processes is improving sales prospects. Some companies are even offering advanced technologies to carve a niche in the market.

What are the Factors Limiting Sales Prospects?

In the wake of the global pandemic, restrictions imposed on traveling and wandering outside impacted the global fishing reels market undesirably, leading to a sharp drop in demand and sales.

Emerging brands in the past year were impacted mostly. Some of the newer companies had established huge number of franchises since the past few years. But due to restrictions on opening of non-essential businesses, their operations were grossly impacted.

Furthermore, the disruption in supply chain and the disturbance in the logistic sector due to the outbreak had adverse effect on the sales of fishing reels. Limited availability of raw material suspended production. Also, due to lockdown, the manufacturing units across the globe were also shutdown, hampering the growth of fishing reels market.

Country-wise Insights

What is the Demand Outlook for Fishing Reels in the United States?

North America market is expected to account for nearly one-third of global sales in 2021. Meanwhile, the U.S. is expected to contribute over three-quarter of sales in North America. The rising trend of recreational sport activities in the region can be attributed to the growing interest of regional population in fishing.

Besides this, the availability of vast open land in North America and e legalization of fishing in the region presents conducive environment for the expansion of the market. In addition to this, different types of fishing tournaments are organized in the region, which is another remarkable factor creating healthy demand for a wide range of reels. 

According to the, National Oceanic and Atmospheric Administration (NOAA), an American scientific and regulatory agency, in recreational fishing activities, the U.S. anglers caught more than 950 million fish and released 64 percent of those caught. The total recreational harvest was estimated at 341 million fish weighing 350 million pounds. Such a high quantity of fishing in the region is another factor supporting the market growth. 

Will the UK Continue Exhibiting High Demand for Fishing Reels?  

The U.K. is projected to be one of the hold maximum share in the Europe market, expanding at a 4.8% CAGR over the forecast period. The trend of aquafarming comprising of marine fishing, freshwater fishing, and fish farming has been on the rise in the region, alternatively, leading to adoption of fishing reels by the respective population.

The increasing presence of top global brands in the region is leading to rough competition among the players. To tackle such barriers, players are increasingly adapting new product launches and innovation in the existing reels.

Will the Fishing Reels Market Expand Across Australia?

In 2021, Australia will account for over 61.8% market share in Oceania. In Australia, there is a high presence of chain retail stores. The availability of fishing reels in such retail stores as well as large independent stores is a key factor leading to market growth.

The key players in the region such as Tackle World and BCF Australia have successfully carved a niche through such stores and have gained advantage over other players in the region.

Moreover, independent stores also have online visibility in addition to the mail-order presence across the region. For instance, Fishing Tackle Shop, The Tackle Warehouse in Brisbane, Tackle HQ in Perth, and Otto’s Tackle World in Sydney have found different strategies to setup their shop outsides of town retail shops at parks, gas stations etc., where they get the advantage of large accessible areas and are able to better display their fishing reels.

Category-wise Insights

Which Product Type is expected to dominate the Market?

Based on product type, the spinning reel is projected to account for 48.2% of the total fishing reels market share in 2021. Spinning reels are gaining popularity among consumers due to their high efficiency and durability. Not only the experienced anglers but beginners also tend to prefer spinning reel due to their ease of use and efficiency in all type of weathers.

The features such as drag adjustment on top and open-face design are complementary to the anglers. The availability of easy casting with natural holding position gives angler a considerable balance. Such features of the spinning reels have attracted a large pool of customers to the product and is the most prominent reel type in this category.

Which Material Type Category will Remain Dominant?

As per FMI analysis, aluminium fishing reels is set to account for 36.9% of the total fishing reels market share in 2021.  Aluminium reels are excellent at withstanding the corrosive saltwater atmosphere. Moreover, its ability to withstand heavy-duty and last against the harshest of environments has been appealing to the consumers.

Furthermore, demand for stainless steel reels is expected to increase due to their lightweight nature, in addition to the greater number of stainless steel reels being offered in most stores. The manufacturers are increasingly offering stainless steel and electroplated components in these reels that provide better handling while fishing. Such factors are anticipated to enable growth in the coming years.

Which Type of Fishing is Most Preferred by the Anglers?

As per FMI’s analysis, freshwater fishing will account for 66.2% of demand in the market in 2021. With freshwater widely accessible across many regions, freshwater fishing attracted anglers in large numbers in 2020. The freshwater participation rate jumped to 14%, the highest rate since 2010, according to Outdoor Foundation and the Recreational Boating & Fishing Foundation.

Saltwater fishing remained the second most popular type of fishing, accounting for 33.4% of the market in 2020, which included 1.3 million new participants. Saltwater fishing participation is experiencing an upward trend, and anticipated to expand at a 6.3% CAGR over the forecast period.

Which Sales Channel will be Most Lucrative in Future?

In terms of sales channels, outdoor sport stores will hold a share of 25.8% in 2021. However, online sales channel is anticipated to emerge as a preferred channel during the forecast period.

The availability and accessibility of a wide range of products on online platforms and scope for price, product designs, and features comparison will aid expansion of online sales channels.

Besides this, benefits such as safe transaction/payment and doorstep delivery are most appealing to customers. Online platforms will be the most lucrative sales channel for fishing reels over the projection years.

Competitive Landscape

Leading players operating in the global fishing reels market are positioning themselves through intense differentiation focused strategies, wherein players differentiate themselves from their competition through value proposition rather than delivering lower pricing to customers. To appeal to its target sector, a differentiation strategy delivers unique characteristics and attributes fulfilling the demands from the customer.

  • In 2021, Abu Garcia announced the launch of its unique ZENON reels and rods that are claimed to be its most lightweight next-level tech products in the market today. The reel in this series is constructed from magnesium that offers less weight, better performance, and more sensitivity in fishing sport.
  • Another brand, Daiwa Corporation in 2020, launched a new website which was built particularly to announce the arrival of new fishing items, including reels, rods, and other accessories. The website helps fishing equipment seekers keep track of the new products being introduced and alternatively, helps market growth.

Scope of Report

Attribute

Details

Market Size 2020

US$ 5,165.2 Mn

Market CAGR 2021 to 2031

4.9%

Share of top 5 manufacturers

20% to 25%

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

USD Million for Value

Key Regions Covered

North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East & Africa

Key Countries Covered

U.S., Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Russia, China, Japan, South Korea, India, Indonesia, Malaysia, Thailand, Australia, New Zealand, GCC Countries, North Africa, and South Africa

Key Segments Covered

Product Type, Material Type, Fishing Type, Sales Channel, and Region

Key Companies Profiled

Report Coverage

Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives

Customization & Pricing

Available upon Request

Key Questions Answered in the Report

  • What is the current fishing reels market value?

    The global fishing reels market reached a valuation of US$ 5.3 Bn in 2021.

  • At what rate did the global fishing reels market grow between 2016 and 2020?

    The global fishing reels market grew at a sluggish 3.3% CAGR between 2016 and 2020.

  • Who are the leading players in the global fishing reels market?

    Leading players operating in the global fishing reels market comprise SHIMANO INC., Tackle World, Daiwa Corporation, TICA FISHING TACKLE, and Pure Fishing, Inc.

  • What will be the demand outlook for North America fishing reels market?

    The North America fishing reels market is projected to grow at a 3.1% CAGR over the forecast period.

  • What is the market share of the leading players operating in the fishing reels market?

    Leading players in the global fishing reels market are estimated to account for approximately 24%-28% of the total market share.

  • What is the fishing reels demand outlook for Europe?

    The fishing reels market in Europe is anticipated to expand at 3.8% CAGR over the forecast period.

  • What are the key statistics of the South Korea and Japan fishing reels market?

    Japan and South Korea account for 24.3% and 12.6% of market share in the East Asia fishing reels market in 2021.

Global Fishing Reels Market by Category

By Product Type:

  • Spinning Reel
  • Baitcasting Reel
  • Spincast Reel
  • Fly Reel
  • Others (Offshore, Conventional, Surf Fishing, etc.)

By Material Type:

  • Stainless Steel
  • Aluminium
  • Graphite
  • Others (Plastic, Rubber, etc.)

By Fishing Type:

  • Freshwater Fishing
  • Saltwater Fishing

By Sales Channel:

  • Direct Sales
  • Hypermarkets/ Supermarkets
  • Specialty Stores
  • Outdoor Sports Store
  • Online Retailers
  • Other Sales Channel (Convenient Stores)

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

Need specific information?

In the news

How Businesses Can Utilize Market Research to Create Reactive, Recession-proof Strategies for Survival

by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights

Our Clients

View Our Reports from Consumer Product

View Reports

Recommendations

Fishing Reels Market