Major players in the fishing rods market are taking advantage of freezing weather conditions to expand their portfolios to ice fishing activities.
ROCKVILLE, MD / ACCESSWIRE / December 14, 2020 / The fishing rods market is estimated to reflect moderate growth rate of more than 4% CAGR between 2020 and 2030. The growing consumer interest about fishing events among a wide age range is positively influencing the industry. Also, recent years have witnessed higher consumer interest towards angling vacation packages, particularly in developed regions in Europe and North America. The covid-19 pandemic is likely to hurt market prospects owing to restrictions on movement.
"The rising interest of fishing as recreational and sporting activities has pushed government bodies towards promoting fishing events. Leading countries including the US and UK are making efforts to increase interest in fishing by boosting public access to water bodies which will generate lucrative opportunities for fishing rod manufacturers," says the Fact.MR study.
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Fishing Rods Market- Key Takeaways
- Spinning rods are highly sought after, and the growth can be attributed to the convenience and ease of use as compared to other rod variants.
- Recreational fishing applications account for nearly half of the overall revenue share owing to the popularity of fishing as a vacation activity.
- North America is dominant market for fishing rods manufacturers, driven by easy access to public fishing spots, supported by government funding.
Fishing Rods Market- Driving Factors
- The rising use of online sales channels among millennial and Gen-Z buyers is creating major opportunities for market players.
- The introduction and rising popularity of sustainable materials for fishing rods such as bamboo will aid growth opportunities in the near future.
- Easy access to information on hooks, rods, baits, knots and more drive adoption for specialized offerings.
Fishing Rods Market- Major Restraints
- Excessive fishing, and unsustainability of fishing stocks is a major challenge to players in the market.
- Limited access to good water bodies for recreational fishing, especially in developing countries holds back expansion.
COVID-19 Impact on Fishing Rods Market
The effects of the coronavirus pandemic have largely been negative on the fishing rods market. Lockdown restrictions on recreational and sports fishing activities have hurt demand. Also, these restrictions have limited outdoor movements of people in a number of countries to only essential activities, hurting sales in the short term.
Further, restrictions on trade and transport have hurt supplies of raw materials and parts, delaying delivery schedules from manufacturers. Recovery of the industry is likely to be gradual owing to the non-essential nature of the industry.
Explore the global fishing rods market with 216 figures, 87 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/1339/fishing-rod-market
Competitive Landscape
Pure Fishing Inc., Piscifun, Shimano Inc., St. Croix Rods, Wright & McGill Co., TIMECO Ltd., Okuma Fishing Tackle Co. Ltd., Clam Corporation, Daiwa Corp., and Eposeidon Outdoor Adventure Ltd. are some of the more prominent players operating in the fishing rods market.
Market players in the fishing rod market have invested in the expansion of portfolios with the inclusion of services for custom made offerings to appeal to a wider consumer demographic.
For instance, in December 2020, Yampa Rod Company announced the start of a made-to-order, hand-crafted custom fly-fishing rods business. In November 2020, Radcliffe Custom Rods introduced their new range of trout, walleye, and panfish stream rods in addition to ice fishing and open water fishing products. Kistler Rods based out of Texas announced the reveal of its Build Your Own Fishing Rod online customizer in September 2020.
About the Report
This study offers readers a comprehensive market forecast of the fishing rods market. Global, regional and country-level analysis of the top industry trends impacting the fishing rods market is covered in this Fact.MR study. The report offers insights on the fishing rods market on the basis of rod type (spinning rods, casing, ice fishing rods, fly rods, surf rods, and telescopic rods), rod weight (ultra-light, light, medium, medium-heavy, heavy, and extra heavy), flex type (tip flex, mid flex, and full flex), and sales channel (supermarket/hypermarket, sports stores, specialty stores, online stores, and direct procurement) across seven regions (North America, Latin America, Europe, CIS & Russia, Japan, Asia Pacific excluding Japan, and MEA).
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SOURCE: FactMR