United States, Rockville, MD, April 06, 2022 (GLOBE NEWSWIRE) — The fishing rods market is poised to expand at a value CAGR of 4.5%, and is expected to create an absolute dollar opportunity of US$ 1.5 Bn during the forecast duration of 2020-2030. The outbreak of COVID-19 will have a short-term impact on the fishing rods market. However, rising participation in fishing activities and increasing fishing boat sales will drive the growth the fishing rods market over the coming years. Offshore wind farms provide an opportunity for the fishing industry. The U.S. Department of Energy has allocated approximately US$ 200 Mn for research, development, and demonstrations of offshore wind projects. As such, demand for fishing rods will increase in future.
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Rising participation in fishing competitions and support for recreational fishing initiatives from governments of various countries are expected to drive the expansion of the fishing rods market size over the coming years. Development of offshore wind projects in deep water, which poses low intervention with fishing activities and recreational boating, have been enabling higher fishing performance for anglers. Rise in offshore wind farm projects will continue to benefit the sales of fishing rods.
Key Takeaways from Fishing Rods Market Study
- The global fishing rods market is expected to be valued at US$ 2.7 Bn at the end of 2020, and is anticipated to surpass US$ 4.2 Bn by 2030-end.
- By rod type, spinning rods are foreseen to grow 1.7X than flying rods in 2020. On the other hand, casing rods will account for 18% of overall market share in 2020.
- By rod weight, lightweight is anticipated to grow, but lose 194 BPS over the course of the forecast duration.
- The fishing rods market in APEJ is expected to grow by experiencing a value CAGR of 5.5%, whereas, North America is projected to be valued 1.8X than Europe, and is estimated to account for a major chunk of the demand pie by the end of the forecast period.
Regional Outlook of Fishing Rods Market
North America is expected to dominate the fishing rods market share, followed by Europe, in 2020, and is foreseen to maintain its dominance in terms of value as well as volume over the forecast period. Increasing demand for technologically-advanced fishing rods in North America and Europe is anticipated to boost the fishing rods market in these regions. In the U.S., recreational fishing is considered as the second-most popular outdoor activity in the country after jogging. Such activities are foreseen to contribute to the growth of the fishing rods market in the region.
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COVID-19 Impact on Fishing Rods Market
The effects of COVID-19 has been profound in recent times, which is thereby having significant implications on various sectors. Fish and fish products that are highly dependent on international trade suffered quite early from the pandemic due to trade restrictions and closures of global markets.
North America is one of the prominent regions in the fishing rods market, and will see maximum fall in demand, as it is the most affected region by the outbreak. However, amid the downturn of offline sales of fishing rods, growing use of virtual technologies will enhance online shopping among consumers, and is expected to gradually increase sales in the post-COVID-19 period.
Fishing Rods Market: Competitive Landscape
The fishing rods market is highly fragmented in nature with the presence of a large number of local players. Some of the prominent players in the market are Pure Fishing Inc., Shimano Inc., Wright & McGill Co., Okuma Fishing Tackle Co. Ltd., Daiwa Corporation, Eposeidon Outdoor Adventure Ltd., Clam Corporation, TIEMCO Ltd., St. Croix Rods, and Piscifun, among others.
The fishing rods market continues to grow at a steady pace, registering low-to-moderate growth in developed markets, with a slightly better expansion in developing markets. Low-entry barriers led to an influx of startups in the fishing rods landscape, which further added to the already intense competition. While stronger distribution remains the mainstay of leading players in the fishing rods market, emerging players are focusing on maintaining long-term relationships with existing suppliers.
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Key Segments of Fishing Rods Market
Fact.MR’s study on the fishing rods market offers information divided into five key segments-rod type, rod weight, flex type, sales channel, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
- Spinning Rods
- Casing Rods
- Ice Fishing Rods
- Fly Rods
- Surf Rods
- Telescopic Rods
- Ultra Light
- Medium Heavy
- Extra Heavy
- Tip Flex
- Mid Flex
- Full Flex
- Supermarkets/ Hypermarkets
- Sports Stores
- Speciality Stores
- Online Stores
- Company Websites
- Third-party Online
- Specialty Online
- Direct Procurement
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