A fishing rod is a device mainly used in sport fishing that consists of a long thin pole with a line and hook attached to it. It is long, cylindrical, slender, and flexible rod made of steel, bamboo, or fiberglass. The fishermen generally use it to catch the fish. At the loose end of the line is a hook to hold the bait or lures, either live insects & worms or artificial lures. The new fishing rods are being manufactured which allows the consumers to cast lines farther and more accurately. Some of the major types of the fishing rods are fly fishing rods, spinning rods, casting rods, and others.
The market for fishing rods is expected to reach rise at a CAGR of 2.8 percent during the forecast period. Growth of the fishing rods market is mainly driven by the rising trend among the major population worldwide toward participating in various types of amusing activities such as fishing.
Fishing has gained popularity in past years as a recreational activity among different age groups in countries such as the U.K., Australia, and Japan. Hence, governments of various countries support the recreational fishing initiatives, which is expected to drive the growth of the fishing rods market size in the upcoming years. For instance, The Recreational Fishing Initiative by the Government of New Zealand is a plan to improve communication with recreational fishers. In addition to this, growing number of angling competitions around the globe and the improved disposable income of major population around the globe, mainly in developed countries, will accelerate the growth of the market during forecast period. Increase in disposable income has significantly enabled the trend among major population to spend their vacations at various fishing spots.
However, increase in awareness about the destruction triggered by fishing and the stringent government rules and regulations pertaining to the fishing may hamper growth of the market to some extent during forecast period. On the other hand, upsurge in trend of ice fishing creates lucrative growth opportunities for the market. Ice fishing has gained huge popularity in a number of countries such as Norway, France, Bulgaria, and Canada, which have a several lakes and freezing climatic conditions. For example, Brainerd Jaycees Ice Fishing Extravaganza, the largest ice fishing contest is held annually on Gull Lake, Minnesota, where more than 15000 anglers participate.
Throughout the forecast period, spinning rods will continue to hold a dominant share of the global market, based on rod type. This is due to increasing use of spinning rods at a windy place, making casting easier. In addition to this, convenience and user-friendly attributes of spinning rods, coupled with their low-cost and versatile nature, fuels their preference among fishing enthusiasts, fuelling growth of the segment. However, fly fishing rods segment is anticipated to witness highest growth rate during the forecast period. This is due to gaining popularity of fly fishing rods owing to theirs ability to cast baits in distant waters. In addition to this, these rods do not require reeling before casting; further fuelling their popularity.
According to the distribution channel, the sports stores segment is expected to hold a dominant global market share. The availability of different fishing rods in sports stores and the rising need for anglers to regularly upgrade their fishing rods to attract more fish is supporting growth of this segment. However, the online sales channel segment is also projected to grow at highest growth rate, which propels the fishing rods market in the upcoming years. Growth of this segment mainly fuelled by advent of pandemic caused by COVID-19, as the consumers are shifting their focus to online sales channel platforms.
FISHING RODS MARKET SEGMENTATION:
By Rod Type
- Spinning Rods
- Casing Rods
- Ice Fishing Rods
- Fly Rods
- Surf Rods
- Telescopic Rods
- Competitive Casting
By Sales Channel:
- Supermarkets/ Hypermarkets
- Speciality Stores
- Online Stores
- Sports Stores
- Direct Procurement
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
North America dominated the global fishing rod market in 2019 and is likely to be the most profitable region throughout forecast period. The majority of the population in this region have adopted fishing activity as a hobby, which is the major factor fuelling growth of the market. In addition to this, most of the angling spots in the region are surrounded by greenery and water, providing a natural spot for picnics. Therefore, small contests among the group or group angling have become common in the U.S. Also the region has many canals, lakes, and other water reservoirs, further propelling growth of the North America fishing rod market.
Further, Asia-Pacific region is expected to witness highest growth rate during the forecast period. Recreational fishing has not been much popularity in this region; however, massive growth in the interest of common mass is being observed. As a part of recreational activity, growing number of people are actively participating in fishing across the countries such as Japan and Australia. This is opportunistic for the market growth.
FEW KEY PLAYERS IN FISHING RODS MARKET:
- Pure Fishing Inc.
- Shimano Inc.
- Daiwa Corporation
- Eposeidon Outdoor Adventure Ltd.
- Clam Corporation
- TIEMCO Ltd.
- Wright & McGill Co.
- Okuma Fishing Tackle Co. Ltd.
- Croix Rods
- Other Players
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