Angling and Hunting Equipment Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: CG240814 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of the angling and hunting equipment market was valued at USD 601.1. million in 2022, and a CAGR of 7.1% is expected during the forecast period. Due to rising disposable income and increasing demand for recreational activities, this is driving growth in the market. The increasing popularity of angling and hunting as leisure activities and as a sport is the key factor behind the significant growth in the market.
Regulatory policies aiming to protect wild life are driving growth in the market. Incorporation of smart technologies and e-commerce strategies presents future avenues for market players to enhance the consumer experience and increase sales.
Growth Drivers
Increasing disposable income and increasing demand for wild life adventures and recreational sports are driving growth in this market significantly. More people are engaging in outdoor activities, boosting demand for angling and hunting outdoor activities. Innovations such as advanced fishing electronics and a strong culture for hunting and fishing activities all over the world are driving significant growth in the market. An increasing number of sports enthusiasts all over the world is driving the demand for angling and hunting in the market significantly. Demand from local fish markets and fish processing companies is driving growth in the market significantly.
Increasing
government focus on improving local tourism is the main reason behind the
tremendous growth in this sector. Increasing demand for fishing and hunting
activities in almost all parts of the world is driving growth in the market
significantly. Growing trend of vacation in summers and winters is the growing
factor in the market significantly.
Segmentation
Distribution Channel
·
Offline
·
Online
Products
·
Archeries
·
ATV Accessories
·
Clothing
·
Cameras and Accessories
·
Decoy
·
Fishing Rods and Reels
·
Game Calls
·
Knives and Tools
·
Gun, Accessories Maintenance and
Storage
·
Hearing Protection
·
Packs and Bag Packs
·
Trees and Sands
·
Lures and Terminal Trackers
Regional
Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Europe
·
Middle East and Africa
Angling and Hunting Market Distribution
Channel Segmentation
On the basis of the distribution channel, the angling and hunting markets are segmented into online and offline. Offline is the leading segment, and the online segment is expected to dominate the market during the forecast period. Offline distribution networks include specialty retail stores, which are dedicated stores that cater specifically to angling and hunting equipment. Sporting goods stores also belong to this category, which are larger chains or stores carrying a variety of sporting equipment. Apart from this, outdoor retailers, hunting and fishing outfitters, and trade shows and expos belong to this market.
Increasing growth in online shopping across the globe is
promoting e-commerce websites and manufacturer websites, along with online
market places where platforms like Amazon, eBay, and others where various
retailers do sell their products. Increasing demand for social media platforms
is also a key factor that drives significant growth in the market. Direct sales
of products on Instagram and Facebook are making the market even more popular.
Some of the sporting websites are also very popular, where the sales of the
products are going on.
Angling and Hunting Market by Product
Segmentation
On the basis of the products, the Angling and Hunting Market
is segmented by Accessories, Archeries, ATV Accessories, Clothing, Cameras and
Accessories, Decoy, Fishing Rods and Reels, Game Calls, Knives and Tools, Guns,
Accessories Maintenance and Storage, Hearing Protection, Packs and Bags, Trees
and Sands, Lures, and Terminal Trackers. Fishing equipment is the leading
segment in the market and is expected to dominate it during the forecast
period. Fishing equipment like rods, reels, lines, lures, and tackle boxes is
generally in demand. Fishing equipment has a broad consumer base and consistent
demand across different regions, making it a significant segment in many
markets. Hunting equipment is also in demand, as fishing and hunting, along
with other recreational activities, are significantly in demand. Increasing
growth in sports and recreational activities like fishing, hunting, trekking,
and shooting are the most popular leisure activities that are in demand in
developing nations. The increasing popularity of recreational sports is driving
growth in the market.
Regional Outlook
On the basis of the regions, the angling and hunting equipment market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading segment due to rising disposable income, an increasing number of sports enthusiasts, and an increasing trend of recreational sports in the United States of America and Canada. Governments in these countries are promoting these sports on a broad level. Innovations in this industry, such as the invention of advanced fishing electronics equipment, are driving growth in the market. Demand from the local fish markets and fish processing companies is driving the growth in the market significantly.
Europe is just next to North America in this aspect. The presence of many key players in European regions is promoting recreational sports and activities in countries like the United Kingdom, France, Spain, Italy, Russia, and Belgium. Increasing disposable income in the region and an increasing craze among sports personnel about hunting, fishing, hiking, and trekking are the main reasons behind the significant growth in the market. Asia Pacific is the leading segment in the market after North America and Europe. Increasing disposable income and rising industrialization, along with urbanization, are driving growth in the market significantly.
Countries like Japan, China, India, and South Korea are witnessing significant growth due to increasing demand for sports and recreational activities. The Middle East, Africa, and Latin America are also witnessing moderate growth in the market due to the increasing popularity of recreational sports and activities in Brazil and Argentina. African countries like South Africa and Egypt have a growing market for angling and hunting. The presence of some key players in the Latin American region is also significantly promoting the growth of the market.
Key Players
·
Browning Arms Company
·
KUIU, LLC.
·
MAVER UK. LTD.
·
Hillman Gear LLC.
·
HARKILA
·
Duluth Holdings Inc.
·
Costa Del Mar In.
·
FORLOH, INC.
·
Armtek Optoelectronics Inc.
·
EBSCO Industries Inc.
·
ADLER ARMS Corporation
· Other Players