Market is Estimated at $4.6 Billion in 2022, While China is Forecast to Reach $1.9 Billion by 2026 After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lures, Flies, & Baits segment is readjusted to a revised 4.7% CAGR for the next 7-year period. Rods, Reels, & Poles, one of the segments analyzed in the report, is projected to record a 3.1% CAGR and reach US$6.5 Billion by the end of the analysis period. Moreover, fish recreational programs and fisheries conservation are gaining global prominence with increasing expenditure by sports fishers and anglers across the globe.Īmid the COVID-19 crisis, the global market for Sports Fishing Equipment estimated at US$13.2 Billion in the year 2022, is projected to reach a revised size of US$15.4 Billion by 2026, growing at a CAGR of 3.4% over the analysis period. In addition, the rapid growth in global population, coupled with changing trend towards non-vegetarian food, is also expected to augment growth in the fishing equipment market. With numerous people across the globe increasingly shifting towards the consumption of fish and other sea food products, the demand for fishing equipment is likely to increase significantly over the next few years. Globally, fishing is a broad market and is poised to maintain a stable growth rate in the coming years.Ī rapid growth in the food and beverages industry and rising demand for sea food products is anticipated to propel growth in the fishing industry in the near future. Fishing as a commercial, leisure, and sporting activity has gained widespread popularity owing to the recognition of fishing as a leading sport by several associations.
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