Fishing Reels Market

Market Overview

The global fishing reels market size was valued at USD 4.83 billion in 2022. It is estimated to reach USD 6.87 billion by 2031, growing at a CAGR of 4% during the forecast period (2023–2031). The increasing participation in outdoor recreational activities and the growing trend of developing fishing spots in hotels.

A fishing reel is a hand-cranked device attached to a fishing rod and used in angling to wind and stow fishing lines. Bow fishing can also be used to retrieve a tethered arrow. Modern recreational fishing reels frequently come with fittings that help with casting for range and accuracy and regulate the speed and tension of line retrieval to prevent line snap and hook dislodgment. Fishing reels have historically been used for competitive casting and angling. Although some specialist reels with pressure sensors for quick recovery are provided on downrigger systems that are fixed directly to an ocean-going sport boat's gunwales or transoms and are used for "deep drop" and trolling, they are normally attached close to the handle of a fishing rod.

Market Dynamics

Market Drivers

Increasing Participation in Outdoor Recreational Activities

To provide their residents with an enriching experience, several nations' governments are supporting tourism and many daring and leisurely outdoor activities. The United States saw 11 billion outdoor outings in 2016, according to research released in April 2017 by the Physical Activity Council (PAC) in collaboration with numerous organizations active in the sports, fitness, and leisure industries, including fishing. Worldwide interest in outdoor leisure pursuits, particularly water sports, has grown dramatically in recent years.

Fishing and other water sports are popular among consumers because they promote physical and mental well-being. The British Journal of Sports Medicine claims that being near water reduces anxiety and promotes tranquility. Stress levels are lower, and concentration is improved as a result. The market is anticipated to grow as consumer knowledge of fishing's advantages rises.

Growing Trend of Developing Fishing Spots in Hotels

The hospitality industry consistently focuses on improving and extending its facilities to attract more customers. Hotels in Western nations are aggressively marketing a variety of water sports, including fishing, to attract customers. For instance, numerous European riverfront resorts and hotels, like Ballynahinch Castel Hotel, Dolina Charlotte Resort Spa, and Dunkeld House Hotel, heavily market fishing as a differentiator.

The United States has become a well-liked tourist destination in North America, building numerous new hotels in recent years. The Californian campground Lake Catherine Camp House started providing a nearby fishing site to draw clients in 2018. More than 1000 hotels across the nation, including Four Seasons Jackson Hole, Nonantum Resort, Cheeca Lodge, Hawks Cay Resort, The Resort at Paws Up, Tropical Beach Resorts, and The Cloister & The Lodge at Sea Island Resort, have started providing fishing spots along with various lodging options considering the growing popularity of fishing as a recreational activity.

Market Restraint

Hectic Schedules Driving Adoption of Indoor Games

Indoor games, including table tennis, chess, cards, snooker, and billiards, are becoming increasingly popular due to hectic lifestyles, especially among young adults. Companies like Google, YouTube, and Facebook are organizing various indoor leisure events for their staff to provide them with breaks from their lengthy workdays. These include pool and other cue sports. A pool table in the office was ranked as the second most requested benefit among 100 other possibilities in Perkbox research done in 2018 on 2,315 persons working either part- or full-time. Innovative and engaging video games compatible with PCs, smart TVs, and other smart devices like phones and tablets have been created due to the introduction of numerous board games and developments in digital media. In addition, experiences in the indoor gaming sector have been improved through virtual reality and augmented reality. These technologies offer cutting-edge abilities that enhance the gaming environment, boosting player attraction and retention.

Additionally, the athletic goods business has had a disastrous decline in sales following the COVID-19 outbreak. Various indoor and internet games replace outdoor activities since most people are confined due to widespread lockdowns and orders to stay home. High safety concerns will likely discourage players from participating in outdoor sports and leisure activities, including fishing, even when nations eliminate their travel and socializing prohibitions.

Market Opportunities

Customization and Innovative Designs

Manufacturers in the sustainable industry may find significant business prospects in the fishing reels market. The practice of sustainable fishing guarantees the survival of both marine and freshwater fisheries. Over the anticipated timeframe, increased consumer awareness is predicted to increase demand for fishing reels constructed of sustainable materials, especially among environmentally sensitive ones. Manufacturers might focus on the profitable market of design innovation to enhance their brand's reputation. Fishing reels provide plenty of room for product differentiation through customization in style, size, color, and shape, regardless of their performance. As a result, the business potential related to design innovation is appealing. Additionally, to attract more customers, many small and medium-sized businesses like Innovative Reel Technologies and KISTLER provide unique customizations like logos, lettering, or reproductions of various fish species on the reels. To make their items more visible, most of these businesses operate online.

Key market participants now have excellent prospects to increase sales and broaden their global footprint thanks to the expanding e-tailing trend. Several businesses use social media to advertise their items to a larger customer base and list their goods on various online marketplaces, including Twitter, Facebook, and Instagram. Internet usage is rising, which is assisting businesses in increasing the visibility of their products worldwide.

Regional Analysis

Based on region, the global fishing reels market is bifurcated into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.

North America is the most significant global fishing reels market shareholder and is estimated to exhibit a CAGR of 4% over the forecast period. Over the past several years, the demand for fishing reels has been driven by the increasing popularity of recreational fishing in the area. Over 49 million Americans participate in recreational fishing each year, according to the American Sportfishing Association (ASA). As a result, North America is anticipated to be a lucrative market for fishing reels over the forecast period due to the region's abundance of fishermen. The large concentration of manufacturers in nations like the United States and Canada is projected to accelerate the expansion of this market segment. New technology and goods are being introduced by businesses, encouraging this expansion.

Europe is anticipated to exhibit a CAGR of 3.7% over the forecast period. The demand for fishing gear, especially reels, has increased due to the increasing popularity of fishing in the area. The Atlantic Ocean, the Celtic, North, and Baltic Seas, as well as the Black and Caspian Seas in the southeast, and the countless rivers, streams, and lakes spread across the continent's more than 50 countries, including Madeira in Portugal, the River Soca in Slovenia, Les Quis in France, Donegal Bay in Ireland, and Soroya in Norway, are just a few of the many places in Europe where fishing is possible. Additionally, several locations in the area have been commercialized with resorts and leisure organizations that provide customers with a distinctive fishing experience. Such advancements are anticipated to fuel the region's market for fishing gear, especially reels.

Asia-Pacific has emerged as one of the fastest-growing regions in the global market. There are many spots in this area where you can go game fishing. An average traveler favors the Asia Pacific because it is more affordable and has some of the world's most well-known fishing spots, including Toiman, Redand, Langwaki, Bali, and Phuket in the Andaman Sea and the South China Sea. With growing interest among the general populace in this sport in recent years, recreational fishing has steadily grown in popularity throughout the region. Fishing has become a popular leisure activity in nations like China, Japan, Australia, and New Zealand, which is anticipated to propel the market.

In Latin America, Due to the growing popularity of leisure and sports fishing, places like Costa Rica, Guatemala, and Panama are desirable locations for sports fishing. These locations provide a unique environment with animals, lush tropical islands, and ocean seas with inshore and offshore fishing opportunities. Guatemala draws many anglers and fishing adventurers to the area because of its reputation as the world's billfish capital. These elements will probably increase the demand in the area for fishing reels and other fishing gear products.

The Middle East and Africa market has grown significantly. Abu Dhabi and Dubai provide the majority of assistance for the fishing industry in the United Arab Emirates. The need for fishing reels in the area is projected to increase as recreational and commercial fishing grow.

Segmental Analysis

The global fishing reels market is bifurcated into type and distribution channels.

Based on the type, the global fishing reel market is bifurcated into the spinning reel, baitcasting reel, and spin-cast Reel. 

The spinning reel segment dominates the global market and is projected to exhibit a CAGR of 3.1% over the forecast period. Fishing reels that can be used for multiple types of fishing include spinning with artificial lures, live or dead bait, rigs, bobbing, and ice fishing. Since they only have to draw the weight of the line and not a heavier spinning spool, spinning reels are renowned for their all-around durability and are particularly helpful for light tackle spinning. Spinning reels are chosen due to their advantages and ease of use. Spinning reels, often known as spinners, are especially useful when employing lighter baits, such as live bait or soft plastics. Anglers who are new to fishing tend to choose spinners.

The global fishing reels market is offline and online based on distribution channels.

The offline segment dominates the global market and is predicted to exhibit a CAGR of 3.9% during the forecast period. People are turning to offline businesses to buy fishing reels because it is convenient to compare prices and specifications when multiple brands of fishing equipment and gear, including fishing reels, are available in one location. The increase in sports shops and specialty stores, leading to more shelf space for product marketing, can also be credited with this significant market share. Fishing reels are typically purchased through brick-and-mortar retailers so that customers may discover the correct fit and learn about the product's functionality. Additionally, many businesses hire sales professionals to assist customers in selecting the appropriate product based on their unique needs. Customers can also request a demo to utilize the product fully.

Most fishermen are quite picky about their equipment since it affects how they fish. Additionally, fishing reels are essential equipment needed for the sport. Thus, advice is required for a successful purchase. Brick-and-mortar establishments provide customers with crucial purchase aid. The increasing number of sports goods retailers will boost product visibility, which is anticipated to favor the market growth for fishing reels.

Recent Developments

• March 2023- Launch of the TATULA MQ LT Spinning Reel from DAIWA.The exquisitely crafted Tatula MQ LT. The one-piece MONOCOQUE ZAION Vbody of the new Tatula MQ LT is the first of a long list of innovations that the vehicle embodies. The design framework provides greater room for larger gears, immediately boosting torque and power.
• December 2022- Alvey Reels Australia, an Australian tackle firm, has been acquired by Gowings Bros Ltd and will do business as usual.