Fishing Reels Market Research Report 2024

Fishing Reels Market Synopsis

Fishing Reels Market Size Was Valued at USD 5.45 Billion in 2023, and is Projected to Reach USD 8.7 Billion by 2032, Growing at a CAGR of 5.34 % From 2024-2032.

The fishing reel industry offers a wide range of options to suit anglers of every skill level and preference around the globe. Conventional spinning reels are still well-liked due to their flexibility and simplicity.

• These reels have a fixed spool and a rotating metal arm that wraps the fishing line onto the spool when the handle is cranked. While casting, the metal arm disconnects to enable the line to spin off the spool without restriction, which makes them ideal for various fishing methods.
• Experienced anglers prefer baitcasting reels for their accurate casting and control. These spools are positioned on top of the fishing pole and enable more precise lure placement because of their straight line of tension. They are commonly utilized for pursuing bigger fish varieties and in tougher fishing environments where precision and range are essential.
• Fly fishing reels, specially made for fly fishing, are uniquely designed to support lightweight fly lines and ensure smooth fish retrieval. These spools usually feature a large arbor design to decrease line memory and boost retrieval speed, making them necessary for fishermen using catch-and-release techniques.
• There has been significant progress in reel materials, including lightweight and corrosion-resistant alloys, as well as improvements in gear ratios and drag systems in recent years. These advancements have improved strength, efficiency, and user satisfaction, in line with the current movement towards better fishing experiences.

Top Key Players:

Shimano (Japan), Daiwa Corporation (Japan), Okuma Fishing Tackle (Taiwan), Penn Fishing Tackle (Usa), Abu Garcia (Sweden), Pflueger (Usa), Quantum Fishing (Usa), Lew's Fishing (Usa), Rapala (Finland), Mitchell Fishing (France), 13 Fishing (Usa), Zebco Brands (Usa), St. Croix Rods (Usa), Hardy Fishing (Uk), G. Loomis (Usa), Fin-Nor (Usa), Avet Reels (Usa), Van Staal (Usa), Orvis (Usa), Redington (Usa), Ross Reels (Usa), Temple Fork Outfitters (Usa), Jarvis Walker (Australia), Seahawk (China), Jarvis Walker (Australia) and Other Major Players

Fishing Reels Market Trend Analysis

Increasing Fishing Activities

• Advancements in fishing reel technology are the main factor driving the growth of fishing activities, especially in recreational fishing. Fishing reels have undergone significant advancements, becoming more effective and easier for users, thus drawing in more people to the sport.
• Advanced materials, like lightweight alloys and durable polymers, are used in modern fishing reels to enhance their durability and performance. Technological advances such as precise gearing systems and efficient drag mechanisms allow fishermen to catch bigger fish more easily, improving their overall fishing enjoyment.
• The availability of fishing equipment has increased because it can be easily found in both retail stores and online platforms. This makes it easier for beginners to start and motivates experienced anglers to improve their gear.
• As fishing reels are designed more specifically for various fishing techniques like spinning and baitcasting, anglers can customize their equipment to suit specific fishing situations and target fish species, which continues to fuel excitement and involvement.
• The efforts to encourage sustainable fishing practices and conservation initiatives help to support the expansion of recreational fishing. Organizations and regulations promote ethical fishing practices, urging fishermen to adhere to catch limits, properly handle fish, and preserve aquatic environments.

From 2019 to 2023, global fish production increased steadily: 2019 saw 177.8 million metric tons, dipping slightly to 174.6 in 2020, then rebounding to 178.1 in 2021. The trend continued upward with 184.6 million tons in 2022 and 186.6 million tons in 2023. This rise correlates with increasing fishing activities worldwide, driven by growing demand for seafood and advancements in fishing technology. The numbers illustrate a consistent growth trajectory in global fish production, reflecting both natural resource management challenges and economic opportunities in the fishing industry.

Sustainable Fishing Practices and Eco-Friendly Products

• The fishing reels market has significant opportunities due to sustainable fishing practices and the growing demand for eco-friendly products. With increasing environmental worries worldwide, both consumers and industry participants are placing greater emphasis on sustainable fishing practices. This change is motivated by a wish to protect aquatic ecosystems and guarantee the sustainable future of fish populations.
• This trend provides opportunities for fishing reel manufacturers to innovate in materials and design. Environmentally friendly reels made from recycled materials or through sustainable manufacturing methods are becoming more popular. These items are attractive to anglers who care about the environment and comply with regulations promoting sustainable fishing practices.
• The companies that highlight sustainability in their fishing reels can improve their attractiveness to consumers and set themselves apart in a crowded market. This method appeals to eco-conscious customers and reinforces CSR efforts, improving the company's image.
• In addition, the trend towards sustainable fishing items goes beyond what consumers want. Governments and international organizations are promoting sustainable fishing practices, encouraging manufacturers to embrace eco-friendly technologies and methods. This added regulatory backing strengthens the market opportunities for environmentally friendly fishing reels, with sustainability driving innovation and growth in the sector.

Fishing Reels Market Segment Analysis:

Fishing Reels Market Segmented on the basis of Product type, Material, Fishing Type, and Distribution Channel.

By Product Type, spinning segment is expected to dominate the market during the forecast period

• The spinning reel segment is poised for rapid growth in the fishing market due to its versatility and user-friendly design, catering to both novices and seasoned anglers alike. Offering easy casting and smooth retrieval, spinning reels enhance the overall fishing experience, contributing to their widespread adoption among enthusiasts. This accessibility factor has significantly bolstered market expansion over recent years.
• Technological advancements play a pivotal role in driving the spinning reel market forward. Manufacturers continually innovate to enhance performance and functionality, integrating advanced drag systems, lightweight materials, and improved gear ratios.
• The appeal of spinning reels lies in their ability to combine ease of use with cutting-edge features. Anglers appreciate the effortless handling and the capability to handle various fishing conditions, from freshwater lakes to saltwater coasts. This adaptability has cemented spinning reels as a preferred choice among fishing enthusiasts worldwide, further propelling market growth.
• The spinning reel segment is expected to maintain its upward trajectory, driven by ongoing technological innovations and increasing consumer demand for superior fishing gear.

By Fishing Type, Saltwater Fishing segment held the largest share of 49.87 % in 2023

• The saltwater fishing sector is a major influence in the fishing reel industry, covering various fishing techniques and angler preferences. Saltwater fly-fishing, which became very popular in the late 20th century, is only one aspect of this thriving industry.
• Fishermen participate in saltwater fishing from different platforms like shores, cliffs, docks, and vessels, ranging from small boats to large ocean-faring ships. From the coastline, fishermen typically focus on striped bass, bluefish, tarpon, bonefish, and permit, with each species necessitating unique tactics and equipment adjustments.
• Anglers on boats target a variety of fish species such as grouper, flounder, snapper, and mackerel by utilizing trolling and bottom fishing techniques. Saltwater anglers have a wide range of fish species and fishing techniques to choose from, allowing for specialization among professionals like charter captains and tournament anglers.
• For both fans and experts, sources like Salt Water Sportsman are essential hubs of information, offering advice on topics ranging from choosing bait and lures to tying fishing knots, maintaining boats, and cooking techniques for the day's catch. This extensive support system assists fishermen in navigating the complexities of saltwater fishing, ensuring they are well-prepared for successful and enjoyable fishing trips in various environments and targeting different species.

Fishing Reels Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast period

• North America's dominance in the fishing reels market is largely attributed to multiple key factors. The area has a rich history of recreational fishing, thanks to its extensive coastlines, many lakes, and a strong connection to outdoor pursuits. This demographic trend drives a continuous need for top-notch fishing equipment, such as reels tailored for different fishing methods.
• Additionally, progress in technology for making fishing reels has greatly boosted the success of North American companies. Advancements in materials like lightweight alloys and carbon fiber have improved the performance, toughness, and resilience of reels against environmental elements. Companies such as Shimano, Penn, and Daiwa have become industry frontrunners by consistently launching innovative reel designs that attract both casual and expert fishermen.
• North America has a strong retail system that specifically serves the needs of fishing enthusiasts. This consists of specialty fishing gear shops, big outdoor stores, and online platforms providing a variety of fishing reels. The market's expansion is driven by the availability of advanced fishing technology thanks to the accessibility and range of channels.
• The region's dedication to preserving the environment and promoting responsible fishing methods has influenced consumer choices. Anglers who care about the environment choose reels that match their values, prompting manufacturers to create environmentally friendly products.
• The emphasis on sustainability not only complies with regulations but also boosts brand recognition and customer loyalty in the competitive fishing reels market of North America. Collectively, these factors emphasize North America's strong position and continued impact in the worldwide fishing reels sector.

Active Key Players in the Fishing Reels Market

• Shimano (Japan)
• Daiwa Corporation (Japan)
• Okuma Fishing Tackle (Taiwan)
• Penn Fishing Tackle (Usa)
• Abu Garcia (Sweden)
• Pflueger (Usa)
• Quantum Fishing (Usa)
• Lew's Fishing (Usa)
• Rapala (Finland)
• Mitchell Fishing (France)
• 13 Fishing (Usa)
• Zebco Brands (Usa)
• Croix Rods (Usa)
• Hardy Fishing (Uk)
• Loomis (Usa)
• Fin-Nor (Usa)
• Avet Reels (Usa)
• Van Staal (Usa)
• Orvis (Usa)
• Redington (Usa)
• Ross Reels (Usa)
• Temple Fork Outfitters (Usa)
• Jarvis Walker (Australia)
• Seahawk (China)
• Jarvis Walker (Australia) and Other Major Players

Key Industry Developments in the Fishing Reels Market:

• In May 2024, Austral Fisheries, an esteemed Australian seafood company in the global fishing industry, was noted for its custodianship of Australia's exceptional fisheries resources, as stated by David Carter, former CEO. The company had represented 71% of the entire Australian toothfish industry and 25% of Australia's largest Northern Prawn Fishery. Its stewardship role highlighted its commitment to ocean conservation and environmental responsibility, positioning it prominently in sustainable fishing practices.
• In January 2024, Rapala VMC Corporation acquired the remaining stake in DQC International, which owns the 13 Fishing brand. This acquisition not only marks Rapala's full entry into the US rod and reel market but also positions them strategically to leverage their nationwide sales force effectively. It's interesting how they're timing this move to capitalize on market stabilization post-Covid uncertainties, aiming to promote the innovative 13 Fishing brand. This step seems to align well with their growth strategy and market expansion efforts.