Reels Segment is Expected to be Fastest Growing During the Forecast Period for APAC Region

According to a new market research study on “APAC Fishing Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Distribution Channel” is expected to reach US$ 8,662.45 million by 2028 from 6,004.69 US$ million in 2021. The market is estimated to grow at a CAGR of 5.4% from 2021 to 2028. The report provides trends prevailing in the APAC fishing equipment market along with the drivers and restraints pertaining to the market growth. Advancement in technology/product is the major factor driving the growth of the APAC fishing equipment market. However, issues associated with impact of fishing equipment on the ocean life hinders the growth of APAC fishing equipment market.

APAC fishing equipment market is segmented into type, distribution channel, and country. By type, the APAC fishing equipment market is segmented into fishing rods, nets and traps, hooks, reels, fishing lines, sinkers, and others. The fishing rods segment held the largest market share in 2020. Based on distribution channel, the APAC fishing equipment market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others. Specialty stores segment held the largest market share in 2020. Based on country, the APAC fishing equipment market is segmented into Australia, China, India, Japan, South Korea, rest of APAC. China held the largest market share in 2020.

The COVID-19 pandemic caused a significant economic loss in APAC. The emergence of new COVID-19 waves in India, Thailand, and other Asian economies has prolonged the effect on GDP. The ongoing COVID-19 pandemic is anticipated to cause huge disruptions in the growth of various industries of APAC. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. The shutdown of manufacturing units and disruptions in supply chain and logistics have negatively impacted the fishing equipment market. According to the article from the Hindu, angling grew as a sport in India during the days of the pandemic. Angling not only became a therapeutic pastime but also provided a catch for the dinner table in states across India, which had a positive impact on the demand for fishing equipment as well. Along with this, countries such as Australia have noticed a growth in the recreational fishing industry since the first lockdown in 2020, which has led to an increased demand for fishing equipment. The sales of Australia’s largest fishing tackle supplier grew by more than 50% in the first half of 2021 compared to the same period in 2020. Fishing has also been deemed a COVID-friendly activity in New South Wales, Australia.

Daiwa; Decathlon SA; Decathlon SA; Eagle Claw Fishing Tackle Co.; Okuma Fishing Tackle Co. Ltd.; Pure Fishing Inc; Rapala VMC Corporation; Shimano Inc.; Tica Fishing Tackle; and Weihai Guangwei Group Co., Ltd.  are among the leading companies in the APAC fishing equipment market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.   

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