Online Retail is Expected to be Fastest Growing During the Forecast Period for SAM Region

According to a new market research study on “SAM Fishing Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Distribution Channel” is expected to reach US$ 2,518.19 million by 2028 from 1,834.96 US$ million in 2021. The market is estimated to grow at a CAGR of 4.6% from 2021 to 2028. The report provides trends prevailing in the SAM fishing equipment market along with the drivers and restraints pertaining to the market growth. Developing countries witnessing growth in fish-based tourism is the major factor driving the growth of the SAM fishing equipment market. However, issues associated with impact of fishing equipment on marine life hinders the growth of SAM fishing equipment market.

SAM fishing equipment market is segmented into type, distribution channel, and country. By type, the SAM 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 SAM 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 SAM fishing equipment market is segmented into Brazil, Argentina, rest of SAM. Rest of SAM held the largest market share in 2020.

The governments in SAM have taken various actions to protect their citizens and combat the spread of the COVID-19 virus through lockdowns, trade bans, and travel restrictions. Recreational fishing was directly affected because, in countries such as Uruguay, ports were closed for recreational boats until May 2020. Along with this, in Argentina, there was an indefinite lockdown on recreational activities, including fishing, which negatively impacted the fishing equipment market. However, there were no mandatory restrictions regarding recreational fishing at the country level in Brazil. Thus, the relaxation of lockdown measures in countries such as Uruguay and Argentina have lifted the restrictions on recreational fishing, leading to a positive impact on the fishing equipment market.

Daiwa; Decathlon SA; Decathlon SA; Eagle Claw Fishing Tackle Co.; Okuma Fishing Tackle Co. Ltd.; Rapala VMC Corporation; Shimano Inc.; Tica Fishing Tackle; and Weihai Guangwei Group Co., Ltd.  are among the leading companies in the SAM 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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