Fly Fishing Reel Market Size, Share, Growth, and Industry Growth by Type (1-5 wt, 6-8 wt and 8-20 wt) By Application (Deep Water, Shallow Water and Ship Fishing), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Fly Fishing Reel Market REPORT OVERVIEW

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The global fly fishing reel market size was USD 109 million in 2022 and market is projected to touch USD 151.35 million by 2031, exhibiting a compound annual growth rate (CAGR) of 3.3% from 2022 to 2031.

The fishing line that is tied to a fishing rod is wound and stored on a cranking reel called a fly-fishing reel. Modern recreational fishing reels usually have fittings that aid in casting distance and accuracy as well as controlling the speed and tension of line retrieval to prevent line snap and hook dislodging. Fly fishing reels have been used in competitive casting and angling for a very long time.

COVID-19 Impact:  Lockdown and Supply Chain Disruptions Severely Affected the Market

The COVID-19 epidemic has slowed the market expansion for fly fishing reels. One of the key markets for fly fishing reels is North America, which will experience the greatest decline in demand as a result of the epidemic there. However, despite the decline in fly fishing reel offline sales, consumers' increased usage of virtual technologies will improve online purchasing and is anticipated to progressively boost sales in the post-COVID future.

Furthermore, because there has been a considerable increase in fishers worldwide, manufacturers see a chance in the near future. During the post-pandemic era, it is projected that this would lead to an increase in demand for fishing equipment and gear, especially fishing reels.

Following the global pandemic, travel and outdoor activity limitations had an unfavorable effect on the fishing reels industry, which resulted in a steep decline in demand and sales.

The most affected brands during the past year were emerging ones. Numerous franchises have been developed by some of the most recent businesses during the past few years. But because non-essential enterprises were not allowed to start, their operations were severely hampered.

Additionally, the outbreak's effects on the logistics industry and the supply chain had a negative impact on fly fishing reel sales. Production was halted because of inadequate raw material availability. Additionally, because of the lockdown, all manufacturing facilities throughout the world were closed, which hampered the market expansion for fishing reels.

LATEST TRENDS

"Collaborations With Sports Companies to Fuel the Market Demand"

To grow their market share for fly fishing reels, major players in the industry are concentrating on working with sports fishing companies to customize products, innovate, and develop USPs for their products. Additionally, businesses are extending their market reach by utilizing e-Commerce and a variety of other digital channels to connect with both individual and fishing club customers. The fishing reels market is anticipated to grow steadily over the next ten years because to the ongoing increases in demand from recreational fisherman.

Fly Fishing Reel Market Segmentation

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• By Type Analysis

By type, market is segmented into 1-5 wt, 6-8 wt and 8-20 wt. The 1-5 wt segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is deep water, shallow water and ship fishing. The deep-water segment will lead the global share through 2031.

DRIVING FACTORS

"Partnership with E-C Commerce Websites to Push the Market Demand"

Over the forecast period, demand for the product is projected to increase as millennials' preference for recreational activities like fishing grows. Leading manufacturers of fly-fishing reels are concentrating on working with sports fly fishing manufacturers to customize, innovate, and create USPs for their products as a way to increase market share.

By utilizing e-Commerce and other digital channels to connect with individual and fishing club consumers, firms are also extending their market reach. Due to the persistent rise in demand from recreational fishermen across various environments, the fly fishing reels market is anticipated to develop steadily over the next years.

"Higher- Quality Material Used for Making Fly- Fishing Reels to Boost the Market "

New fishing equipment launches and introductions have become standard marketing techniques. Sales possibilities are increasing as producers are able to supply reels of higher-quality material as a result of enhanced manufacturing techniques. To carve out a position in the market for fly fishing reels, some businesses are even presenting cutting-edge innovations.

Fly Fishing Reel Market REGIONAL INSIGHTS

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"North America to Grow Rapidly over the Period of Time"

Nearly one-third of global sales of fishing reels are anticipated to come from North America in 2021. The United States is anticipated to generate more than 75 percent of North American sales. The increased interest of the local populace in fishing might be linked to the expanding trend of leisure sports activities in the area.

In addition, the availability of large tracts of open land in North America and the authorization of fishing in the area provide a climate that is favorable for market development. Additionally, several fishing competitions of all kinds are held in the area, which is another outstanding aspect supporting strong demand for a variety of fly-fishing reels.

The U.K. is anticipated to occupy a significant portion of the European market. As a result, the local community has begun to use fly fishing reels. Aquafarming, which includes marine, freshwater, and fish farming, has become more popular in the area.

The region is seeing an increase in the presence of major international brands, which is fueling fierce rivalry among the competitors. Players are progressively incorporating the introduction of new products and innovation into the current fly-fishing reels to overcome these restrictions.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Ross (U.S.)
• Hatch (Canada)
• Abel (U.S.)
• Nautilus (U.S.)
• Waterworks Lamson (U.S.)
• Sage Reels (U.S.)
• Hardy (Japan)
• Tibor (U.S.)
• Galvan (UK.)
• Orivs (U.S.)
• Daiwa (U.S.)
• Okuma (Japan)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.