Rod market could be worth $1,837 million in 10 years

Growth in angling caused by the Covid-19 pandemic, rise in the popularity of niche sectors and continued government initiatives backing fishing will help push the rod sector to new heights over the next decade.

That’s the bold claim from a global market research and business intelligence firm which forecasts that sector along will be worth an estimated US$1,837.28 million by 2033, a significant rise on its current valuation of US$ 1,149.64 million.

According to Fact.MR, the rising adoption of fishing as a recreational activity among the people of various age groups in countries including the UK, Japan and Australia will propel this growth during the forecast period.

It reported a Compound Annual Growth Rate (CAGR) for the sector of 2.5 per cent between 2018 and 2022 and expects year-on-year growth of four per cent by the end of this year.

Specifically, it detailed how the North American and Asia Pacific rod markets would beat this trend, showing 4.7 per cent and 4.6 per cent CAGR respectively.

It said: “Over time, fishing has gained popularity, attributed to its ability to train the practitioner in terms of improving patience as a key skill.

“Knowledge about rods, hooks, and baits, along with the arrangement of rigs and knots, acts as a combination of science and art, which has been challenging as well as creative for the individuals.”

Intriguingly, the report highlights several key factors which could drive this growth, including a rise in the popularity of ice fishing in many countries but most notably in Norway, Bulgaria, France and Canada, which it says boast a large number of lakes and freezing climatic conditions.

This is further boosted by contests held in different parts of the world and it cited the Brainerd Jaycees Ice Fishing Extravaganza in Minnesota, which sees more than 15,000 anglers participate.

The report continued: “These factors have prompted the fishing rod manufacturers to broaden their product range to incorporate rods suitable for fishing during extreme weather.”

The keynote report also highlighted factors such as support for recreational fishing initiatives from governments of various countries, with rising participation in fishing competitions expected to push the rod market harder and further.

Fact.MR also says that the increasing use of social media allows rod manufacturers to promote their goods through a wide variety of platforms to a truly global audience.

Meanwhile, an effective and efficient e-commerce strategy is also allowing these companies to maximise sales.

A Fact.MR analyst added: “Manufacturers further foresee an opportunity in the near term, owing to significant growth in the number of anglers, globally. This is anticipated to result in increased demand for fishing rods, during the forecast period.”

Among the examples used in the study were the August 2022 launch of Penn’s Mariner III rod series, seen as reliable general-purpose setup for most saltwater species and Daiwa’s Tatula XT blanks.