Kayak fishing set to drive angling growth, says research
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A global research company is predicting steady growth in the sports fishing equipment market for the next four years. And one of the key reasons, say analysts at Technavio, is the growing popularity of kayak fishing.
The relatively new sector will continue to appeal to consumers because of its exercise and health benefits, reports the company in a recent research study.
It also offers a low-cost alternative to motorised craft, with a significant difference in purchase price, plus savings on fuel, transportation, insurance, maintenance and launch fees.
More than 38 million kayak fishing trips were recorded in the US in 2015, representing 4.4% of the total number of fishing outings and demonstrating ample ceiling room.
Technavio analysts forecast the sports gear market to grow at a CAGR (Compound Annual Growth Rate) of 3.06% during the forecast period. In addition to kayak fishing, it attributes growth to three other factors:
1) An increase in the number of fishing campaigns by government and other organisations;
2) An increase in the number of participants;
3) The development of fishing platforms to improve access.
The study points out that the fishing equipment market will not be the only beneficiary of growth from 2016 to 2020. Tourism will also profit. In Costa Rica, for example, sport fishing generates more than USD $400m annually and more than 60,000 jobs.
“In the US, the sports fishing market contributes more than USD $115 billion to the economy every year and provides over 800,000 jobs,” said Mantri Charan Kumar, lead outdoor gear research analyst at Technavio. “And campaigns like Take Me Fishing encourage participation.”
In the UK, the ‘Get Out There’ campaign launched by Sport England to encourage anglers to fish more often, reached more than 500,000 people in 2015.