Wilmington, Delaware, United States, Nov. 14, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – According to a review by Transparency Market Research (TMR), the global market for fishing waders is expected to reach a value of USD 1,709.1 million by the end of 2031. Additionally, TMR’s analysis notes that it is expected to the market for fishing waders develops. at a CAGR of 6.3% during the forecast period, 2022-2031.
Companies are focusing on strategies such as new product launches, mergers and acquisitions to stay ahead of the competition. In addition, many companies focus on product innovation and offer tailor-made solutions according to consumer needs. Therefore, players focus on studying consumer preferences, including color, design, material, size, and logo printing. These efforts, in turn, are likely to lead to the expansion of the fishing waders market size during the forecast period.
Main market findings
- The National Climate Adaptation Science Center (CASC) report states that there has been an increase in recreational fishing activities in the United States making it a multi-billion dollar economic activity. According to the National Oceanic and Atmospheric Administration (NOAA), recreational fishing is one of the traditional leisure activities, accounting for $50 billion in 2021 in the US. There has been an increase in demand for different types of fishing equipment specifically during the COVID-19 outbreak, notes a TMR study providing sales analysis of the fishing waders market.
- Awareness of safety issues while fishing is increasing among people around the world. Hence, people are inclined towards using fishing waders as these products help in keeping the wearer dry and protected from insect bites, minor abrasions and cold water. Therefore, increasing demand for these equipments is expected to help the growth of fishing waders market share during the forecast period.
- Chest waders have been increasing in popularity in recent years due to their various advantages, including their ability to provide double the coverage of waist waders and fishing waders. Therefore, these products cover about 70% of the body. They also help anglers stay dry even while wading in chest-deep water. The demand for fishing chest waders is increasing because of their ability to help stay in adverse weather conditions. Therefore, the product segment of the breast waders market is anticipated to expand at a remarkable rate during the forecast period.
Drivers of market growth
- Increasing participation of people in recreational activities is expected to boost the sales prospects of fishing waders manufacturers in the near future.
- Increasing understanding among the population about the importance of safety during fishing activities is likely to increase the demand avenues of the fishing waders market.
- The market is estimated to gain profitable prospects in Asia Pacific during the forecast period due to the presence of a significant fishing industry in the regional nations including China and the increasing popularity of fishing as a recreational activity in countries like India.
- The market players are expected to attract promising business opportunities in North America and Europe due to the increasing participation of the regional population in recreational fishing activities.
Some of the key players described in the report are:
- The Orvis Company Inc
- Pure Fishing, Inc
- Cabela’s LLC
- Caddy Waders
- Columbia Sportswear Company
- Pacific Eagle Enterprise
- Simms Fishing Products
- Patagonia Inc
- Redington (Far Bank)
- Gator Waders
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