Report : Middle East and Africa Fishing Equipment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Fishing Rods, Nets and Traps, Hooks, Reels, Fishing Line, Sinkers, and Others) and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
Specialty Stores to Dominate the MEA Fishing Equipment Market During 2020-2028
According to a new market research study on “MEA Fishing Equipment Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type, and Distribution Channel” is expected to reach US$ 1,569.49 million by 2028 from 1,257.57 US$ million in 2021. The market is estimated to grow at a CAGR of 2.9% from 2021 to 2028. The report provides trends prevailing in the MEA fishing equipment market along with the drivers and restraints pertaining to the market growth. Growth of E- commerce platform is the major factor driving the growth of the MEA fishing equipment market. However, issues associated with environmental hazards due to fishing equipment hinders the growth of MEA fishing equipment market.
MEA fishing equipment market is segmented into type, distribution channel, and country. By type, the MEA 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 MEA 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 MEA fishing equipment market is segmented into Saudi Arabia, South Africa, UAE, rest of MEA. Rest of MEA held the largest market share in 2020.
South Africa had the highest number of COVID-19 cases in the MEA region, followed by Saudi Arabia and the UAE. Various consumer goods companies remained closed in the region due to the lockdowns, reducing the sale of various products, including fishing equipment, in the region. According to McKinsey and Company Report, the MEA region was slow to adopt e-commerce; however, the COVID-19 pandemic prompted a change. Consumers across the Gulf Cooperation Council, South Africa, and Turkey have shown an increase in online shopping during the pandemic. Consumers in Saudi Arabia and the UAE have seen the highest rates of “new or increased” users in online deliveries and communications. Thus, due to the pandemic, the consumers have increased the usage of e-commerce platforms, and the presence of e-commerce sites specifically providing fishing equipment will positively impact 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 MEA 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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