Hunting Equipment & Accessories Market to Garner $38 Billion by 2030: The Brainy Insights
The Brainy Insights
6 min read
The Brainy Insights
The lifting of lockdown restrictions by numerous countries around the world and an increase in female hunters are the main drivers that are going to produce a number of growth prospects for the hunting equipment sector during the projected period. Major firms like Dick's Sporting Goods, Inc., Vista Outdoor, and American Outdoor Brands Corp. witnessed a spike in online sales.
Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The hunting equipment & accessories market was estimated at around 19.1 billion in 2021, growing at a CAGR of nearly 7% during 2022-2030. The market is projected to reach approximately USD 38 billion by 2030.
Any weapon, gun, implement, apparatus, or piece of material that can be used to hunt, kill, or even capture wildlife is generally referred to as hunting equipment. The various items of equipment can be divided into categories such as weapons, ammo & accessories, knives, archery gear, and others. Specifically made for the field, hunting accessories include extra compartments for gear, fabric that masks odours, etc. They are also fitted to allow for complete freedom and flexibility of movement. The COVID-19 pandemic has had a good effect on the industry, as numerous businesses involved in the sector have noticed an increase in online distribution channels. The market for hunting equipment & accessories is being driven by industry leaders' significant R&D investments in creating hunting items that satisfy all facets of customer needs.
Growing consumer interest in outdoor recreational activities as a result of an increasingly stressful work environment. Additionally, escalating urbanization and rising health consciousness have significantly increased consumer interest in hunting activities. The growing demand for hunting activities is prompting market vendors to diversify their offering of hunting equipment. During the forecast period, these factors are anticipated to propel the expansion of the worldwide hunting equipment & accessories market. Different hunting gear are needed for an increasing number of game reserves, which are primarily sizable swaths of land where wild animals reside and are hunted in a controlled manner to promote sports. The main driver of market expansion is the rise in popularity of hunting and fishing as well as the use of lead-free ammunition to protect animals and prevent water contamination.
Additionally, the expanding tourism sector and increased revenue from hunting licence sales for forest management and wildlife conservation both contribute to the market's expansion. The market's expansion is anticipated to be hampered by the expensive equipment and regional prohibitions on shooting any animal.
Segmental Overview
In terms of market share, the gun & rifles sector dominated the market, and it is anticipated that it would expand at a sizable CAGR over the forecast period. Rifles and guns are often fired at stationary targets. American hunters spent almost $2.3 billion on hunting supplies including weapons and rifles, according to the National Survey of Fishing, Hunting, and Wildlife-Associated Recreation. All around the world, varmint and big game hunting are both done using guns and rifles. It thus brought in the most money in 2021. During the forecast period, it is expected that the individual end-user segment will develop steadily. U.S. wildlife officials have prioritised enlisting unconventional hunters in recent years. According to a recent survey by Southwick Associates, the number of new hunters has increased by 25% in a single year and the number of licenced hunters will rise by 5% in 2021. As a result, it is predicted to accelerate the segment's expansion during the anticipated time.
Regional Overview
France is the country with the most hunters, followed by Spain, the United Kingdom, and Italy. In the past, women often contributed to the pursuits that came after the hunt. In Europe right now, the number of women hunters is rapidly rising. Numerous European nations have recently held hunting trade exhibits, which are anticipated to boost the region's product demand. Major players are expanding their R&D spending in an effort to develop innovative and value-added hunting gear and accessories. Hunting activities are becoming more and more popular, which motivates business players to expand their product lines and enhance their current services.
Strong internet presence in Europe and rising accessory spending by the populace there to enhance appearance are driving this region's rise. The enormous population pool in Asia-Pacific is expected to result in a promising growth rate during the predicted period. The young population's growing demand for inexpensive gifting options is projected to drive market expansion in North America.
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Market Size(unit)
USD Billion
CAGR
7%
Segments Covered
By Type By Application
List of the prominent players in the global hunting equipment & accessories market:
• Sarah & Sebastian Pty Ltd • American Outdoor Brands Corp. • Beretta Holding SA • BPS Direct LLC • Buck Knives, Inc. • Dick’s Sporting Goods, Inc. • SPYPOINT • Under Armour, Inc. • Spyderco, Inc. • Sturm Ruger and Co. Inc. • Vista Outdoor Inc.
The global hunting equipment & accessories market is segmented as follows:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
