Fishing Waders Market

Growing Government Support and Rise in Number of Fishing Hobbyists to Propel Market

The global fish production has witnessed consistent growth in the past two to three decades, as new fishing technologies and techniques enter the fray. Global fish production is projected to rise in the near future even though the quantity of fishes that are being captured in the wild are declining as per the United Nation’s Food and Agriculture Organization (FAO). At present, fishing and aquaculture industries in fishing intensive countries, including China, Chile, Peru, Japan, and India are growing at an impressive pace due to government initiatives and programs that support the development of these industries. While the fishing industry is on the course to witness considerable growth during the forecast period, with it the demand for fish waders is also expected to experience a steady growth within the same timeframe.

At present, manufacturers operating in the fishing waders market are expected to focus on enhancing the comfort levels of their products and roll out advanced fish waders that augment the overall fishing experience. The growth of the fishing waders market is projected to rely on a host of factors, including the rise in the number of fishing hobbyists, growing consumer appetite for an improved fishing experience, the advent of new materials, and availability of cost-efficient fishing waders across online and offline sales channels. At the back of these factors, the global fishing waders market is expected to attain a market value of ~US$ 2 Bn by the end of 2030.

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Demand for Breathable Fish Waders Higher than Neoprene Fish Waders, Nylon and Polyester Remain Popular

Technological advancements and progress in the fishing textile sector have paved the way for fish waders made from different types of materials. The demand for different types of fish waders largely depends on several factors such as climate, temperature, type of activity, season, etc. Neoprene fish waders are extensively used for duck and goose hunting activities and due to exceptional insulation of the material, the demand for neoprene fish waders is relatively higher during winters than other seasons. The exceptional insulation coupled with superior durability is a leading factor that is likely to drive the sales of neoprene fish waders in the upcoming years.

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While the demand for neoprene fish waders is on the rise, the demand for breathable waders is expected to remain higher than that of neoprene waders during the forecast period. As breathable waders that are made from polyester and nylon do not hinder the motion of the user, the demand is likely to move in the upward trajectory in the forthcoming years. Although nylon and polyester are projected to remain the most prominent types of materials within the fishing waders market, the choice of the wader primarily depends on several external factors.

Online Sales on Rise as Brands Focus on Expanding Product Portfolio to Gain Advantage

The booming e-Commerce sector has emerged as an ideal distribution channel for participants operating in the current fishing waders market. While offline distribution channels are likely to garner more revenue, sales via online distribution channels are anticipated to grow at an impressive pace over the upcoming years. Several brands operating within the fishing waders market are focusing on expanding their product portfolio by launching new products to gain an advantage in the fairly consolidated market. For instance, in October 2019, Patagonia announced the launch of a new line of waders that were primarily designed bearing in mind user convenience. Moreover, in January 2019, Simms Fishing Product, one of the prominent manufacturers of fish waders announced the launch of new spring 2020 products, including fish waders, hoodies, and jackets.

Product Diversification to Remain Key amid COVID-19 Pandemic, Sales Likely to Decline in 2020

The onset of the novel COVID-19 pandemic is expected to have a medium impact on the growth of the fishing waders market. While the demand from hobbyists is expected to decline due to lockdowns and social distancing norms, demand from the fishing sector, particularly in developed nations such as Norway, Australia, Japan, the U.S., Canada, etc., are likely to remain steady. The COVID-19 pandemic has led to a host of supply chain bottlenecks, as governments across the world continue to impose trade restrictions on non-essential goods and services and lack of personnel within the logistics sector, among others.

As sales of fishing waders are likely to decline in 2020, market players should focus on product diversification and long-term growth strategies to gain ground in the post-COVID-19 era. Several fishing wader companies are currently switching to the production of personal protection equipment to bridge the gap between demand and supply. For instance, Simms Fishing Products commenced the production of medical gowns in response to the shortage of PPE equipment across the U.S.

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Analysts’ Viewpoint

The global fishing waders market is expected to witness steady growth during the forecast period. The market growth primarily depends on factors, including soaring demand for fishing waders from the fishing hobbyists, growth of the fishing & aquaculture sector, technological advancements, and entry of fishing waders with optimal designs. Market players should focus on launching new products to gain an advantage in the consolidated market landscape and focus on listing their products on online distribution channels. Amid the COVID-19 pandemic, market players should focus on product diversification and try to rope in efforts to manufacture medical gowns and other forms of personal protective equipment.