The growing popularity of hunting as a recreational activity across the globe is anticipated to drive the growth of the global hunting accessories market during the forecast period from 2023 to 2032. The North America region is projected to hold a major market share by 2032.
PORTLAND, Ore., July 28, 2023 /PRNewswire/ -- Allied Market Research has recently published a report, titled, "Hunting Accessories Market by Type (Hunting Rifles and Guns, Bow and Arrow, Binoculars, Weapon Ammunition, Others), by Game Species (Big Game, Small Game, Migratory Bird, Other Animals), by Sales Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global hunting accessories market generated $20.3 billion in 2022, and is anticipated to generate $43.1 billion by 2032, witnessing a CAGR of 7.9% from 2023 to 2032.
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Prime Determinants of Growth
Over the years, there has been growth in the popularity of hunting as a recreational activity across the world. As a result, there has been an increase in demand for hunting accessories which is predicted to be one of the important factors driving the growth of the global hunting accessories market in the forecast timeframe. However, the strict regulations on hunting in various countries to manage wildlife populations and protect endangered species may hamper the hunting accessories market growth in the coming period. On the contrary, the introduction of technologically advanced hunting accessories is expected to offer growth opportunities for expansion of the hunting accessories market in the 2023-2032 forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $20.3 billion |
Market Size in 2032 | $43.1 billion |
CAGR | 7.9 % |
No. of Pages in Report | 290 |
Segments covered | Type, Game Species, Sales Channel, and Region |
Drivers | Growing popularity of hunting as a recreational activity Development of innovative products that improve the efficiency and effectiveness of hunting |
Opportunities | The introduction of technologically advanced hunting accessories for enhanced performance, increased precision, and improved functionality The advent of e-commerce allowing manufacturers and retailers to target hunting enthusiasts around the world |
Restraints | Strict hunting regulations imposed by various governments to manage wildlife populations and protect endangered species |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global hunting accessories market. The manufacturing of hunting accessories was hampered due to disruptions in global supply chains which resulted in an inconsistent supply of raw materials.
- Also, the travel restrictions put in place across the world to curb the spread of the virus resulted in a decrease in hunting expeditions, thus leading to a decline in demand for hunting accessories.
- The hunting accessories market is, however, projected to show steady growth in the future due to the introduction of technologically advanced hunting accessories for enhanced performance and increased precision.
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Type: Hunting Rifles & Guns Sub-segment Projected to be Highly Dominant During the Forecast Period
The hunting rifles & guns sub-segment accounted for the highest hunting accessories market share in 2022 of 29.2% and is expected to continue its dominance during the forecast period. In the last few years or so, the development of more accurate and efficient firearms has gained a lot of pace. As a result, there is a huge demand for rifles and guns with innovative features, such as improved scopes and adjustable triggers, which is predicted to boost the sub-segment's growth by 2032.
Game Species: Big Game Sub-segment to Flourish Immensely by 2032
The big game sub-segment generated the highest market share in 2022 of 44.6% and is predicted to grow at a high CAGR by 2032. Big game hunting involves pursuit and hunting of large animals like deer, elk, moose, bears, and big cats. The thrill and excitement associated with big game hunting has led to an increase in demand for hunting accessories which is predicted to boost the sub-segment's growth by 2032.
Sales Channel: Offline Sub-segment Projected to Gather Huge Market Revenue During the Forecast Period
The offline sub-segment accounted for the highest hunting accessories market share in 2022 of 65.1% and is expected to continue to hold the majority of market share during the forecast period. Offline retail stores offer a personalized customer experience thus allowing hunters to physically examine and try out products before making a purchase. As a result, there has been an increase in the popularity of offline sales channels which is predicted to boost the sub-segment's growth by 2032.
Region: North America Market to be One of the Fastest Growing by 2032
The North America region accounted for the highest share in the global hunting accessories market in 2022 of 34.8% and is expected to rise at a high CAGR during the forecast period. The rapid increase in popularity of hunting as a recreational activity and rising disposable incomes of the people in this region are expected to be the two main growth drivers of the market in North America region by 2032.
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Leading Players in the Hunting Accessories Market:
- American Outdoor Brands Corp.
- BPS Direct LLC
- Vista Outdoor Inc.
- Sturm Ruger and Co. Inc.
- SPYPOINT
- Under Armour, Inc.
- Beretta Holding SA
- Buck Knives, Inc.
- Spyderco, Inc.
- Dick's Sporting Goods, Inc.
The report provides a detailed analysis of the key players of the global hunting accessories market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
- Canada Hunting Accessories Market Opportunity Analysis and Industry Forecast, 2022-2032
- Mexico Hunting Accessories Market Opportunity Analysis and Industry Forecast, 2022-2032
- Europe Hunting Accessories Market Opportunity Analysis and Industry Forecast, 2022-2032
- Russia Hunting Accessories Market Opportunity Analysis and Industry Forecast, 2022-2032
- UK Hunting Accessories Market Opportunity Analysis and Industry Forecast, 2022-2032
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