USD 20.3 billion
Hunting Equipment & Accessories Market Size, Share, Growth Analysis, By Type(Firearms and Ammunition), By Distribution Channel(Online Retailers, and Specialty Stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2038 |
Region:
Global |
Published Date: April, 2024
Pages:
202
|Tables:
60
|Figures:
80
Hunting Equipment & Accessories Market Insights
Global Hunting Equipment & Accessories Market size was valued at USD 20.3 billion in 2022 and is poised to grow from USD 21.88 billion in 2023 to USD 39.91 billion by 2031, growing at a CAGR of 7.80% during the forecast period (2024-2031).
The market is driven by the growing popularity of hunting as a recreational activity and the rising demand for hunting equipment for commercial and professional purposes, such as wildlife management and control. Additionally, the growth of e-commerce and online sales platforms has made hunting equipment more accessible to consumers worldwide. While the specific equipment and accessories needed may vary depending on the type of hunting and the game being pursued, having the right gear is essential for a successful and safe hunting experience. The factors such as the high demand for hunting equipment and accessories from the US and Canada, favorable government policies, and a strong hunting culture as key drivers of the market in North America. The factors such as an increase in hunting tourism, a growing interest in hunting among the population, and the availability of affordable hunting equipment and accessories as key drivers of the market growth.
US Hunting Equipment & Accessories Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Firearms
Fastest Growth
Firearms
Growth Rate
7.80% CAGR
Global Hunting Equipment & Accessories Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Hunting Equipment & Accessories Market Segmental Analysis
Global Hunting Equipment & Accessories market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into firearms and ammunition. Based on distribution channel, the Hunting Equipment & Accessories market is segmented into Online Retailers and Specialty Stores. Based on region, the Hunting Equipment & Accessories market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Hunting Equipment & Accessories market Analysis by Type
By type, the market can be segmented into firearms and ammunition. The firearms segment dominated the market due to their high demand among professional and recreational hunters. Hunting rifles, shotguns, and handguns are some of the popular types of firearms used for hunting purposes. In addition, the growing popularity of shooting sports such as target shooting and clay pigeon shooting has increased the demand for firearms, further driving the growth of this segment. Manufacturers are investing in R&D to develop advanced firearms with better accuracy, lightweight, and durability, which is expected to boost the growth of the firearms segment in the coming years.
The ammunition segment is the fastest-growing segment in the market due to the increasing demand for ammunition among hunters and law enforcement agencies. The increasing number of hunting licenses issued worldwide and the rise in animal population control programs are fuelling the growth of this segment. Manufacturers are also focusing on developing innovative ammunition products such as lead-free ammunition and non-toxic bullets, which are gaining popularity among environmentally conscious hunters. The growing trend of long-range shooting and competitive shooting is also driving the demand for high-performance ammunition, further boosting the growth of this segment.
Hunting Equipment & Accessories market Analysis by Distribution Channel
By distribution channel, the market can be segmented into Online Retailers and Specialty Stores. Specialty stores, including hunting and sporting goods, dominate the market due to their long-standing presence in the industry and reputation for providing high-quality products and personalized services. These stores offer a wide range of hunting equipment and accessories, including firearms, ammunition, knives, optics, and hunting apparel. Specialty stores have a loyal customer base of hunters, who prefer to buy from these stores due to their expertise, product knowledge, and hands-on experience with the products. In addition, the growing trend of experiential retail, where customers can test the products before buying, is further driving the growth of this segment.
The online retail segment is the fastest-growing segment in the market due to the convenience and accessibility of online shopping. Online retailers offer a wide range of hunting equipment and accessories, and the ability to compare prices and product features across different websites has made online shopping popular among price-sensitive customers. Online retailers also offer a range of value-added services such as free shipping, easy returns, and customer reviews, which have increased their appeal among customers.
Global Hunting Equipment & Accessories Market Size By Type, 2022 (%)
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Hunting Equipment & Accessories Market Regional Insights
North America dominated the hunting equipment and accessories market. A strong hunting culture, favorable government policies, and the availability of a wide range of hunting equipment and accessories drive the market growth. Canada also has a significant hunting equipment and accessories market, albeit smaller than the US.
On the other hand, the APAC region has been experiencing the fastest growth in the hunting equipment and accessories market, mainly due to an increase in hunting tourism and a growing interest in hunting among the population. The market in APAC is dominated by countries such as Australia, New Zealand, and China. Australia and New Zealand have well-established hunting cultures, with a wide range of hunting opportunities and a large market for hunting equipment and accessories. With its growing economy and increasing interest in hunting, China has emerged as a potential growth market for hunting equipment and accessories.
Global Hunting Equipment & Accessories Market By Geography, 2022-2030
- Largest
- Fastest
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Hunting Equipment & Accessories Market Dynamics
Hunting Equipment & Accessories market Drivers
Increasing popularity of hunting as a recreational activity
- One of the key drivers of the global hunting equipment and accessories market is the increasing popularity of hunting as a recreational activity, especially in North America and the APAC region. The rise in hunting tourism and a growing interest in hunting among the population has led to a surge in demand for hunting equipment and accessories. Additionally, the availability of a wide range of hunting equipment and accessories at affordable prices has made it easier for individuals to engage in hunting activities, further driving the growth of the market.
Hunting Equipment & Accessories market Restraints
Increasing focus on animal welfare and conservation
- One of the main restraints of the global hunting equipment and accessories market is the increasing focus on animal welfare and conservation, which has led to stricter regulations on hunting in many regions. These regulations limit the number of hunting licenses issued and restrict the types of game that can be hunted, thereby reducing the demand for hunting equipment and accessories. Additionally, concerns over the ethical and environmental impact of hunting have led to a decline in the popularity of hunting as a recreational activity, further restraining the growth of the market.
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Hunting Equipment & Accessories Market Competitive Landscape
The competitive landscape of the global hunting equipment and accessories market is highly fragmented, with numerous players operating in the market. These players focus on product innovation, expanding their product portfolios, and strategic partnerships and collaborations to strengthen their market position. Additionally, players in the market are also focused on expanding their geographical presence, particularly in emerging markets in the APAC region, to capitalize on the growing demand for hunting equipment and accessories.
Hunting Equipment & Accessories market Top Player’s Company Profiles
- Vista Outdoor Inc.
- American Outdoor Brands Corporation
- Sturm, Ruger & Company Inc.
- Smith & Wesson Brands, Inc.
- Battenfeld Technologies Inc.
- Garmin Ltd.
- Bushnell Outdoor Products
- Olin Corporation
- Beretta Holding S.p.A.
- Freedom Group, Inc.
- Sig Sauer, Inc.
- Accu-Tac Precision Bipods
- Arcus Hunting LLC
- Browning Arms Company
- Colt's Manufacturing Company LLC
- DICK'S Sporting Goods Inc.
- Hunting and Outdoor Supplies Pty Ltd.
- Leupold & Stevens Inc.
- Remington Outdoor Company Inc.
- Savage Arms Inc.
Hunting Equipment & Accessories market Recent Developments
- In March 2023, Mossberg, a leading firearms manufacturer, introduced a new line of semi-automatic hunting rifles featuring improved accuracy and reliability.
- In January 2023, Sig Sauer, a popular firearms manufacturer, launched a new line of hunting rifles featuring advanced optics and precision-machined components.
- In November 2022, Bass Pro Shops, a leading hunting and fishing retailer, announced plans to open a new flagship store in Atlanta, Georgia, featuring a wide range of hunting equipment and accessories.
- In August 2022, Winchester Ammunition, a popular ammunition manufacturer, released a new line of long-range hunting ammunition with improved accuracy and terminal performance.
- In June 2022, The National Shooting Sports Foundation (NSSF) announced a new initiative to increase participation in hunting and shooting sports among women and minorities.
Hunting Equipment & Accessories Key Market Trends
- One key market trend in the global hunting equipment and accessories market is the increasing demand for technologically advanced hunting equipment and accessories. This trend is driven by the growing interest in hunting among younger generations who are more accustomed to using technology daily. Manufacturers are developing new products incorporating advanced technologies such as GPS, digital range finders, and night vision scopes, to cater to this demand. Additionally, materials science and design advancements are leading to the development of more lightweight, durable, and ergonomic hunting equipment and accessories.
Hunting Equipment & Accessories Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global hunting equipment and accessories market analysis, the market is highly fragmented, with numerous players operating. The market is driven by factors such as the increasing popularity of hunting as a recreational activity, the availability of affordable hunting equipment and accessories, and favorable government policies. However, the market is also restrained by increasing focus on animal welfare and conservation and the declining popularity of hunting as a recreational activity. Key market trends include the growing demand for technologically advanced hunting equipment and accessories. Overall, the market is expected to grow significantly in the coming years, particularly in North America and the APAC region.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 20.3 billion |
| Market size value in 2031 | USD 39.91 billion |
| Growth Rate | 7.80% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Hunting Equipment & Accessories market Recent Developments
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Hunting Equipment & Accessories Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Hunting Equipment & Accessories Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Hunting Equipment & Accessories Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Hunting Equipment & Accessories Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Hunting Equipment & Accessories Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Hunting Equipment & Accessories Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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