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

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 competitive landscape of the 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. '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.', '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.'

One of the key drivers of the 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.

One key market trend in the 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.

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.