The Expanding Arsenal: Trends in the Hunting Equipment & Accessories Market

Hunting Equipment & Accessories Industry Overview

The global Hunting Equipment and Accessories Market reached a valuation of USD 19.90 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030. Several factors are contributing to this expansion, including a growing interest in hunting, increasing revenue generated from hunting license sales that support wildlife conservation and forest management, and the significant growth of the safari tourism sector. Furthermore, the portability, ease of setup, and comfortable wearability of these products also contribute to the industry's growth. Innovations in ammunition design and the increasing emphasis on environmental conservation are expected to create substantial opportunities, driving market expansion throughout the forecast period.

Nevertheless, the high cost of certain accessories and regional limitations on animal hunting are anticipated to restrain market growth. Hunting plays a crucial socio-economic role, particularly in rural areas, with hunters providing significant financial support by creating numerous jobs directly linked to the production and sale of goods and services catering to their needs. According to a 2017 report by the U.S. Fish and Wildlife Service, 101.6 million individuals in the U.S. aged 16 and older (40% of the population) participated in wildlife-related activities such as hunting, fishing, and wildlife-watching in 2016. The COVID-19 pandemic positively influenced the industry, leading to a notable increase in online distribution channels for various companies operating within this market.

Detailed Segmentation:

  • Product Type Insights

The ammunition segment is projected to grow at the fastest CAGR of more than 8.00% over the forecast period. A rise in the number of gun users in the commercial sector for hunting is expected to drive the demand for ammunition over the forecast period. The major ammunition companies are concentrating on the manufacturing of specialized ammunition for hunting. For instance, in October 2018, Hornady manufacturing company launched its new hunter line of ammo, which offers high accuracy as well as operational efficiency, for various hunting needs. According to the National Survey of Fishing, Hunting, and Wildlife-Associated Recreation, a large number of hunters are preferring ammunition for hunting activities and also increased spending on such hunting equipment & accessories.

  • End Use Insights

On the basis of end-users, the global industry has been further categorized into commercial and individual. The commercial end-user segment dominated the global industry in 2021, in terms of revenue share. The segment is projected to expand further at the fastest CAGR of more than 7.5% retaining the leading position throughout the forecast period. Commercial hunters are qualified and licensed to guide paying overseas clients on their hunting safari. In most African countries it is a legal requirement for a foreign hunter to be accompanied by a professional hunter. Commercial hunters regularly purchase hunting equipment & accessories.

  • Distribution Channel Insights

The online segment is estimated to witness a significant CAGR over the forecast period. Convenience and speed is the main advantage of indirect distribution to the customer. Online distribution channels allow companies to enter new markets quickly and easily, often at least initial risk and cost. The online segment is addressing customer queries in a well-organized way to increase customer satisfaction levels. The segment growth is due to the growing demand for hunting equipment & accessories through online distribution channels. Therefore, the segment is likely to grow at a significant CAGR over the forecast period.

  • Regional Insights

Europe is anticipated to grow at the fastest CAGR of 8.3% over the forecast period. France has the most hunters in the Europe region. Spain, the U.K., and Italy also have a considerable number of hunters. Nowadays, women play a significant part in European hunting. In the past, women contributed generally to the activities that followed the hunt. Hunting and fishing trade shows are held in various countries across Europe.

Gather more insights about the market drivers, restraints, and growth of the Hunting Equipment & Accessories Market

Key Companies & Market Share Insights

Major companies have implemented business expansion and product launches as their key development strategies to increase their industry share and remain competitive. For instance,

  • In July 2022, Beretta Holding S.A. completed the acquisition of RUAG Ammotec Group. The acquisition added 16 companies in 12 different countries and 2,700 people to Beretta Holding Group. As a result of the acquisition, Beretta Holding will have the most complete offering of premium products, which includes small arms, ammunition, optics, clothing, accessories, and electro-optics
  • In December 2021, Vista Outdoor Inc. acquired backcountry hunting gear company Stone Glacier, giving Vista a foothold in the packs, camping equipment, and technical apparel categories
  • In July 2020, FORLOH, a new direct-to-consumer hunting, fishing, and outdoor brand, launched premium technical apparel with superior technology. In addition to unveiling FORLOH.com, the brand’s flagship retail store opened in Whitefish, Montana, the same city as its headquarters

Some of the key players operating in the global hunting equipment & accessories market include:

  • 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.

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