USA Hunting Equipment and Accessories Market is Expected to Cross US$ 23,040.2 Million in 2033 | FMI

According to recent market study by Future Market Insights (FMI), the USA hunting equipment and accessories market is estimated to reach at US$ 15,573.8 million in 2023. The market is further projected to reach US$ 23,040.2 million at a CAGR of 4.0% by 2033.

A change in consumer preferences, lifestyle, and improved quality of life has been effected by rising personal incomes across the USA. This is a key factor expected to boost the growth of the hunting equipment and accessories market in the country.

Exposure to new hunting products has grown in the hunting population due to market penetration of e-commerce channels and services. An increasing shift towards easy to use and technologically advanced products is further driving the demand for several hunting equipment and accessories.

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Since 2020 onwards, several states across the USA have experienced a sharp increase in the number of people enrolling in a hunter safety course for the first time. This is according to statistics released by Pew Charitable Trusts.

Some states noted a skyrocketing increase in the share of young, female, and new hunters. Even more notably, gun sales increased sharply, which industry officials attributed to the rise in hunting activities.

The management and preservation of wildlife and natural resources is also an added benefit of hunting. Spending by sportspersons in the field is a crucial source of money for conservation initiatives that enhance habitat for both game and non-game species. This is expected to lead to a positive outlook on hunting from the non-initiated population, contributing to the growth of the target market.

Key Takeaways:

• The market for the USA hunting equipment and accessories reached a valuation of US$ 15,088.5 million in 2022.
• The USA hunting equipment and accessories industry is projected to grow at a CAGR of 4.0% during the forecast period 2023 to 2033.
• By product type, ammunition segment is leading the USA hunting equipment and accessories market.
• On the basis of end-users, the individual use segment is expected to lead the market over commercial uses.
• Hunting specialty stores is the widely preferred segment on the basis of sales channels in the USA hunting equipment and accessories industry.
• The market is projected to reach a valuation of US$ 23,040.2 million by 2033.

“The market for hunting equipment and accessories has grown rapidly in the USA post-2020. The rise of hunting focus-groups and favorable regulatory frameworks are expected to provide major boost to the market. Manufacturers are likely to find substantial growth opportunities in the market through 2033 by shifting focus on developing durable but cost-effective products. Widening the range of associated services offered by these players is also expected to boost revenues over the forecast period.” – says a lead analyst at Future Market Insights (FMI)

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Impact of COVID-19 on the Market

The COVID-19 pandemic had a significant impact on the hunting equipment and accessories market in the USA. The pandemic has led to increased demand for products related to outdoor activities.

This has become a noticeable trend ever since the USA government initiated procedures to reverse the widespread lockdowns of services and ‘unlock’ the economy post-pandemic.

Long-term impacts of the pandemic on the market remain to be seen. However, it is likely that some changes in consumer behaviour, such as the shift towards e-commerce, will persist beyond the pandemic.

The pandemic caused significant disruptions to global supply chains, leading to shortages of raw materials and, consequently, certain hunting equipment and accessories. This has resulted in higher prices for some products and delayed delivery times.

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Who is winning?

Leading players in the USA hunting equipment and accessories market are AMERICAN OUTDOOR BRANDS INC. Blaser, BPS Direct, L.L.C., Buck Knives, Inc. USA, DICK’s Sporting Goods, Easton Technical Products, Inc., Fabbrica d’Armi Pietro Beretta S.p.A. (Beretta USA), FeraDyne Outdoors, Outdoor Edge Cutlery, PURE FISHING, INC., RKA Gun Gallery – Indoor Range, Shenzhen Dajin Precision Hardware Co., Ltd, Spyderco, Inc., SPYPOINT, Sturm, Ruger & Co., Inc., and Vista Outdoor Operations LLC among others.

Mergers and acquisitions, alongside variety in product offerings are key strategies adopted by players in this market to remain competitive.

The target market is primarily characterized by the presence of large corporations, but small players also greatly influence local sales. In fact, small to medium-sized players often fare better with certain sections of hunters due to their ability to provide personalized services. Manufacturers that focus on innovations, cost-effective products and customer proximity to sales channels are likely to be able to seize growth opportunities in the target market.