LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global hunting apparel market to grow at a CAGR close to 4% during the forecast period, according to their latest market research report.
The rise in the number of private label brands is one of the major trends being witnessed in the global hunting apparel market 2019-2023. The number of private-label brands in the global hunting apparel market is increasing, which is intensifying the competition among global and regional vendors. Private labels are undercutting the retail prices of branded labels. Private labels are becoming more popular in developed markets such as the US, Germany, Japan, and the UK, effectively limiting the growth of the major brands. The entry of these private labels into the market enables consumers to purchase hunting apparel at relatively lower prices. Field & Stream, a subsidiary of DICK'S Sporting Goods, is a retailer of hunting, fishing, camping apparel, equipment, and other accessories. Field & Stream also sells hunting apparel under its own brand name with hunting apparel from other vendors and brands. Therefore, the growing presence of these brands is expected to positively influence the market, particularly in terms of garnering consumer interest during the forecast period.
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According to Technavio analysts, one of the key factors contributing to the growth of the global hunting apparel market is the rise in popularity of outdoor recreational activities:
Global hunting apparel market: Rise in popularity of outdoor recreational activities
The growing need for destressing and the rising popularity of recreational activity is leading to increased engagement in leisure and outdoor activities. Rising urbanization, hectic lifestyles, and increased health consciousness have resulted in increased participation in hunting, which, in turn, has fueled the demand for hunting apparel. In some countries such as the US and Canada, hunting is seen as a vital tool for wildlife management and is part of their rich heritage. According to the US Fish and Wildlife Service and the US Census Bureau, in 2016, total hunting expenditures were more than $26 billion. It included trip-related expenditures such as food, lodging, and transportation; equipment expenditures such as hunting equipment and auxiliary equipment; and other hunting expenditures such as membership dues and contributions, land leasing, and ownership, and fees paid for licenses, stamps, and permits. The US is the largest market for hunting apparel. Thus, vendors in the country have wide product portfolios and focus on providing effective hunting apparel to consumers, which in turn is boosting the growth of the market.
According to a senior analyst at Technavio for research on apparel and textile, “The popularity of travel and tourism has increased globally. In 2016, more than 400 million international tourists traveled globally. It was also the year that experienced the seventh consecutive year of above-average growth in the tourism industry. APAC recorded the highest increase in international tourism, which has direct impacts on the sales of hunting apparel and accessories. The globally increasing tourism industry has also been helping the growth of the global hunting apparel market primarily through adventure travel and tourism.”
Global hunting apparel market: Segmentation analysis
The global hunting apparel market research report provides market segmentation by distribution channel (offline and online), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for close to 49% share, followed by the EMEA and APAC respectively. During the forecast period, the EMEA region is expected to register the highest incremental growth, followed by the Americas.
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