The tackle business, which refers to the industry of selling fishing equipment and supplies, is facing some serious challenges in the current market. The Covid-19 pandemic, supply chain disruptions, changing consumer preferences, and environmental issues are some of the factors that are putting pressure on the tackle business and threatening its survival.
One of the main challenges for the tackle business is the impact of the Covid-19 pandemic, which has affected both the demand and supply sides of the industry. On the one hand, the pandemic has boosted the popularity of fishing as a recreational activity, as people seek outdoor and socially distanced hobbies. According to a report by the Recreational Boating & Fishing Foundation, fishing participation increased by 8.6% in 2020, reaching 55.1 million anglers1. This has created a surge in demand for fishing equipment and supplies, especially among new and young anglers.
On the other hand, the pandemic has also disrupted the supply chain of the tackle business, causing shortages and delays in raw materials, components, and finished products. The lockdowns, travel restrictions, and labor shortages have affected the production and distribution of fishing gear, especially those that are imported from overseas. For example, China is a major source of fishing rods, reels, hooks, lures, and other accessories for the US market3. However, due to the Covid-19 outbreak and its aftermath, many Chinese factories have been operating at reduced capacity or have been shut down temporarily3. This has resulted in a lack of inventory and a rise in prices for many fishing products.
Another challenge for the tackle business is the changing consumer preferences and behaviors of anglers. As more people take up fishing as a hobby, they are also becoming more conscious of their impact on the environment and the fish populations. They are looking for more sustainable and ethical ways to enjoy fishing, such as catch-and-release practices, using biodegradable or reusable materials, and supporting conservation efforts4. This means that they are demanding more eco-friendly and innovative products from the tackle business, such as organic baits, recycled fishing lines, solar-powered reels, and smart devices that can monitor fish activity and water quality.
Zebco Brands (Acquisition by Rather Outdoors):
- Issue: Industry consolidation and economic challenges.
- Details: Rather Outdoors, owner of Lew’s, Strike King, Salmo, and Fox International brands, is acquiring Zebco Brands. The deal could create the world’s largest fishing tackle company. The consolidation aims for growth in Europe and includes brands like Preston, Korum, and Zebco Europe.
Zebco is just one example of the changing landscape, but will we be seeing more consolidation in business in the near future & will the smaller companies just fade away. Is this a pivotal moment for the business as whole? Who will survive?
While these challenges present serious risks to the survival and growth of the tackle business, they also offer opportunities for innovation and differentiation. By adopting efficient and flexible supply chain management strategies, developing eco-friendly and customer-oriented products and services, embracing new technologies and platforms to engage with customers, collaborating with stakeholders to promote sustainable fishing practices, and diversifying product portfolios and market segments, tackle businesses can transform these challenges into competitive advantages and thrive in the evolving market.
In conclusion, the tackle business must navigate the complexities brought about by the Covid-19 pandemic, supply chain disruptions, changing consumer preferences, and environmental concerns. By addressing these challenges head-on and implementing innovative strategies, the tackle business can position itself for long-term success and sustainability in the face of a changing market.
