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Fishing Boat Charter in the US - Industry Market Research Report

Fishing Boat Charter in the US - Industry Market Research Report

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Fishing Boat Charter in the US - Industry Market Research Report
Fishing Boat Charter in the US

The Fishing Boat Charter industry, which provides charter boat fishing services for individuals, parties, and companies, has seen faltering growth over the past five years. Citing significant disruption across several years in the period. COVID-19 was the primary roadblock for operators; with massive declines in domestic tourism, revenue sank rapidly, only slightly sustained by the industry's commercial fishing ventures since they were allowed to operate through 2020. While operators benefitted from a recovering economy in 2021, heightened oil prices and rising inflation in 2022 would soon dampen revenue again. As a result, revenue is expected to fall at a CAGR of 4.8% to $440.3 million through 2023, with a 3.0% drop in 2023 alone, when profit is set to hit 13.3%. Despite macroeconomic growth before and after the pandemic, the industry faced stiff competition from other forms of recreational activities such as hiking, running, and video games. In addition to competition, operators also faced shifting consumer confidence toward the end of the period, as the economy reeled in the face of heightened inflation and interest rates, causing consumers to save more money than usual and limiting demand for charter boat services.

Looking ahead, the industry is forecasted to grow at an annualized rate of 3.0% to $511.3 million, when profit is expected to reach 13.4% of revenue. Economic recovery after the pandemic is expected to bolster consumer incomes, enabling more lavish spending on industry services. Small and midsize businesses are also set to improve, strengthening the breadth and scope of industry services. Oil prices and natural disasters are sources of significant uncertainty for operators, with either being potentially devastating for operators.

This industry provides charter fishing services or party fishing boat services. The services provided are usually local and involve same-day return to place of origin.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

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