04-30-2006, 09:51 PM
I'm doing a business plan for a friend and as part of a normal business analyses I need to try and determine the size of the potential market for a product.
I've tried looking for official stats but I'm not having luck.
1) What is the estimated number of active fly fishers in the World today?
2) What % (or number) of fly fishers actively tie flies?
My friend makes a tool for fly tying hence my question. I'm trying to see how large the fly tying community (Worldwide) is...
Any info or suggestions for determining the size would be appreciated.
05-01-2006, 07:44 AM
I have no idea, but then why would you need to know?
I know; you are putting together a business plan. Well, if you were to get real and valid numbers it would look bad. The market isn't that large and is pretty well covered by the current manufacturers. If your friend has something new and innovative he should just start making them and selling them in a local shop. If they catch on he can sell to other shops and expand from there.
Trying to put together a business plan for a small market like this is looking for an excuse to not do it.
Check out affta.
The American fly fishing trade association...google it
they'll have everything you need to know instead of just annecdotal info...
good luck...we all buy gadgets
The Flyfishing Forum now attends the Annual AFTTA show (Denver). I am not sure you will find detailed enough information to qualify a venture of that nature but I will see what I can dig up from the information we received.
05-01-2006, 11:36 PM
Does your friend need a worldwide market to be successful? Might want to consider an approach many large companies take (ie pepsi, coke). Define a smaller test market area where demographics are more easily defined, market the gadget in that area. Compare success in that demographic mix and then extrapolate potential success on a wider playing field. Is this a gadget that will be competing with an existing gadget? If so, then any sales info that can be obtained on that gadget should also be helpful.
05-02-2006, 10:47 AM
Valid points however the product has been in market for the past 2 years and sales are stagnant. It's a very high-end product competing in a crowded space however it has nothing truly comparable when you compare apples to apples. High-end fly tyers is a small market so the thinking was to determine the global potential. Currently at least a 1/3 of the sales are overseas...
I think the best proxy for me would be to find the number of sales that Renzetti and Dyna-King have of their >$350 vises...the people that aren't afraid to spend the big dough...:hihi:
05-02-2006, 09:31 PM
haha Eddie. Don't we all wish.
I got some statistics from some well-known vise makers today. Market size is relatively small.
Also, based on stats from the US sporting goods manufacturing assocation the number of fly fishers has declined significantly since 1987 (10M-->6M).
Will be interesting to see how things change as the boomers age and look for things to spend their time and money on...
05-02-2006, 10:22 PM
Something else to consider (if you haven't already): are the people who buy one of these items likely to buy more? Or do you only need one and it will last for life?
05-03-2006, 10:00 AM
I was told 500 million 7 yrs. ago @ the flytackleretailersshow. This was from somebody in the flytackle lobby group. Last week, a buddy that might be a good source, said 600mil. I'd be curiouse to know what you find.
I would call a few of the head of marketing @ the bigger companies and ask them. They would know best (they would probably tell you 500-600).
From what I have been told eddies figures are about right. That is for all of fly tying not just vises. Would imagine vise sales make up a small percentage of that figure. I spend over $1000 a year on tying materials but have not spent money on a vise or vise accessories for years.
05-04-2006, 01:07 AM
I would guess a lot, if not most of the higher end market avail themselves of the top end destination facilities. Maybe some promo agreements with the owner/operators of these facilities? Product provided free if it is made available to visitors during their stay and feedback is provided?