Increasing Trade Activities Of Fishery And Aquaculture Products Is Anticipated To Boost The Growth Of The Fishing Lure During The Forecast Period 2022-2032
The global fishing lure market will expand 1.6X in terms of value, and is foreseen to witness a steady growth rate of nearly 5% over the forecast period of 2020-2030. However, the spread of COVID-19 is leading to considerable issues on the movement of fishing lures, owing to restrictions imposed by governments related to import and export. These challenges will have major ramifications on the expansion of the fishing lure market size, as the U.S. is a highly affected country and has a high concentration of fishing lure manufactures and suppliers.
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However, manufacturers are optimistic that the flourishing growth in fishing and seafood industries will give a boost to the fishing lure market. Further, rising exports of fish and seafood from European countries are encouraging commercial fishing activities. Therefore, increasing trade activities of fishery and aquaculture products is anticipated to boost the growth of the fishing lure market during the forecast period.
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Fishing Lure Market Insights by Fishing Type
Freshwater fishing is one of the most prominent segments and is expected to account for 64% of the global fishing lure market share by reaching a valuation of US$ 2.2 Bn by the end of 2020. As per the Recreational Boating & Fishing Foundation (US), anglers spent nearly US$ 33 Bn in 2019 on freshwater fishing activities. This, in turn, is foreseen to unlock more growth avenues for freshwater fishing among anglers, thereby supplementing the growth of the fishing lure market.
Moreover, growing number of outdoor events such as recreational fishing and sport fishing activities among all kinds of people, all ages, and all income groups is driving freshwater fishing, as it is largely considered as a recreational fishing activity. Therefore, with rising disposable income, consumers are demanding freshwater fishing baits such as spinnerbaits, spoons, and crankbaits, as these work effectively in freshwater. This, in turn, is anticipated to drive demand for fishing lures during the forecast period.
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The Analyst’s Viewpoint
“The ongoing COVID-19 pandemic has hit market players adversely on the supply side, causing declining sales of fishing lures in second quarter of 2020. However, growing participation in sport fishing and manufactures’ focusing on collaborating with sports fishing players are foreseen to open new growth avenues for the fishing lure market over the coming period.”
Fishing Lure Market: Competitive Landscape
The global fishing lure market is highly fragmented in nature, with the presence of a large number of local players. Some of the prominent players in the market are Bass Pro Shops, Shimano Inc., Pure Fishing, Inc., Rapala VMC Corporation, and Clam Outdoors, among others.
These market players are concentrating on product launches in order to broaden their market footprints. An example of such product launches is: In 2020, Berkely, a brand of Pure Fishing Inc., launched its new crankbaits. The newly launched product is armed with sticky sharp Berkely Fusion 19 treble hooks and is available in 18 colors.
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Fishing Lure Market Insights by Sales Channel
Among the sales channels, sales of fishing lures through fishing supply stores are expected to capture more than 29% of the fishing lure market share in 2020. Anglers regularly upgrade their fishing lures in order to attract more fish, owing to the availability of different options in stores, which is supporting the sales of fishing lures through fishing supply stores. Further, manufacturers are focusing on collaborating directly with fishing supply stores, as this enables them to market their products effectively and gain a competitive advantage over other players in the fishing lure market space.
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