Fishing Lure Market Are Expected To Reach A Valuation Of US$ 6.57 Billion By 2033

According to Fact.MR's research, the worldwide fishing lure market is worth $3.96 billion in 2023 and is expected to be worth $6.57 billion by the end of 2033. Global demand for fishing lures is expected to expand at a robust 5.2% CAGR over the next ten years, more than double the historical CAGR of 2.5% (2018-2022).

To entice fish, fishing lures are tiny artificial items designed like fish and fastened to fishing hooks or fishing lines. People's increased interest in fishing, the popularity of recreational fishing, rising disposable income, and worldwide demand for seafood are important forces fueling market expansion.

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The incorporation of modern technology into fishing lures is a trend that might demonstrate how futuristic fishing lures can become. After the COVID-19 pandemic of 2020, which has created new prospects in the fishing supply sector, interest in fishing as a leisure and recreational activity has surged dramatically.

Lure Boi, an artisanal fishing bait company formed in the aftermath of the 2020 COVID-19 epidemic, is making waves in the United Kingdom with sales of their handcrafted soft and hard plastic fishing lures on the increase.
Eco-net Ltd, a firm focused on producing cutting-edge goods to provide a unique sports fishing experience, developed the Eco-Popper.

Competitive Landscape:

Leading fishing lure manufacturers are focusing on expanding their product portfolio through the launch of new innovative products that allow them to maximize their sales growth and gain a competitive advantage over other companies.
In November 2021, Fish Craft, a leading provider of fishing lures based in Australia, announced the launch of its new range of fishing lures that it had been developing for a long time. The launch included 27 lures in new shapes and colors.

Key Players:
• Bass Pro Shops
• Weihai Guangwei Group Co. Ltd.
• Piscifun
• Shimano Inc.
• Clam Outdoors
• Al Gags Fishing Lures
• Pure Fishing Inc.
• GLOBERIDE Inc.
• Rapala VMC Corporation
• Al's GoldFishing Lure Co.

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Regional Analysis:

China and India are well-known for their fishing operations, making them ideal locations in the Asia Pacific area. Adoption of sustainable fishing techniques, increasing demand for artificial baits, rising popularity of recreational fishing activities, and the growth of online retail channels for fishing gear are significant possibilities that might affect fishing lure sales in China throughout the projection period.

Growing angling tourism, rising per capita disposable income, increased interest in sports fishing, high availability of fishing gear, and increasing sales of fishing tackle through online fishing gear stores are all important factors that will shape fishing lure demand in India over the next ten years.

Key Segments of Industry:
• By Type :
o Jigs
o Combined Lures
o Spoons
o Soft Plastic Baits
o Flies
o Spinnerbaits
o Crankbaits
• By Fishing Type :
o Freshwater Fishing
o Saltwater Fishing
o Great Lake Fishing
• By Length :
o Less than 4 Inches
o 4 Inches
o 5 Inches
o More than 5 Inches
• By Sales Channel :
o Sports Outlets
o Modern Trade Channels
o Fishing Supply Stores
o Online Retail
o Company Websites
o Third-party Online
o Other Channels

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This release was published on openPR.