Fishing Lures Market Is Anticipated To Reach US$ 6.57 Billion By The End Of 2033

A study conducted by skilled analysts at Fact.MR estimates the global fishing lure market to be valued at $3.96 billion in 2023, with a projection to reach $6.57 billion by 2033. This represents a significant increase from the historical CAGR of 2.5% (2018 to 2022), with global demand for fishing lures expected to grow at a robust 5.2% CAGR over the next decade.

Fishing lures, which are small artificial objects shaped like fish and attached to fishing hooks or lines to attract fish, are experiencing rising demand. This growth is driven by increasing interest in fishing, the growing popularity of recreational fishing, rising disposable incomes, and a growing global demand for seafood.

Download Sample Copy of This Report:
https://www.factmr.com/connectus/sample?flag=S&rep_id=5293

The integration of advanced technologies into fishing lures is driving innovative advancements in the fishing industry. Since the COVID-19 pandemic in 2020, interest in fishing as a leisure and recreational activity has surged, opening new opportunities in the fishing supplies market.

Lure Boi, an artisanal fishing bait business established during the pandemic, is gaining popularity across the United Kingdom with its handcrafted soft and hard plastic fishing lures.

Eco-net Ltd, a company focused on delivering state-of-the-art products for sports fishing, has developed the Eco-Popper, an IoT-enabled lure that provides real-time underwater video and analytics. This innovative device helps anglers enhance their productivity and overall fishing experience.

The increasing interest in sports fishing, coupled with the rise of new fishing tournaments and competitions, is expected to boost sales of various fishing products such as crankbaits, fishing hooks, reels, rods, spinnerbaits, jig heads, tackle boxes, and other sports fishing equipment.

In February 2021, Navio Networks Inc., a Los Angeles-based streaming channel provider, partnered with Wired2fish to launch a new 24/7 global fishing channel. This channel is available on free ad-supported connected television platforms and applications.

Key Market 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.

Capital Raise and Sustainability: Prime Opportunities for Emerging Fishing Lure Companies

Fishing remains a beloved pastime worldwide, and new companies are capitalizing on this passion by focusing on innovation and growth to drive profits. A significant trend among these emerging fishing lure suppliers is the pursuit of new capital to expand their businesses and product offerings.

Omnia Fishing, an e-commerce fishing gear retailer established in 2018, announced securing $2.1 million in funding in early 2021. This investment was earmarked for developing an advanced inventory management system and enhancing their e-commerce platform to support business expansion. Omnia Fishing not only sells fishing gear but also assists customers in selecting the best equipment for their specific fishing locations.

In April 2021, Chicago-based fishing brand Catch Co. revealed it had raised $38 million in a Series B funding round led by True Ventures, with participation from TechNexus. CEO Ross Gordon shared that the fresh capital would be utilized for team expansion and broadening the product portfolio to propel the business to new heights.

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 Segments of Fishing Lure Industry Research
• 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
 Company Websites
 Third-party Online
o Other Channels

• By Region :
o North America
o Latin America
o Europe
o APAC
o MEA

Read More: https://www.factmr.com/report/5293/fishing-lure-market

Contact:
US Sales Office :
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583
E-Mail: sales@factmr.com

About Fact.MR:
We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

This release was published on openPR.