Fishing Lures Market Size, Share, and Growth Analysis, By Type (Freshwater Fishing Lures and Saltwater Fishing Lures), By Application (Fishing Supply Stores, Sports Outlets, Online Retail, And Others), Regional Forecast To 2031

Updated On: 22 April 2024

Fishing Lures Market REPORT OVERVIEW

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global fishing lures market size was USD 2876.4 million in 2021 and market is projected to touch USD 4841.58 Million By 2031, exhibiting a CAGR of 5.3% during the forecast period.

Baits are used to lure fish, known as fishing lures. It is designed to gain fish’s attention and works as bait. This lure moves, flashes, and vibrates to bait fish. These lures are placed to attract fish so the fish can be captured by hand. Many lures are handmade, and many are made commercially. It is also called a fish hook or angle. It is basically a hook used to catch fish either by embedding or piercing into the inside of the fish’s mouth or by snagging and impaling the external fish body. 

It is used for millennia by fishermen to catch saltwater or freshwater fish. Various fish hooks are available in the global market based on the hooks' intended purpose. Enormous fish hooks are available globally based on designs, shapes, sizes, and materials. It was invented thousands of years ago by humans. The world's first fish lure was discovered about 22 770 years ago in Sakitari cave in Okinawa Island. 

COVID-19 Impact: Disrupted Supply Chain Hampered Market Growth

The pandemic outbreak had an immense impact on the food and beverage industries. A health emergency was declared worldwide by World Health Organization (WHO) in March 2020. The outbreak of the pandemic hampered the fishing lures market as consumer behaviour changed due to the pandemic spread. All the industry's activities were kept on hold; travels were banned. Asian countries are major consumers of fish, which require weeks to get it shipped. Finding ships became a challenge for the industries. Moreover, a disrupted supply chain further impeded market growth.

LATEST TRENDS

"Various Benefits of Fish Consuming to Augment Market Growth"

Fishes are filled with vitamins and minerals such as omega-3, vitamin D, and B2. It is rich in phosphorous and calcium and is a great source of minerals such as zinc, magnesium, iodine, potassium, and iron. These proteins and vitamins in the fish boost the demand for fish in the medical sector. It prevents various diseases and is good for the skin as it has various healthy vitamins and offers glow to the skin. The rising demand for fish from consumers and medical sectors is estimated to prosper market growth in the foreseeable future. The demand for fatty fish such as mackerel, salmon, and herring are best for healthy skin. 

Fishing Lures Market Segmentation

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• By Type Analysis

By type, the market is segmented into freshwater fishing lures and saltwater fishing lures.

• By Distribution Channel

Based on application, the market is classified into fishing supply stores, sports outlets, online retail, and others.

DRIVING FACTORS

"Growing Number of Outdoor Events to Augment Product Demand"

The population is adopting fishing as a recreational activity, which is expected to increase the demand for fishing equipment. The trend of outings and vacations is rising, making fishing a recreational activity for families and co-workers. The population is adopting recreational activities to overcome boredom, recreational activities such as fishing and hunting. These factors are estimated to augment the fishing lures market growth. Moreover, the popularity of fishing in the outdoor recreational industry is expected to boost the demand for anglers and fish hooks, leading to a ramp-up of fishing lure sales.

"Growing Disposable Income to Foster Growth in the Market"

The disposable income of the population is rising owing to the rapid urbanization in countries. Moreover, the demand for freshwater fish is increasing, eventually boosting the demand for fishing lures such as spoons, spinnerbaits, and crankbaits, as it is considered more effective in freshwater. The rising disposable income of the population leads to the prevalence of fish consumption. Growth in aquaculture and fisheries production is matched by growing urbanization. Moreover, public awareness of fish's benefits on health is estimated to be an additional growth factor.

RESTRAINING FACTORS

"Advanced Fishing Equipment to Distract Market Growth"

The launch of advanced fishing equipment is estimated to hamper the fishing lure market growth. The advanced fishing technology has shifted the population from conventional to advanced fishing equipment, retarding the growth of market. 

Fishing Lures Market REGIONAL INSIGHTS

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"North America to Dominate Market Due to the Rising Living Standards of the Population"

North America is predicted to have a major part of the fishing lures market share owing to the growth of the population and improved living standards of the population. The rise in income of the regional population significantly leads to the rise in demand for fishing equipment. 

Europe is expected to show significant growth in the global market due to the rising popularity of advanced fishing equipment. Moreover, the population is rapidly adopting fishing as a recreational activity, which will further propel market growth.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players operating in global market are adopting various strategies such as collaboration ad partnerships with other key players to gain enhanced competitive edge. The companies are further focused on improving their presence by adopting advanced technologies. The competitors are adopting strategies to gain mergers and acquisitions in the global market. Major players of the market are emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Rapala VMC Corporation (Finland)
• Shimano (Japan)
• Globeride(Daiwa) (Japan)
• Pure Fishing, Inc (U.S.)
• DUEL CO., Inc. (U.K.)
• Johshuya Co. (Japan)
• Pokee Fishing (Taiwan)
• Cabela's Inc. (Bass Pro Shops) (U.S.)
• Eagle Claw (U.S.)
• Tiemco (Japan)
• Clam Outdoors (U.S.)
• WeiHai LiangChen Product (U.S.)
• Weihai Qingdong Fishing Tackle (Kingdom) (China)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2023 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.