Analysis of Fishing Lure market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
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.
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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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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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.
On the other hand, e-Commerce websites have gained significant popularity in offering fishing lures. Owing to the pandemic caused by COVID-19, North America and Europe are the most affected regions. Therefore, the outbreak of this pandemic has shifted consumer focus towards e-Commerce platforms. Thus, the online retail channel is estimated to account for nearly 1/5 of the fishing lure market by the end of 2020.
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North America is estimated to dominate the fishing lure market share at 43%, followed by Europe. In the U.S., more than 49 million people are involved in recreational fishing, which is considered as the second-most popular outdoor activity in the country after jogging. Such activities are foreseen to contribute to the growth of the fishing lure market in the region.
Further, the National Marine Manufacturers Associations (NMMA) has estimated strong growth of boat sales in the U.S. For instance, in 2019, the country witnessed a significant rise in unit sales of fishing power boats. Such factors are further foreseen to reinforce demand for fishing lures in the region.
On the other hand, anglers from Europe collectively spent more than US$ 28 Bn on retail sales such as fishing equipment, clothes, boats, and gear, among others; there are nearly 30 Mn anglers in the European region. Thus, with rising popularity of fishing activities in North America and Europe, demand for fishing lures is likely to grow over the forecast period.
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.
The COVID-19 pandemic has limited the growth of the fishing lure market. North America is one of the prominent regions in the fishing lure market, and will see maximum fall in demand as it is the most affected region by the outbreak. However, amid the downturn for offline sales of fishing lures, growing use of virtual technologies will enhance online shopping among consumers, and is expected to gradually increase sales.
Furthermore, manufacturers further foresee an opportunity in the near term, owing to significant growth in the number of anglers, globally. This is anticipated to result in increased demand for fishing equipment and gear, including fishing lures, which will compel them to revamp their production processes. As per the report published by Fact.MR, it is estimated that, the fishing lure market will start showing positive signs by the second quarter of 2021.
“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.”
A recent global fishing lure market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global fishing lure market. A detailed segmental analysis based on type, fishing type, length, and sales channel, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global fishing lure market. In addition, a separate section on the market structure has also been provided. The section provides detailed analysis of key market players and their strategies for expansion in the global fishing lure market.
Fact.MR’s study on the fishing lure market offers information divided into five key segments-type, fishing type, length, sales channel, and region. This report offers comprehensive data and information about important the market dynamics and growth parameters associated with these categories.
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