Fishing Lure Market

Fishing Lure Market Outlook (2023 to 2033)

This study by skilled analysts at Fact.MR places the global fishing lure market at US$ 3.96 billion in 2023 and predicts it to reach a valuation of US$ 6.57 billion by 2033-end. Doubling from the historical CAGR of 2.5% (2018 to 2022), global demand for fishing lures is predicted to increase at a healthy 5.2% CAGR over the next ten years.

Fishing lures are small artificial objects shaped like fish and attached to fishing hooks or fishing lines to attract fish. The increasing interest of people in fishing, the growing popularity of recreational fishing, rising disposable income, and growing demand for seafood on a global level are key drivers propelling the market growth.

Integration of advanced technologies with fishing lures is a trend that could show how futuristic fishing lures could get. Interest in fishing as a leisure and recreational activity has increased exponentially after the COVID-19 pandemic of 2020, which has been creating new opportunities in the fishing supplies industry.

• Lure Boi, an artisanal fishing bait business founded in the wake of the COVID-19 pandemic of 2020 is making waves through the United Kingdom as sales of its handcrafted soft and hard plastic fishing lures rise.
• Eco-net Ltd, a company focused on providing state-of-the-art products to give a unique sports fishing experience created a product called Eco-Popper. The product is an IoT-enabled lure that is capable of sending real-time underwater video along with analytics that allows anglers to maximize their productivity and enhance the experience.

Growing interest of people in sports fishing and the increasing organization of new fishing tournaments and competitions are also predicted to benefit sales of products such as crankbaits, fishing hooks, fishing reels, fishing rods, spinnerbaits, jig heads, fishing tackle boxes, and other sports fishing equipment going forward.

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

Report Attributes	Details
Fishing Lure Market Size (2023)	US$ 3.96 Billion
Projected Market Value (2033F)	US$ 6.57 Billion
Global Market Growth Rate (2023 to 2033)	5.2% CAGR
United States Market Value (2033F)	US$ 2.64 Billion
China Market Growth Rate (2023 to 2033)	3.9% CAGR
South Korea Market Value (2033F)	US$ 282.84 Million
Leading Sales Channel (2023)	Fishing Supply Stores
Japan Market Growth Rate (2023 to 2033)	2.2% CAGR
Key Companies Profiled	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.

How Do Start-ups Plan to Penetrate the Global Market for Fishing Lures?

“Capital Raise and Sustainability – Prime Opportunities for New Fishing Lure Companies”

Fishing has always been a popular activity all around the world and now new companies are focusing on different aspects of it to turn in good profits from them. Raising new capital to fund business and product portfolio expansion is a key trend that is common among incoming fishing lure suppliers.

• Omnia Fishing, an e-Commerce fishing gear retailing company founded in 2018, announced that it had received US$ 2.1 million in funding in early 2021. The company had plans to use this funding to build an inventory management system and e-Commerce site to scale its business further. The company not only sells fishing gear but also helps customers find the gear that would be the best for the lake that they plan to fish in.
• In April 2021, Catch Co., a fishing brand based in Chicago, announced that it had raised US$ 38 million in a Series B funding round led by True Ventures with participation from TechNexus. The company’s CEO Ross Gordon, revealed that the new capital was to be used for team and product portfolio expansion to take the business to the next level.

New fishing lure manufacturers are also focusing on sustainability trends to develop unique products that are appealing to eco-conscious consumers and compliant with changing mandates.

• Capt'n Greenfin is a company focusing on revolutionizing the sport fishing industry through the use of sustainable materials to create eco-friendly baits and lures. The company aims to eliminate the use of plastic baits that degrade into microplastics and enter animals by replacing them with a 100% natural material that degrades in a week and helps the global environment conservation cause.

An elaborative account of factors such as product standards, safety regulations, pricing trends, and new developments, which are influencing the way start-ups operate and expand their business has been mentioned in this revised fishing lure market survey by skilled analysts at Fact.MR, a market research and competitive intelligence provider.

Country-wise Insights

Where Should Fishing Lure Suppliers Invest in the APAC Region?

“China and India to Emerge as Highly Lucrative Markets”

China and India are well known for their fishing activities, which is what makes them opportune spaces in the Asia Pacific region. Adoption of sustainable fishing practices, growing preference for artificial baits, surging popularity of recreational fishing activities, and expansion of online retail channels for fishing gear are key prospects that could influence sales of fishing lures in China across the forecast period.

• Shipments of fishing lures in China are predicted to rise at 3.9% CAGR over the next ten years and attain revenue of US$ 861.69 million by the end of 2033.

Growing angling tourism, rising per capita disposable income, increasing interest in sports fishing, high availability of fishing gear, and growing sales of fishing tackle through online fishing gear stores are crucial aspects that play a vital role in governing fishing lure demand in India over the next ten years. South Korea and Japan are other lucrative markets in this region that fishing lure providers can focus on through 2033.

Which Market Trends are Sculpting Fishing Lure Demand in the United States?

“Rising Popularity of Bass Fishing and Personalized Fishing Equipment”

Bass fishing is particularly popular among anglers in the United States and is estimated to influentially promulgate sales of fishing jigs, crankbaits, and other bass-related fishing equipment over the coming years. Increasing participation of people in recreational fishing practices is fueling demand for personalized fishing equipment in the country.

• Black Water Customs, a custom fishing lure business founded by friends Joel Holweger and James Corbit has been making waves in the fishing lure space of the United States. The company provides custom-painted fishing lures and has been flourishing in online sales at the moment as the number of recreational fishers and anglers increase in the country.
• Fishing lure demand in the United States is predicted to amass a valuation of US$ 2.64 billion by 2033-end.

The presence of key fishing lure providers, the rising number of people focusing on upgrading their fishing equipment, the organization of sports fishing tournaments and competitions, and the high availability of different types of fishing products are other aspects that influence market development in the country going forward.

Why are European Countries Fertile Grounds for Fishing Tackle Suppliers?

“Rich Fishing Heritage and Emphasis on Sustainable Fishing”

Many European countries have good access to water bodies that have helped them establish a rich fishing culture. Traditional fishing practices are embedded deep into some European cultures and all of the aforementioned factors are projected to create lucrative opportunities for fishing lure suppliers. Environment conservation and sustainability are popular trends in Europe that are promoting the popularity of sustainable fishing practices.

• Sales of fishing lures in the United Kingdom are slated to rise at 4.7% CAGR throughout the forecast period and rake in a revenue value of US$ 618.31 million by 2033-end.

Increasing interest in recreational fishing, growing number of people participating in outdoor activities, and rising influence of angling tourism are other factors that are set to augment fishing lure demand in European countries such as the United Kingdom, France, Italy, etc.

Category-wise Insights

Which Type of Fishing Will Move More Inventory for Fishing Lure Vendors?

“Freshwater Fishing Projected to Account for High Fishing Lure Sales”

Based on fishing type, the fishing lure market is segmented into freshwater fishing, saltwater fishing, and great lake fishing.

Increasing interest of people in recreational fishing is driving more people to fish in fresh waters such as local lakes and ponds. This increase in the number of people opting for freshwater fishing activities is anticipated to uplift shipments of fishing lures throughout the forecast period and beyond.

• Fishing lure demand for freshwater fishing is forecasted to rise at a modest 4.9% CAGR over the next ten years.

Where Will Bulk of Fishing Lure Sales Occur?

“Fishing Supply Stores to Lead Global Revenue Generation”

Based on sales channel, the fishing lure market is segmented into sports outlets, modern trade channels, fishing supply stores, online retail, and other channels.

Fishing supply stores are projected to lead global demand for fishing lures over the next ten years and account for more sales as compared to all the other available sales channels. Fishing enthusiasts and anglers usually prefer to buy from fishing supply stores owing to the huge variety of fishing products that they offer such as fishing tackle boxes, fishing rods, spinnerbaits, swimbaits, fishing ties, etc.

• Fishing lure shipments via fishing supply stores are extrapolated to increase at a healthy 5.6% CAGR from 2023 to 2033.

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 :

  • Jigs
  • Combined Lures
  • Spoons
  • Soft Plastic Baits
  • Flies
  • Spinnerbaits
  • Crankbaits

• By Fishing Type :

  • Freshwater Fishing
  • Saltwater Fishing
  • Great Lake Fishing

• By Length :

  • Less than 4 Inches
  • 4 Inches
  • 5 Inches
  • More than 5 Inches

• By Sales Channel :

  • Sports Outlets
  • Modern Trade Channels
  • Fishing Supply Stores
  • Online Retail
    • Company Websites
    • Third-party Online
  • Other Channels

• By Region :

  • North America
  • Latin America
  • Europe
  • APAC
  • MEA