Market players are focusing on product innovation to attain market share and make a USP in this extremely competitive market landscape.
ROCKVILLE, MD / ACCESSWIRE / November 24, 2020 / The global fishing lure market is foreseen to expand at a steady CAGR of around 5% during the assessment period of 2020-2030. There has been a notable growth for anglers across the world, which has resulted in increased demand for fishing gear and equipment, comprising fishing lures. Furthermore, a growing number of outdoor events such as sport fishing activities and recreational fishing is projected to fuel demand for fishing lures over the forecast period.
“Large-scale shutdown of OEM plants in Europe and the USA will have short-term implications on the expansion of the market. However, the rapid expansion of several recreational fishing activities and growing fishing boat sales in developed regions will attain huge benefits amid the forecast period.” says the Fact.MR report.
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Fishing Lure Market- Key Takeaways
- The global fishing lure market to reach a market valuation of US$ 3.3 Bn by 2030 end.
- North America will remain dominant in the market capturing 43% of the overall market share, followed by Europe.
- Fishing supply stores will be capturing higher market share, however, e-Commerce websites are gradually gaining traction.
- Freshwater fishing remains the leading segment among other fishing types throughout the forecast period.
- Spinnerbaits type will exhibit a 6% value CAGR during the assessment period.
Fishing Lure Market – Driving Factors
- Thriving seafood and fishing industries will complement market growth.
- Growing trade activities of aquaculture and fishery products will boost the growth of the market.
- Growing trend of fishing as one of the outdoor recreation activities to encourage market growth.
Fishing Lure Market – Constraints
- Fishing habits have caused fisheries to push beyond their natural biological limit of sustainment, this could impact the market growth over the years to come.
- High price associated with acquiring fishing license procedure in a few regions can hamper market growth.
Anticipated Market Impact by COVID-19 Outbreak
COVID-19 pandemic has impacted market players poorly on the supply side, causing a drop in sales of fishing lures in the 2nd quarter of 2020. However, amid the crisis, rising usage of virtual technologies would improve online shopping among consumers and is likely to progressively boost sales. According to the report published by Fact.MR, it is projected that the fishing lure market is expected to exhibit positive signs by the 2nd quarter of 2021.
Explore the global Fishing Lure market with 207 figures, 80 data tables, along with the table of contents of the report. You can also find detailed segmentation on https://www.factmr.com/report/5293/fishing-lure-market
Competition Landscape
Major companies in the fishing lure market are Shimano Inc., Bass Pro Shops, Pure Fishing, Inc, Clam Outdoors, Rapala VMC Corporation, GLOBERIDE, Inc., Al’s GoldFishing Lure Co., Al Gags Fishing Lures, Weihai Guangwei Group Co., Ltd., Bee-Jay Bait, Piscifun, Eagle Claw, Bagley Bait Company LLC., and Bay de Noc Lure Company.
More on the Report
The Fact.MR’s market research report provides in-depth insights into the fishing lure market. The market is scrutinized based on type (jigs, combined lures, spoons, soft plastic baits, flies, spinnerbaits, and crankbaits), fishing type (freshwater fishing, saltwater fishing, and great lake fishing), length (less than 4 inches, 4 inches, 5 inches, and more than 5 inches), and sales channel (sports outlets, modern trade channels, fishing supply stores, online retail [company websites and third-party online], and other channels), across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).
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SOURCE: FactMR
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