The spread of COVID-19 is resulting in declining sales as most anglers are staying indoors. To overcome this situation, manufacturers are utilizing digital technologies and engaging customers via online portals. As such, the outbreak of this pandemic has shifted consumer focus to e-Commerce platforms. This, in turn, will strengthen demand for fishing lures over the forecast period.
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There has been significant growth in the number of anglers across the world, which has consequently resulted in increased demand for fishing equipment and gear, including fishing lures. This trend is anticipated to continue over the forecast period of 2020 to 2030, and will further increase demand for fishing lures. Further, fishing is seen as one of the growing outdoor recreation activities – NMMA also announced that the recreational boating industry contributes an estimated US$ 170.3 billion in economic activity to the U.S. economy. This is anticipated to create ample opportunities for players operating in the fishing lure market, which is expected to expand at a value CAGR of around 5% over the next ten years.
Key Takeaways from Fishing Lure Market Study
- The global fishing lure market is projected to create an absolute $ opportunity of more than US$ 1.2 Bn, and is anticipated to surpass a valuation of US$ 3.3 Bn by the end of 2030.
- By fishing type, freshwater fishing is set to hold a share-wide market dominance with over 64% of the total market value by the end of the forecast period.
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- By type, spinnerbaits are projected to expand at a value CAGR of nearly 6%, and are expected to be valued 2.5X than spoons by the end of 2020.
- By length, 5 inches fishing lure is anticipated to grow, gaining 630 BPS over the course of the forecast duration.
- The fishing lure market in Europe is expected to progress by experiencing a value CAGR of 2.7%, whereas North America is projected to be valued 7.3X times than South Asia & Oceania, and estimated to account for a major chunk of the demand pie by the end of the forecast period.
“Large-scale closure of OEM plants in USA and Europe will have short-term implications on the growth of the fishing lure market. However, swift growth in the number of recreational fishing activities and rising fishing boat sales in developed regions are anticipated to lead to larger benefits during the forecast duration,” says a Fact.MR analyst.
Product Launches to Enhance Market Resiliency
Key players in the fishing lure market are Bass Pro Shops, Shimano Inc., Pure Fishing, Inc, Rapala VMC Corporation, Clam Outdoors, GLOBERIDE, Inc., Al Gags Fishing Lures , Al’s GoldFishing Lure Co. , Weihai Guangwei Group Co., Ltd., Piscifun, Bee-Jay Bait, Eagle Claw, Bay de Noc Lure Company, and Bagley Bait Company LLC., among others.
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Key players in the market are continuously focusing on product innovation to gain market share and create a USP in this highly competitive market space. In the recent past, the fishing lure market has seen numerous innovations. For instance,
- In 2020, Berkely, a brand of Pure Fishing Inc., launched its new jigs. The newly launched product gives a photo-realistic finish and an ultrathin tail, which can kick with the slightest rod movement or current.
- In 2020, 13 Fishing introduced its newly launched Pathfinder- Hybrid Walking Bait. This bait is designed to produce a top water delivery and is integrated with heavy duty hooks, internal rattles, and hybrid construction, and is engineered for fishing supremacy.
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