Sales Of Fishing Lure Will Expand 1.6X In Terms Of Value, And Is Foreseen To Witness A Steady Growth Rate 5% By 2030

Because most fisherman are remaining indoors due to the outbreak of COVID-19, sales are dropping. Manufacturers are using digital technology to engage clients online and to get around this problem. As a result, the pandemic outbreak has caused consumers to pay more attention to e-Commerce platforms. Over the course of the forecast period, this will consequently increase demand for fishing lures.

The number of anglers has expanded significantly over the world, which has led to a rise in demand for fishing equipment and gear, including fishing lures. Over the projected period of 2020 to 2030, it is expected that this trend would persist and drive up demand for fishing lures. Furthermore, the NMMA reported that the recreational boating industry generates an estimated US$ 170.3 billion in economic activity for the U.S. economy, making fishing one of the expanding outdoor leisure activities. For businesses in the fishing lure market, which is predicted to grow at a value CAGR of roughly 5% over the next ten years, this is projected to open up a wide range of opportunities.

𝗗𝗼𝘄𝗻𝗹𝗼𝗮𝗱 𝗮 𝗙𝗿𝗲𝗲 𝗦𝗮𝗺𝗽𝗹𝗲 𝗖𝗼𝗽𝘆 𝗼𝗳 𝗧𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=S&rep_id=5293?PS

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.
• 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.

𝗚𝗲𝘁 𝗖𝘂𝘀𝘁𝗼𝗺𝗶𝘇𝗮𝘁𝗶𝗼𝗻 𝗼𝗻 𝘁𝗵𝗶𝘀 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/connectus/sample?flag=RC&rep_id=5293?PS

it is anticipated that sales of fishing lures through fishing supply stores would account for more than 29% of the fishing lure market in 2020. Due to the variety of options available in stores, anglers frequently upgrade their fishing lures in an effort to draw in more fish. This helps to promote the sales of fishing lures through fishing supply stores. In order to effectively sell their products and obtain a competitive edge over rivals in the fishing lure market area, producers are also concentrating on working directly with fishing supply retailers.

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.

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.
Find More Valuable Insights on Fishing Lure Market

Fact.MR, in its new offering, brings to fore an unbiased analysis of the global fishing lure market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the fishing lure market 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 six regions.

𝗚𝗲𝘁 𝗙𝘂𝗹𝗹 𝗔𝗰𝗰𝗲𝘀𝘀 𝗼𝗳 𝗖𝗼𝗺𝗽𝗹𝗲𝘁𝗲 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.factmr.com/checkout/5293PS

𝗞𝗲𝘆 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝘀 𝗼𝗳 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.

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
• East Asia
• South Asia
• Oceania
• Middle East & Africa (MEA)

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This release was published on openPR.