Fishing Lures Market Scope
A fishing lure is a category of artificial fishing bait that is used to attract a fish’s attention. The lure uses vibration, movement, flash and color to bait fish. Many lures are equipped with one or more hooks that are used to catch fish when they strike the lure. Most lures are attached to the end of a fishing line and have numerous styles of hooks attached to the body and are designed to elicit a strike resulting in a hookset. Many lures are commercially made however some are handmade such as fishing flies.
According to AMA, the Global Fishing Lures market is expected to see growth rate of 4.7%The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Fishing Lures market throughout the predicted period.
Eagle Claw (United States), Newell Brands (United States), Diamondback fly Rods (United States), Daiwa Corporation (United States), Gibbs-Delta Tackle (Canada), Castaic Soft Bait Inc. (United States), Eppinger Mfg. Co. (United States), Hagen's (United States), Gamakatsu Co. Ltd. (Japan) and Grandt Industries Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Dongguan Wingsing Fishing Lures Factory (China).
Segmentation Overview
The study have segmented the market of Global Fishing Lures market by Type (Jigs, Lures and Others {Spinnerbait, Crankbait, Buzzbait, Others}), by Application (Fishing Supply stores, Sports Outlets, Online retail and Others) and Region with country level break-up.
On the basis of geography, the market of Fishing Lures has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
The Adoption of Biodegradable Fishing Lures Owing to Increased Environmental Concerns
Market Growth Drivers:
The Rising Fishing Industry Worldwide and Growing Fishing Sports Activities Globally
Challenges:
increasing demand of market fish
Restraints:
The Availability of Natural Baits
Opportunities:
The Growth Opportunities from Developing Countries
Market Leaders and their Expansionary Development Strategies
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.
In December 2018, Newell Brands has completed the sale of Pure Fishing to Sycamore Partners. Pure Fishing is a leading global provider of fishing tackle, lures, rods and reels, with a portfolio of brands that includes Abu Garcia, All Star, Berkley, Chub, Fenwick, Greys, Hardy, Hodgman, Johnson, JRC, Mitchell, Penn, Pflueger, Sebile, Shakespeare, SpiderWire, Stren, and Ugly Stik.
Key Target Audience
Fishing Lures Manufacturers, Fishing Lures Raw Material Suppliers, Fishing Lures Traders/Distributors, Regulatory & Government Bodies, End Users and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.