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.
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.
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Key Takeaways from Fishing Lure Market Study
“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.
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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,
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.
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