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The fishing bait market size is estimated to grow by USD 156.30 million at a CAGR of 3.58% between 2023 and 2028. The expansion of the market is influenced by various factors reflecting the evolving landscape of recreational fishing worldwide. The increase in the number of people participating in such activities underscores the growing demand for fishing equipment and bait products. Additionally, the rising popularity of fly-fishing as a recreational pursuit further contributes to fishing bait market growth, driving the demand for specialized bait tailored to this segment. Moreover, the growing use of fishing bait in sport fishing equipment highlights the integral role of bait in enhancing fishing success rates and overall experiences. These factors collectively underline the significance of fishing bait in meeting the diverse needs of anglers worldwide and driving the growth of the market.
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The fishing bait market forecast report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The market share growth by the offline segment will be significant during the forecast period. The offline distribution channels remain important in the global market, particularly for customers who prefer to see and handle products before purchasing. These factors are expected to drive the growth of the offline segment in the global market during the forecast period.
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The offline segment was valued at USD 475.30 million in 2018. The offline segment accounted for the highest share of the global market in 2022. Offline sales channels for the global market are bait and tackle shops, outdoor retailers, convenience stores, supermarkets, and wholesalers. Moreover, this segment of the lures market is expected to grow especially for customers who prefer to see and manipulate products before purchasing. These factors are expected to drive the growth of the segment over the forecast period. The fishing bait market size report also includes an in-depth analysis of drivers, trends, and challenges.
North America is estimated to contribute 28% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market in North America is expected to grow significantly during the forecast period, owing to the increasing popularity of recreational fishing, growing fishing bait market demand, and the rise of catch-and-release fishing practices. The US, Mexico, and Canada are the major revenue contributors to the market in North America. It is a major contributor to the growth of the North American market. For instance, the American Sportfishing Association reports that over 49 million Americans participate in recreational fishing every year. Additionally, it is one of the most popular outdoor recreational activities in the US. The country is increasing its participation, which is expected to drive the growth of the North American market during the forecast period.
The relays market sees substantial growth driven by the expanding fishing equipment market. Freshwater Fishing enthusiasts are constantly on the lookout for the latest advancements in fishing bait technology. Leading companies have revolutionized the market with their innovative products. Fishing supply stores now offer a wide range of options, from biodegradable and non-toxic baits to smart fishing lures equipped with GPS trackers and wireless connectivity. These lures are designed to attract fish with natural scents and enticing flavors. Anglers can now enjoy their recreational fishing activities while being environmentally conscious and technologically savvy, thanks to the promising developments in the fishing bait market.
The growing popularity of fly fishing is the key factor driving the growth of the global market. The rise in global fishing bait market growth is primarily fueled by the rising interest in fly fishing, which offers a challenging yet rewarding experience. This growth is facilitated by the accessibility and affordability of fishing gear like fishing reels, nets, ropes, lines, traps, and hooks, alongside advancements in technology.
Moreover, fly fishing, known for its environmentally sustainable practices such as catch-and-release and the use of artificial bait, resonates with anglers seeking a deeper connection with nature. As this trend continues to gain traction, the demand for high-quality equipment, including saltwater fishing rods, lures, and reels, is expected to escalate, further driving fishing bait market growth.
Growing demand for environmentally friendly baits is the primary trend in the global market. Environmentally friendly baits have become increasingly popular in recent years as more and more people become aware of the negative impact of these on the environment. These baits are designed to minimize harm to the ecosystem and reduce the amount of waste that ends up in the water. One of the main advantages of environmentally friendly baits is that they are made from sustainable materials. Some companies use natural materials such as cornstarch, soybeans, or other renewable resources to make biodegradable baits. These baits break down quickly in the water and do not leave behind any harmful chemicals or pollutants.
In addition to biodegradable baits, there are other types of environmentally friendly baits available, such as lures made from recycled materials. These lures are made from materials such as old fishing lines, plastic bottles, and other recycled items. This helps in reducing the amount of waste that ends up in the water and minimizes the impact of these on the environment. Thus, the growing demand for environmentally friendly baits is one of the trends that is expected to drive fishing bait market growth during the forecast period.
The limited availability of freshwater resources is a major challenge hindering the growth of the global market. Freshwater resource availability is a major challenge for the global market. Freshwater is a viable activity for increasing fish populations and recreational fishing. However, freshwater resources are finite, and a combination of factors such as climate change, overexploitation of water resources, and pollution have caused many regions of the world to suffer from water scarcity. Water scarcity can have a significant impact on fish populations by reducing the amount of available habitat and food sources. This is expected to reduce the fish populations and make it more difficult for anglers to catch fish.
In addition, water pollution can make it unsafe for fish to inhabit certain areas, which can further reduce the availability of freshwater resources. In addition, water pollution can make it unsafe to consume fish caught in certain areas, which can reduce the demand for it as a recreational activity. Thus, the limited availability of freshwater resources is expected to become a significant challenge to fishing bait market growth during the forecast period.
The fishing bait market research report highlights the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the fishing bait market analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AA Baits and Feeds: The company offers ground baits. Also, they offer high-quality fishing baits and feeds.
The fishing bait market trends report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The fishing bait market offers a diverse range of options to cater to the needs of anglers, with a growing emphasis on sustainability and innovation. Biodegradable options and non-toxic options have gained popularity, addressing environmental concerns while providing effective fishing solutions. Anglers can choose from a variety of lures such as fishing jigs, fishing plugs, spinnerbaits, soft plastic worms, crankbaits, spoons, and flies, each designed to attract specific species like bass, trout, catfish, marlin, tuna, mackerel, and snapper. The pursuit of a successful catch has led to the development of biodegradable bait and lures, as well as high-tech fishing gear including electronic lures and smart bait systems. Modern advancements in bait and lure design have revolutionized fishing styles, offering anglers exciting new opportunities to enhance their fishing experience.
The fishing bait market is witnessing significant growth, driven by rising participation in recreational fishing activities, including freshwater fishing and saltwater fishing. Fishing supply stores are stocking an expanding range of fishing bait, such as natural scents, flavors, and biodegradable options, catering to both sport fishing and fly fishing enthusiasts. With advancements in fishing bait technology, non-toxic options and smart fishing lures with features such as GPS capabilities and wireless connectivity are becoming popular. The demand for lures, including spinnerbaits, is also on the rise, reflecting a shift toward more innovative, eco-friendly products. These developments, combined with the growth of freshwater and saltwater fishing, are expected to drive the market further, particularly as consumers seek sustainable and high-performing bait solutions.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.58% |
Market growth 2024-2028 |
USD 156.3 million |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
3.31 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 28% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
13 Fishing, AA Baits and Feeds, American Baitworks Co., Bizz Baits Inc. , BPS Direct LLC, Castaic Inc. , Duel Co., Ltd., Gamakatsu USA Inc., Magic Bait Co. Inc., Newell Brands Inc., Nichols Lures, Nikko Kasei Co. Ltd., O. Mustad and Son AS, Rapala VMC Corp., Smartbaits Inc., Taylor Mans Custom Lures, TIEMCO Ltd., Weihai Guangwei Group Co. Ltd., Weihai Liangchen Fishing Tackle Ltd., and Yakima Bait Co. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Fishing bait market worth and condition analysis for forecast period |
Customization purview |
If our fishing bait market forecasting report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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