Bait and Lures Market Analysis and Latest Trends
Bait and lures are essential tools used in fishing to attract and catch fish. Bait refers to organic substances, such as worms, insects, or small fish, while lures are artificial imitations designed to mimic the appearance and movement of natural prey. These tools are often used by both amateur and professional fishermen to enhance their chances of a successful catch.
The bait and lures market is experiencing significant growth due to various factors. Firstly, the increasing popularity of fishing as a recreational activity, along with the rising number of fishing enthusiasts, is driving market growth. Additionally, the growth of e-commerce platforms has made fishing equipment more accessible, contributing to increased sales of bait and lures. Moreover, advancements in lure manufacturing technologies have led to the development of more realistic and effective fishing lures, further propelling market growth.
The market for bait and lures is also influenced by various trends. One major trend is the increasing demand for environmentally friendly and sustainable fishing practices. As a result, manufacturers are focusing on producing eco-friendly bait and lures using biodegradable materials, which are gaining popularity among environmentally conscious anglers. Additionally, the rising adoption of smart fishing technologies, such as GPS-enabled lures or app-controlled bait, is another trend fueling market growth.
According to market research, the bait and lures market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.6% during the forecast period. Factors such as the expanding fishing tourism industry, technological advancements in lure manufacturing, and the increasing popularity of recreational fishing are anticipated to drive this growth. With the continual innovations in bait and lure designs and a growing number of fishing enthusiasts, the market for bait and lures is expected to witness further expansion in the coming years.
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Bait and Lures Major Market Players
The bait and lures market is highly competitive with several key players, including Rapala VMC Corporation, Shimano, Globeride (Daiwa), Pure Fishing, DUEL, Johshuya, Pokee Fishing, Cabela's Inc. (Bass Pro Shops), Eagle Claw, Tiemco, Clam Outdoors, WeiHai LiangChen Product, Weihai Qingdong Fishing Tackle, Rebel, Jarden Corporation, and Strike King.
Rapala VMC Corporation is a leading player in the bait and lures market. The company has seen steady growth over the years, driven by its strong brand reputation and innovative product offerings. Its market presence is strong in North America, Europe, and Asia-Pacific. Rapala VMC Corporation's future growth is expected to be driven by its continued focus on product innovation, expansion into new markets, and strategic acquisitions. In terms of market size, the company reported sales revenue of approximately $250 million in 2020.
Shimano is another prominent player in the bait and lures market. The company is known for its high-quality fishing equipment and has a strong presence in the global market. Shimano has been experiencing steady growth, primarily driven by increasing demand for fishing gear and a growing customer base. The company's future growth is expected to be fueled by its focus on technological advancements, expanding its distribution network, and targeting new customer segments. In terms of market size, Shimano reported sales revenue of around $3.6 billion in 2020.
Globeride (Daiwa) is a well-established player in the bait and lures market, known for its extensive range of fishing equipment and accessories. The company has a strong market presence in Asia-Pacific, Europe, and North America. Globeride's market growth has been driven by its continuous product innovation, strategic partnerships, and expansion into emerging markets. The company's future growth prospects look promising with its focus on product diversification, increasing brand visibility, and market expansion. In terms of market size, Globeride reported sales revenue of approximately $1.3 billion in 2020.
Overall, the bait and lures market is highly competitive, with key players like Rapala VMC Corporation, Shimano, and Globeride (Daiwa) leading the way. These companies have been experiencing steady market growth driven by factors such as product innovation, expansion into new markets, and strategic partnerships. The market size of these players indicates the significant revenue potential in the bait and lures market, making it an attractive segment for further investments and developments.
What Are The Key Opportunities For Bait and Lures Manufacturers?
The bait and lures market has shown consistent growth over the past few years and is projected to continue its upward trajectory in the future. The increasing popularity of fishing as a recreational activity, coupled with the rise in disposable income, has boosted the demand for high-quality and innovative bait and lures. Additionally, advancements in technology and the introduction of new materials and designs have further contributed to market growth. With a growing focus on sustainable fishing practices and the development of eco-friendly bait and lures, the market is expected to witness even greater growth in the coming years, catering to the evolving needs of anglers worldwide.
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Market Segmentation
The Bait and Lures Market Analysis by types is segmented into: