Dublin, June 21, 2024 (GLOBE NEWSWIRE) -- The "Global Fishing Bait Market by Bait Type (Artificial Baits, Natural Baits), Application (Freshwater Bait, Saltwater Bait), Distribution Channel - Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Global Fishing Bait Market was estimated at USD 700.40 million in 2023, USD 734.65 million in 2024, and is expected to grow at a CAGR of 5.07% to reach USD 990.43 million by 2030.
The significant rise in outdoor fishing activities globally elevates the demand for fishing baits. Additionally, growing investments in fish farming and aquaculture activities create scope for fishing baits. However, fluctuating costs of plastics used in artificial baits and availability concerns associated with live baits restrain the growth of the fishing baits market. Nevertheless, the design advancements in artificial baits and supportive government funding for fishing projects are expected to create growth opportunities for fishing baits in the coming years.
Regional Insights
The Asia-Pacific demonstrates varied consumer behavior in the fishing bait market due to its extensive freshwater and marine resources and increasing interest in recreational fishing. Consumers in the Asia-Pacific prioritize cost-effective and high-quality baits. The Americas region is characterized by a robust fishing bait market driven by a strong freshwater and saltwater angling culture. There is high demand for various bait types in the United States, with a marked preference for live bait and ecologically sustainable products among seasoned anglers.
In Europe, consumer needs vary significantly across the EU countries, with a general trend towards eco-friendly and species-specific baits. The market is influenced by strict regulations on fishing practices and a high awareness of sustainable fishing. The Middle East shows growing interest in recreational fishing, with preferences leaning towards high-end, imported fishing baits. Africa presents a nascent market with potential for growth, particularly in regions with access to vast freshwater and coastal resources.
Market Segmentation Analysis
- Bait Type: Increasing adoption of artificial baits due to its reusability
- Application: Significant use of fishing baits in freshwater fishing activities
Industry Insights
- Market Disruption Analysis
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Fishing Bait Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Fishing Bait Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
- Strategic Acquisition Elevates Catch Co.'s Market Position Through Gordon Brothers' Partnership
- Innovative Partnership Redefines Precision in Bass Fishing Tournaments Through State-of-the-Art Scales
- Rapala VMC Corporation Enhances U.S. Market Presence Through Strategic Acquisition of DQC International
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Fishing Bait Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Fishing Bait Market, highlighting leading vendors and their innovative profiles. These include:
- Angling Direct plc
- ANHUI JINQUAN FISHING TOOLS CO. LTD.
- Castaic, Inc.
- DAIWA US
- Dynamite Baits
- Fisherman's Marine & Outdoor
- FOX International Group Limited
- GSM Outdoors LLC
- Lucky Craft USA
- Mainline Baits Limited
- MEGABASS OF AMERICA, INC.
- Mistral Baits Ltd
- Mustad & Son AS
- O. Mustad & Son AS
- Pure Fishing, Inc.
- Rapala VMC Corporation
- TackleDirect by eOutdoors Inc.
- WeiHai HaiYuan Fishing Tackle Co. Ltd
- Weihai Weiyu Fishing Tackle Co. Ltd.
- Zoom Bait Company, Inc.
Market Segmentation & Coverage
This research report categorizes the Fishing Bait Market to forecast the revenues and analyze trends in each of the following sub-markets:
Bait Type
- Artificial Baits
- Jigs
- Plugs/Crankbaits
- Soft Plastics
- Spinners
- Spoons
- Natural Baits
- Dead Baits
- Groundbait
- Live Baits
Application
- Freshwater Bait
- Saltwater Bait
Distribution Channel
- Offline
- Online
Region
- Americas
- Asia-Pacific
- Europe, Middle East & Africa
Key Attributes
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $734.65 Million |
| Forecasted Market Value (USD) by 2030 | $990.43 Million |
| Compound Annual Growth Rate | 5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/12fd52
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