Fishing hooks continue to witness lucrative opportunities across countries on the backdrop of increasing number of fishing anglers worldwide. Moreover, growth in recreational fishing sport sector has influenced the adoption of fishing hooks owing to increasing demand for high strength fishing hooks from anglers. This has encouraged manufacturers to adopt high carbon steel hooks. The trending convergence of circle hooks type which has more adoption rate, is further anticipated to create remunerative growth opportunities for the fishing hooks market.
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Recreational fishing activities has impacted the fishing hooks manufacturing sectors, creating demand for advanced hooks that makes easy and efficient fishing. Increasing demand for salt water and sea shore fishing is creating opportunity for high strength and corrosive resistant fishing hooks. However, spending on fishing hooks is less compared to other fishing equipment.
The study envisages the fishing hooks market to exhibit a sluggish 2.0% CAGR during the period of forecast 2018 to 2028. Manufacturers of fishing hooks have developed a wide range of requirement-specific products. Circle hooks have been foreseen to maintain their preeminence in the fishing hooks market, complemented by a steady demand for double & treble hook and J hook. Circle hook sales are likely to grow twice as fast as sales of latter variants.
Fishing hooks sales have been significantly influenced by growth in rate of fishing activities worldwide. The Recreational Boating & Fishing Foundation estimated over 45 million or 15.9% of population in America who participated in fishing in 2016. Over 38 million among these enthusiasts involved in freshwater fishing, while nearly 12.3 million participated in saltwater fishing. Trends in freshwater fishing and salt water fishing have been observed to resonate with incidences in America.
Fishing Hooks Market – Growing Influenced Proliferation in Anglers
Development of fishing hooks has fueled the use of different hook types in the fishing activities, offering a potential boost to the adoption of double and treble hooks over other types due to multiple applications and use in both the water types-salt and fresh water.
This growth in the fishing hooks industry is ideally underpinned by the growing investments by companies to cater to the need for recreational fishing, with a view to manage expanding number of fishing days by the fishing anglers. The rapid increase in the number of fishing anglers has translated into a significant rise in demand for fishing hooks, in turn driving the growth of its market.
Fishing Hooks Market - Fishing Hooks for Sustainable Fishing
A variety of sustainable fishing methods are being adopted by fishermen to reduce the extent of exploited feedstocks. Hook and line or trolling is a sustainable fishing method in which circle hooks are used instead of J hooks. Circle hook minimizes by-catch and causes little to no habitat damage. This increases fish captures without causing injuries to the fishes. For sports fishing as well as recreational purpose, catch and release hooks are being adopted. These hooks allow safer, quicker, and easier way of releasing fishes without handling them. Adoption of such methods can reduce fish mortalities during recreational as well as commercial fishing and are called sustainable fishing methods.
With the growing adoption of sustainable fishing practices, manufacturers are introducing environment-friendly and less harmful fishing tackles that leave lesser footprints.
Fishing Hooks Market - Growing Popularity of Recreational Fishing Resulting Increase in Spending Of Fishing Tackle
Marine recreational fishing is a high?participation activity with large economic value and social benefits across the globe. Approximately 8.7 million European recreational sea fishers participated in recreational fishing last year, the average per capita spending of Europe is around US$ 10. And it is high among other regions of the globe. And total expenditure of €5.9 billion is spent annually on the fishing tackle. In addition, fishing participation has increased by almost 20% over the last 10 years. Anglers have also increased their overall spend by 2.4% during the past five years. Revenue from equipment purchases to all trip expenditures also increased from US$ 45 billion to US$ 46.1 billion in the last five years.
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According to the American Sport fishing Association (ASA), anglers in America generate more than US$ 48 billion in retail sales with a US$115 billion impact on the nation’s economy and create employment for more than 828,000 people. The average per capita spending of the U.S. is more than US$ 13, which is slightly higher than the European countries and other regions of the globe. The impact as such represents growing popularity of recreational fishing, which is likely to create a lucrative opportunity for fishing hooks market in the future.
An evolution in the designs of fishing tackles has been witnessed, which is aimed at achieving better results. Trending designs of fishing tackles are the ones with lifelike actions that mimic the appearance of a real fish or pray of the fish to be caught such as dragonfly, frog, or worm. Another design improvement is focused on improving the product finishes in terms of introducing features such as glow in the dark and UV integration. Due to growing efforts in the marine biodiversity conservation, new finishes in the design of fishing hooks have been introduced, which helps anglers to catch fish as well as release them without killing or causing any injury. In addition, implementation of new technologies allows anglers to use fishing hooks at a variety of water depths by increasing mobility by using different angling style. Introduction of the new tackle technologies are likely to boost the adoption of advanced fishing hooks in the estimated period.
Table of Content:
Chapter 1 Executive Summary
1.1 Fishing Hooks Market- Opportunity Assessment (US$ Mn)
1.2 Mega Trends
1.3 Competitive Analysis (Fortune Wheel)
Chapter 2 Global Fishing Hooks Market Overview
2.2 Market Definition
2.3 Scope of the report
Chapter 3 Market Dynamics
3.1 Key Growth Drivers
3.2 Supply Chain
3.3 Cost Structure
3.4 Forecast Scenario
3.5 Forecast Factors and Relevance of Impact
3.6 Porter’s Five Forces Analysis
3.7 PESTLE Analysis
3.8 Investment Feasibility Matrix
3.9 Global Fishing Hooks Market- Price Point Analysis
3.9.1 Price Point Assessment by Product Type
3.9.2 Factors Influencing Pricing
3.10 Key Market Participants – Heat Map Analysis
3.11 Key Players Competition Matrix
Chapter 4 Global Fishing Hooks Market Analysis
4.1 Global Fishing Hooks Market Outlook
4.1.1 Market Value Forecast and Analysis
4.1.2 Regional Demand Assessment
220.127.116.11 Market Value Share by Region
4.2 Global Fishing Hooks Market Revenue Analysis (US$ Mn) by Product Type, 2018-2028
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Global Fishing Hooks Market: Industry Development Scenario and Forecast to 2028
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