The report studies the "Fishing Hooks Market" worldwide, especially in North America, Europe, Southeast Asia, India and Other Regions with production, size, growth, revenue, consumption, import and export in these regions. The intelligent report also anticipates that the market would grow at a constructive CAGR until 2028. In order to study the various trends and patterns prevailing in the concerned market, Fact.MR has included a new report titled "Fishing Hooks Market Overview and Predictions on Size, Share and Trend Through 2028". This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.
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A recent Fact.MR study foretells the fishing hooks market to record an expansion at 2% CAGR over the forecast period (2018-2028). Fishing hooks continues to witness increased traction in salt water applications. However, fresh water fishing has impressive growth in some of the regions.
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.
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.
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Higher freshwater-based fishing hooks sales can be attributed to rising preference among enthusiasts for up-close nature experiences. Additionally, relative affordability of freshwater fishing hooks, as the need for alloy steel is eliminated, continues to attract more fishing enthusiast toward freshwater experiences, thereby augmenting demand.
Majority of the APAC’s fishing hooks market is concentrated in Japan and China, which collectively account for nearly 80% sales currently, and the status quo is foreseen to prevail through to 2028. However, fishing hooks sales in Japan and China will remain less than one-third compared to sales in the U.S. Japan’s predominance in the APAC fishing hooks market is sustained by the country’s fishing industry – an imperative vertical that serves as a vital food protein source to maintain requirements of local communities.
Macroeconomic factors such as threats of ghost fishing gears – associated with mortality of marine flora and fauna, and band on lead fishing tackles – associated with mortality of water birds, continue to confine growth prospects of the fishing hooks market. However, surging customary of marine recreational fishing will significantly uphold demand for fishing hooks in the forthcoming years. The emphasis on sustainability has not excluded the area of fishing sports, with sustainable fishing methods being adopted by fishermen for curtailing extent of exploited feedstocks.
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