Published Date: 2019-07-05 | Pages: Ongoing | Tables: Ongoing | Report ID: 7299
Industry: Consumer Goods
The global fishing hooks market is predicted to achieve growth as fishing gains significance as a recreational, social, and sporting activity and an important contributor to the economic growth of some countries. Introduction of new fish lures and baits and technically advanced products is foreseen to create strong demand in the global market. Manufacturers are also offering eco-friendly fishing hooks amid increasing awareness about marine environment protection.
The requirement of non-stainless steel, non-offset circle hooks is expected to increase in the US because of the implementation of new shore-based shark fishing regulations approved by the Florida Fish and Wildlife Conservation Commission. The new shark fishing mandates will be in effect from July 2019.
Growing Participation in Sport and Recreational Fishing to Create Soaring Demand
Increasing popularity of sport fishing, growing number of fishers, and high participation in seashore and saltwater fishing are some the crucial factors augmenting the demand in the global fishing hooks market. As fishing techniques continue to develop, the requirement of corrosive-resistant, high-strength, and advanced fishing hooks is expected to grow in the coming years. Rising adoption of sustainable fishing practices could be a powerful factor pushing the demand for environment-friendly fishing hooks. Availability of a wide array of products from complex to easy-to-use fishing hooks is anticipated to help manufacturers to expand their customer base.
Important Points to Remember
● Development of fishing techniques to help increase the demand for high-strength and advanced products
● Circle hook to gain substantial share of the global fishing hooks market
● Demand for products manufactured using high carbon steel to increase in future
● Preference for general sporting goods store to grow more than other sales channels
● US to show larger growth in the global fishing hooks market with rise in recreational fishing activities
Competitive Price Analysis that Makes a Difference
The pricing analysis section of this research study offers insightful information on the pricing strategies of leading players of the global fishing hooks market. It provides deep understanding of various factors affecting manufacturing costs and product and raw material prices in the long run. It includes a quantitative breakdown of the prices set by leading players on specific products. This will help readers to know and understand different factors that top manufacturers consider when deciding on product prices. The analysts authoring the report can provide customizable competitive pricing analysis for clients with special market research requirements.
Manufacturers to Introduce Environment-friendly Products to Help Fishers Reduce Footprint
The global fishing hooks market marks the presence of leading players such as Wright & McGill, TTI-Blakemore Fishing Group, Gamakatsu, Pure Fishing, Inc., Rapala VMC, TIEMCO Ltd., O. Mustad and Son, and Owner Hooks Co. Ltd. Vendors are predicted to come up with products that will help anglers to leave minimum footprint. Furthermore, customers could be offered with products that can be used for less harmful fishing tackles and that are environment-friendly. In 2019, freshwater and saltwater fishing hooks provider, Gamakatsu USA launched range of new products including Double Assist 520, Magic Eye Tuna Plug, Finesse Jig Head, Spring Lock Monster, and G Finesse Tricky Head.
By Product Type
● Worm Hook
● Double and Treble Hook
● J Hook
● Octopus Beak
● Live Bait Hook
● Circle Hook
● Fly Hook
By Material Type
● High Carbon Steel
● Alloyed Steel
By Sales Channel
● Sports Outlet
● Online Channel
● General Sporting Goods Store
● Specialty Store
● Modern Trade Channel
Among product type segments, circle hook is projected to become more prominent and grow faster in the global fishing hooks market in terms of sales. Advantages such as minimal damage to fish or aquatic habitat and reduced number of by-catches are expected to increase the demand for circle hook. Among material types, high carbon steel is forecast to account for a considerable market share. Among sales channels, general sporting goods store could show massive growth in the global market, whereas online channel is prognosticated to rise at a quicker CAGR.
Analysts expect North America to bank on larger sales growth in the US to secure a significant share of the global fishing hooks market. High participation in fishing activities, growing interest in recreational fishing, and lucrative sales opportunities in the fishing industry are some of the factors anticipated to work in the favor of the US market. On the other hand, the global market could witness Asia Pacific growing at a faster pace due to the rise of the fishing industry and high demand for fish as an important source of protein.
NOTE - The analysis, thoughts, views, facts, and opinions expressed in this report are of the respective research analysts. QYR Consulting does not necessarily endorse it or it is also not essentially formal views of QYR Consulting.
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