Fishing Hooks Market Outlook and Opportunities in Grooming Regions 2018 to 2028

The fishing hook market is envisioned to observe an impressive rise in the forecast period 2018 to 2028, according to a new Fact.MR study. The study propounds key trends that are currently shaping growth of the fishing hooks market. This newly published and insightful report sheds light on key
dynamics, which are expected to transform future of the fishing hooks market, in turn creating lucrative avenues for prominent companies as well as emerging players associated with the manufacturing of fishing hooks.

The fishing hooks market study is an intricate market intelligence on key revenue growth determinants, challenges, industry trends and opportunities, which will eventually influence growth trajectory of the fishing hooks market. The report initially imparts an overview of the fishing hooks market, considering current and future recreational sports industry prospects, to unveil attractive facets appertaining to adoption of fishing hooks across key regional markets.

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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 designed for freshwater will continue to spearhead the market, with nearly 3% more revenue share than their saltwater counterparts, according to the study. 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.

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.

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.

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