Fishing Bait Market to Grow by USD 156.3 Million from 2024-2028, Driven by Increased Fishing Participation and AI's Impact on Market Trends - Technavio

NEW YORK, Sept. 30, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The Global Fishing Bait Market size is estimated to grow by USD 156.3 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  3.58%  during the forecast period. Increase in number of people participating in fishing is driving market growth, with a trend towards growing demand for environmentally friendly baits  However, growing environmental concerns with fishing activities  poses a challenge - Key market players include 13 Fishing, AA Baits and Feeds, American Baitworks Co., Bizz Baits Inc. , BPS Direct LLC, Castaic Inc. , Duel Co., Ltd., Gamakatsu USA Inc., Magic Bait Co. Inc., Newell Brands Inc., Nichols Lures, Nikko Kasei Co. Ltd., O. Mustad and Son AS, Rapala VMC Corp., Smartbaits Inc., Taylor Mans Custom Lures, TIEMCO Ltd., Weihai Guangwei Group Co. Ltd., Weihai Liangchen Fishing Tackle Ltd., and Yakima Bait Co..

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Market Driver

Environmentally friendly fishing baits have gained significant traction in the market due to increasing environmental consciousness. These baits are manufactured using sustainable materials such as cornstarch, soybeans, and other renewable resources. The primary advantage of eco-friendly baits is their biodegradability, which ensures they break down quickly in water without leaving behind harmful chemicals or pollutants. Additionally, they cause minimal harm to fish and other aquatic life, as they dissolve rapidly. Other eco-friendly options include lures made from recycled materials, such as old fishing lines and plastic bottles. The adoption of these baits reduces waste in the water and minimizes the environmental impact of fishing. The growing preference for eco-friendly baits is a key trend fueling the expansion of the global fishing bait market. 

The fishing bait market is thriving with innovative trends, making fishing experiences more successful and enjoyable for anglers. Smart fishing lures, equipped with GPS tracking and wireless connectivity, are revolutionizing the game. Natural scents and flavors are also gaining popularity, making baits more attractive to various species like Bass, Trout, Catfish, Marlin, Tuna, Snapper, and more. High-tech fishing gear includes fishing plugs, jigs, soft plastic worms, crankbaits, spoons, flies, and more. Electronic lures and smart bait systems are the new norm. Freshwater and saltwater fishing styles differ, with brands like Wired2fish and Omnia Fishing catering to diverse fishing needs. Fishing supply stores offer a wide range of biodegradable and non-toxic options, ensuring eco-friendly recreational fishing activities. Anglers can explore various fishing styles, from fly fishing to sport fishing, using the latest fishing bait technology. 

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Market Challenges

• The global fishing bait market faces several environmental challenges that may hinder its growth. Overfishing is a major concern, leading to declines in fish populations and harming marine ecosystems, resulting in economic, social, and ecological consequences. Stricter regulations and sustainability initiatives have been implemented to address this issue. Another environmental concern is pollution from chemicals, plastics, and other materials, which can negatively impact fish populations and their habitats, affecting the quality and safety of fish as a food source and reducing the appeal of fishing as a recreational activity. Climate change also poses a threat, altering fish distribution and behavior, making it harder to catch them, and leading to economic and social impacts. These environmental challenges are expected to significantly impact the growth of the global fishing bait market during the forecast period.
• The fishing bait market is experiencing significant growth due to the introduction of high-tech fishing gear. Smart fishing lures, equipped with GPS tracking and wireless connectivity, are revolutionizing the way anglers fish. Natural scents and flavors are also becoming popular, making baits more attractive to various species like Bass, Trout, Catfish, Marlin, Tuna, Snapper, and more. High-tech fishing gear includes electronic lures and smart bait systems, which are changing fishing styles for freshwater and saltwater. Companies like Wired2fish and Omnia Fishing are leading the way with innovative solutions. However, challenges remain, such as developing biodegradable and non-toxic options to minimize environmental impact. Fishing supply stores cater to recreational fishing activities, offering a wide range of lures, including fishing plugs, jigs, soft plastic worms, crankbaits, spoons, flies, and more. Successful catch relies on the right bait for the fishing style and species. Fishing bait technology continues to evolve, offering anglers new ways to enhance their sport fishing experience.

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Segment Overview 

This fishing bait market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Type 
• 2.1 Fresh water
• 2.2 Salt water
• 2.3 Fly fishing
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  The offline segment dominates the global fishing bait market, accounting for the largest share in 2023. Offline distribution channels include Bait and Tackle Shops, Outdoor Retailers, Convenience Stores, Supermarkets, and Wholesale Distributors. Bait and Tackle Shops are specialized retailers selling fishing gear, including bait, with knowledgeable staff. Outdoor Retailers offer a wide range of outdoor gear, including fishing equipment and bait. Convenience Stores near bodies of water sell bait for angler's convenience. Supermarkets in fishing communities sell bait, while Wholesale Distributors sell products directly to retailers or businesses. The offline segment's growth is driven by customers preferring to see and handle products before purchasing.

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Research Analysis

The fishing bait market caters to anglers engaged in freshwater and saltwater fishing, including recreational and sport fishing activities. This market encompasses a wide range of baits such as worms, minnows, lures, and flies. Wired2fish and Omnia Fishing are popular online resources for fishing enthusiasts, providing valuable information on the latest fishing techniques and bait trends. Fishing bait comes in various forms, including natural and artificial options. Fresh water and salt water each present unique challenges, necessitating specific bait choices. For freshwater fishing, worms, minnows, and spinnerbaits are commonly used, while saltwater anglers often prefer lures with natural scents and flavors. Advancements in fishing bait technology offer biodegradable and non-toxic alternatives, ensuring a sustainable fishing experience. Smart fishing lures incorporate GPS tracking and wireless connectivity, enhancing the overall angling experience. Natural scents and flavors, as well as innovative designs, continue to drive growth in the lures market.

Market Research Overview

The fishing bait market encompasses a wide range of offerings for both freshwater and saltwater fishing enthusiasts. From wired2fish and Omnia Fishing to fishing supply stores, this industry caters to the needs of anglers engaging in recreational fishing activities and sport fishing. Fishing baits come in various forms such as lures, flies, fishing plugs, jigs, soft plastic worms, crankbaits, spoons, and more. The market offers advanced technology like smart fishing lures, GPS tracking, wireless connectivity, natural scents, and flavors to enhance the fishing experience. Biodegradable and non-toxic options are increasingly popular, ensuring a sustainable approach to the sport. Successful catches can be attributed to high-tech fishing gear, electronic lures, and smart bait systems. Popular species include bass, trout, catfish, marlin, tuna, snapper, and more. Fishing styles vary from spin fishing to fly fishing, and spinnerbaits to crankbaits, catering to diverse angler preferences.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Type
• Fresh Water
• Salt Water
• Fly Fishing
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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SOURCE Technavio