The Growing Popularity Of Recreational Fishing Drive The Growth Of The Fishing Lures Market

Global Fishing Lures Market Overview 

Product Overview and Scope of Fishing Lures

A fishing lure is a versatile type of artificial bait used in angling, crafted to replicate the appearance of real prey animals with the goal of enticing predatory fish. These lures leverage a combination of visual cues like vibrant colors, reflective surfaces, lifelike movements, vibrations, and even auditory signals to trigger the innate hunting instincts of fish, ultimately provoking them to strike.

While many lures are commercially manufactured, some anglers prefer the challenge of crafting their own, especially in fly fishing where imitating natural insects is a revered skill. Contemporary lures are commonly manipulated using fishing rods and reels, although there are techniques like handlining where the line is held directly. Commercial fishing methods such as longlining and trolling also incorporate lures to attract fish.
In recreational fishing, the lure is cast out and then retrieved, interacting with water currents to produce vibrations, splashes, or popping actions. Skilled anglers employ techniques like lure casting under obstacles like logs or grass, as well as across open flats, to explore potential fish hiding spots. This dynamic approach increases the chances of a successful catch, making fishing with lures a fascinating and artful pursuit enjoyed by enthusiasts worldwide.

There are several fishing lures types are available are as follows:

•    Crankbaits
•    Spinnerbaits
•    Jigs
•    Soft Plastic Baits
•    Topwater Lures
•    Spoons
•    Swimbaits.

Crankbaits have a lip on the front that causes them to dive and wobble as they're retrieved. They're effective for imitating injured fish and covering various depths. Spinnerbaits consist of a metal arm with one or more spinning blades and a jig head. The blades create flash and vibration, making them ideal for murky waters. Jigs are versatile lures consisting of a weighted head and a soft or hard body. They are often used for bottom fishing and can imitate crawfish, insects, or baitfish.

Soft Plastic Baits lure is made from soft, flexible materials and can imitate worms, lizards, frogs, and more. They can be rigged in various ways, including Texas rigs, Carolina rigs, and drop shots. Topwater lure is designed to float on the water's surface and create commotion, simulating the movement of insects or small fish. They trigger aggressive strikes. Spoons are concave, reflective metal lures that mimic the flash of baitfish. They are suitable for both freshwater and saltwater fishing. Swimbaits replicate the natural swimming motion of fish and are often used to target larger predatory species.

Global Fishing Lures Market –Industry Analysis

Market Drivers

The Growing Popularity of Recreational Fishing

Fishing is a growing activity of trying to catch fish either for food or as a sport. They are often caught in the wild or stocked bodies of water. Fish accounts for at least 15% of the average per capita animal protein intake of more than 4.5 billion people. Because of its particular nutritional characteristics, fish is also critical to the health of billions of people in both developed and developing countries. According to a new study by Blue Food Assessment (BFA), the world will eat twice as much fish and other aquatic foods by 2050 compared to 2015 as demand surges throughout the world. It is anticipated that global aquatic food consumption will increase from 80 million tonnes of live weight to over 155 million tonnes over the following three decades.

Recreational fishing has the potential to develop fisheries technology while also helping related industries. Recreational fishing can also help fishermen diversify and boost their revenue. Recreational fishing promotes mutual understanding between urban dwellers and fishermen, which is essential for social harmony. Angling is the most frequent type of recreational fishing, and it is done using a setup consisting of a rod, reel, line, lures, and hooks. Lures are typically used with a fishing rod and reel and can be purchased commercially or handcrafted. They're usually constructed of plastic, cork, rubber, wood, or metal, and occasionally have feathers or tinsel attached to them to simulate the moving parts of fish prey, such as in fly fishing hooks. Thus, the increasing popularity of recreational fishing activity across the globe stimulate the global fishing lures market.

• Growing Demand for Seafood

• Rising Disposable Income

Global Fishing Lures Revenue by Region (2018-2023)

Global Fishing Lures Revenue and Market Share (%) by Region (2018-2023)

Global Fishing Lures Revenue (USD Million) by Region (2018-2023)

	2018	2019	2020	2021	2022	2023
North America	XX	XX	XX	XX	XX	XX
Europe	XX	XX	XX	XX	XX	XX
Asia-Pacific	XX	XX	XX	XX	XX	XX
Latin America	XX	XX	XX	XX	XX	XX
Middle East & Africa	XX	XX	XX	XX	XX	XX
Total	XX	XX	XX	XX	2,582.9	XX

Global Fishing Lures market was valued at USD 2,582.9 Million, in 2022 and is expected to grow at a CAGR of 4.7% over the forecast period, from 2023 to 2030.

Global Fishing Lures Market Segmentation Analysis

Global Fishing Lures Market Segmentation Analysis by Type

•    Jigs
•    Combined Lures
•    Spoons
•    Soft Plastic Baits
•    Flies
•    Spinnerbaits
•    Crankbaits

Global Fishing Lures Market, by Type

Source: Cognitive Market Research

Spoons Fishing Lures accounted for the significant market share in the year 2022. Spoon lures are majorly used for larger fish species and are more versatile than other types of lures. They can be fished in a variety of ways, and almost every gamefish on the planet will strike a properly sized, properly fished spoon. This factor has led to an increase in the growth of the segment.

Global Fishing Lures Market by Fishing Type:

•    Freshwater Fishing
•    Saltwater Fishing
•    Great Lake Fishing

Global Fishing Lures Market by Length:

•    Less than 4 Inches
•    4 Inches
•    5 Inches
•    More than 5 Inches

Global Fishing Lures Market by Sales Channel:

Offline

• Sports Outlets
• Modern Trade Channels
• Fishing Supply Stores
• Others

Online Retail

Global Fishing Lures Market Players

•    Tica
•    13 Fishing
•    Gamakatsu Co. Ltd.
•    Dongguan Wingsing Fishing Lures Factory
•    Shimano
•    Globeride
•    AFTCO (The American Fishing Tackle Company)
•    Gamakatsu
•    Okuma
•    Others

Global Fishing Lures Market Related Reports

•    Fishing Cages Nets Market
•    Bait Casting Fishing Reels Market
•    Fishing Nets and Aquaculture Cages Market
•    Oil and Gas Fishing Tools Market
•    Sports Fishing Equipment Market
•    Commercial Fishing Vessels Market
•    Recreational Fishing Vessel Market

Global Fishing Lures Manufacturers Profiles/Analysis

Rapala VMC Corporation

Rapala VMC Corporation Basic Information, Manufacturing Base, Sales Area, and Competitors

Sr. No.	Item	Description
1	Company Name	Rapala VMC Corporation
2	Website	rapalavmc.com
3	Established Date	1936
4	Headquartered	Finland
5	Market Position/ History	Rapala VMC Corporation was founded in Finland in 1936 by Lauri Rapala. The company is headquartered in Helsinki, Finland. In the years between, 1950–1960, the company expanded internationally and its products were exported to Sweden, the United States, and other countries. Over the course of time, the company expanded its offerings of accessory products, including pliers, forceps, clippers, scales, hook removers, and hook sharpeners. Further, the company acquired and established distribution companies in South Africa, Australia, Malaysia, China, Thailand, and Switzerland. In 2021 Rapala VMC Corporation purchased rights to the Okuma brand in Europe and Russia.
6	Sales Area	Worldwide
7	Manufacturing Location	Finland, France, Estonia, and the UK.
8	Ticker	HEL: RAP1V
9	No. of Employees	Around 1,757 employees
10	Competitors	Nitto Seimo, Hedstrom, SPRO, Abagold, Cabela's, Shimano, Bass Pro Shops and others
11	CEO	Nicolas Cederström Warchalowski
12	Ownership Type	Public
12	Contact Information	Mäkelänkatu 87 00610 Helsinki Finland. Tel: +358 9 7562 540 Fax: +358 9 7562 5440

Business Segment/ Overview:

Rapala VMC Corporation is a manufacturer of fishing lures and fishing-related products. The company offers a wide range of fishing tackle products, such as fishing lures and baits, fishing and treble hooks, fishing lines, and fishing accessories, as well as fishing-related knives and tools. The company also offers products for winter sports and other non-fishing businesses. The company's brand portfolio includes Rapala, Okuma, 13 Fishing, Strike Master, VMC, Sufix, Storm, Blue Fox, Carp Spirit, Williamson, Dynamite Baits, Marttiini, Peltonen, Luhr Jensen, Ragot, Terminator, Remen, Elbe, and Mora Ice.

Fishing Lures Product Types Specification

Product	Product Description
SCATTER RAP COUNTDOWN	It is made of balsa, with a custom Scatter Lip, the Scatter Rap CountDown consistently swims with that erratic and evasive sweeping action - perfectly mimicking vulnerable baitfish. Slightly weighted, this gravity-defying body sinks, at a steady rate, to desired depth allowing it to repeatedly reach and retrieve without rising out of the strike zone. Casting or trolling, the Scatter Rap CountDown is the perfect choice for any species of gamefish. Color: Brook Trout (BTR) Running Depth: 6'-9' Body Length: 2-3/4" (SCRCD07) Weight: 1/4 oz.
SUPER SHADOW RAP	Hard kicking side to side, then fading away on pause, slowly sinking like a dying baitfish. A quick snap of the rod tip and it jumps back to life, to only fade and struggle again, a perfect imitation of an easy meal. The Rapala Super Shadow Rap triggers fish in three ways: on the kick, on a slow fading fall, and on the snap back to life. Fitted with VMC Coastal Black hooks. Color: Blue Ghost (BGH) Running Depth: 3'-5' Body Length: 6-1/3" (SSDR16) Weight: 2-3/4 oz.
MINI FAT RAP	This shallow-running Mini version of the Fat Rap and its tight swimming action perfectly imitates the motion of fleeing bait, drawing instinctive strikes when nothing else works. Super sharp VMC black nickel hooks. Hand-tuned and tank-tested ensures perfect swimming action right out of the box. Unmatchable action for attracting trout and panfish. Color: Brook Trout (BTR) Running Depth: 3'-6' Body Length: 1-1/2" (MFR03) Weight: 1/8 oz.
X-Rap Deep	The X-Rap Deep rockets towards the bottom with all the positive characteristics that have made the X-Rap legendary; prominent scales and lateral line on the fuselage that capture and flash light like a beacon, internal holographic foil, internal long cast system, 3D holographic eyes, flash foil teaser tail, Slashbait action, Rapala "wobble" action, suspend on pause. All topped off with premium VMC black nickel hooks. Each lure is hand-tuned and tank-tested to swim correctly right out of the box. Fish with a stop-and-go for enticing suspending action or slow-wind for classic Rapala "wounded-minnow" action. Color: Clown (CLN) Running Depth: 5'-10' Body Length: 3-1/8" (XRD08) Weight: 1/4 oz.
OG SLIM 6	From a passion for bait building as a childhood hobby, to customizing lures as a professional angler, the OG Series is born of the sawdust from Ott DeFoe's Garage. The Rapala Slim is a balsa, flat-sided bait with a medium wobble and tight side-to-side action. The lightweight circuit board lip is extremely thin yet strong enough to provide a sensitive feel of the bottom structure. Color: Big Shad (BGSD) Running Depth: 6' Body Length: 2-3/4" (OGS06) Weight: 1/2 oz.

 

Business Strategy

Rapala VMC Corporation has a strong focus on the expansion of its business across the regions. It is strengthening its distribution network to better reach customers worldwide. Moreover, the company has done significant investments in R&D to enhance its portfolio with innovative new products and solutions. It strives to adopt advanced technologies to meet the customer's requirements and enhance its competitiveness. 
Furthermore, Rapala VMC Corporation is engaged in strategic acquisitions and partnerships to expand its business operations in new markets. For instance, in 2022 it acquired Okuma businesses in Europe and Russia and its associated property rights to strengthen its capabilities. Additionally, in 2023, Rapala VMC announced to increase in its ownership of DQC International to 60% of the Florida-based company while Coble will retain a 40% share of the company.

S.W.O.T Analysis

Strength

Strong product and brand portfolio
Diverse global reach
Focus on inorganic development
Diversified business portfolio

Weakness

Less R&D investment than other players

Opportunity

Growing popularity of recreational activities
Increasing the e-commerce sector
Business expansion across emerging markets

Threats

Fluctuation in prices of raw materials