Online Channels Permeate Fishing Hooks Landscape, yet General Sporting Goods Stores Remain Preeminent, Says Fact.MR
ROCKVILLE, Maryland, July 13, 2018 /PRNewswire/ --
The lucrativeness of online channels is becoming increasingly palpable in the fishing hooks market, as a traditionally brick-and-mortar marketplace is being swept by waves of digitalization. A new Fact.MR study projects online sales to grow at the highest rate through 2028; however, the growth won't be enough to offset preeminence of general sporting goods stores as the largest and most preferred sales channel.
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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.
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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.
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The U.S. continues to account for largest sales of fishing hooks worldwide, undergirded by recreational fishing's significant contribution to the region's economy in the opinion of National Oceanic and Atmospheric Administration (NOAA). Led by the U.S., North America continues to hold leading shares of the fishing hooks market; however, fishing hooks sales in Asia-Pacific (APAC) are set to record a relatively faster growth through 2028.
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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Combined sustainability-driven efforts of fishing enthusiasts and relevant gear manufacturers have further inclined preference toward use of circle hooks, in light of their benefits such as reduced bycatch and elimination of habitat damage. Rising awareness about marine environment protection has led to a marked preference for eco-friendly fishing products among anglers, and fishing hooks are no exception. Development of stainless steel fishing hooks is a key factor that aligns well with efforts toward environmental-friendly fishing.
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