Fishing Hooks Market

Fishing hooks Market Outlook (2023-2033)

The global Fishing Hooks market size was valued at USD 354 million in 2022 and is expected to expand at a CAGR of 2.5% during the forecast period, reaching USD 420 million by 2033.

The rising adoption of fishing as a recreational activity among people of various age groups in countries including the U.K., Japan, and Australia is expected to promote market growth. Over time, fishing has gained popularity owing to its ability to train the practitioner in terms of improving patience as a key skill. Knowledge about fishing hooks, hooks, and baits, along with the arrangement of rigs and knots, acts as a combination of science and art, which has been challenging as well as creative for the individuals.

In the last few years, angling vacations have gained significant popularity among the people of Europe and North America. People are taking interest in spending their vacations around popular fishing spots across the world, including Connemara (Ireland), Coasts of Scottish Highlands (Midwest), Lake Michigan (Illinois), Salmon River (New York), and Gillhams Resort (Thailand). The calmness around these areas offers a good spot for a get-together and enjoyment and thus, fishing enthusiasts can be seen taking trips along with their family and friends. This, in turn, is expected to increase the demand for fishing hooks in the coming years.

Moreover, the growing adoption of ice fishing in the recent past is another trend influencing the fishing rod market. Ice fishing has gained popularity in countries including Norway, Bulgaria, France, and Canada, which have a large number of lakes and freezing climatic conditions. This is further boosted by contests held in different parts of the world. For instance, Brainerd Jaycees Ice Fishing Extravaganza is held every January on Gull Lake, Minnesota, wherein more than 15000 anglers participate. These factors have prompted fishing rod manufacturers to broaden their product range to incorporate fishing hooks suitable for fishing during extreme weather.

It has been observed that the marine ecosystem has been hampered due to excessive fishing, as it holds a substantial percentage of this destruction. Thus, governments across the world have been implementing rules, conventions, and licensing restrictions to protect marine life. For instance, the Central Fisheries Board in Ireland regulates angling and controls license distribution in the country.

Report Attributes	Details
Estimated Base Year Value (2022)	US$ 354 million
Expected Market Value (2023)	US$ 362 million
Anticipated Forecast Value (2033)	US$ 420 million
Projected Growth Rate (2023-2033)	2.5%
Expected CAGR of the North American market (2033)	3.2%
Anticipated CAGR of China (2023-2033)	3.4%
Major Fishing hooks Providers	Wright & Mcgill Gamakatsu Rapala VMC O. Mustad and Son Owner Hooks Co. Ltd. MATZUO AMERICA (BIG GAME INTERNATIONAL BRAND) TIEMCO Ltd. HAYABUSA FISHING HOOKS CO., LTD Pure Fishing, Inc. (Berkley) TTI-Blakemore Fishing Group

Demand analysis of Fishing hooks from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

The global sales of fishing hooks were witnessing a CAGR of 1.9% in 2019 with a market valuation of USD 190 million. The rising adoption of fishing as a recreational activity and the rising adoption of fishing as a sport from children is anticipated to drive the demand for fishing equipment. Hence, driving the demand for fishing hooks. Considering these aspects, FACT MR. has anticipated the growth of the fishing hook industry to reach a valuation of USD 420 million by the end of the forecast period while exhibiting a CAGR of 2.5%.

Which are Some Prominent Drivers of the Fishing hooks market?

Growing children’s inclination towards fishing is driving market growth

Children's growing interest in fishing and related activities has created new business opportunities for stakeholders. Moreover, fishing has become a popular outdoor activity among adults and children. Parents encourage their children to begin fishing because it improves their concentration and patience. Additionally, there are several short fishing hooks available, especially for children. few hooks are available with kid-friendly character designs. Thus, the increase in children's interest in fishing activities and the accessibility of fishing equipment for children fuel the growth of the fishing hook market.

Rising social media penetration propelling the sales of fishing hooks

As more people in every region of the world gain access to the internet, the number of social media users has skyrocketed. Due to this, most fishing hook market competitors have begun formulating strategies for promoting their products and services on various social media platforms. E-commerce is one of the effective strategies that companies and industries have adopted to increase target customer awareness of their product offerings on e-commerce channels. Therefore, the global fishing hooks market views e-commerce marketing as a crucial opportunity to gain traction and expand its customer base among its target segments.

What are the Challenges Faced by the Fishing hooks market?

Environmental risks to restrain the industry’s growth

Modern fishing hooks and tactics alter the ocean environment, disrupting the sea floor, altering food webs, and displacing several crucial ecological processes. Furthermore, discarded and lost fishing hooks are lethal to marine life because it constitutes the majority of massive plastic pollution in seas, rivers, and ponds. Additionally, these misplaced or forgotten fishing hooks or equipment are more harmful because they can ensnare several creatures not to be collected or utilized. Furthermore, the employment of mechanical or technical improvements, such as using drones for fishing, reduces the amount of debris in the waters. Thus, the negative impact of modern fishing hooks on the marine environment inhibits the market sales of fishing hooks.

Comparative View of Fishing hooks markets

Fishing hooks market :

Attributes	Fishing hooks market
CAGR (2023-2033)	2.5%
Market Value (2033)	USD 420 million
Growth Factor	The rising adoption of fishing as a recreational activity and the growing interest of people in fishing is propelling the market sales of fishing hooks.
Opportunity	Ice fishing has become a popular trend in fishing sports and new inventions and technological advancements in the fishing equipment industry are going to augment the growth of the fish hook industry and present opportunistic prospects for market expansion.

Fishing equipment market :

Attributes	Fishing equipment market
CAGR (2023-2033)	4.3%
Market Value (2033)	USD 17,850 million
Growth Factor	The growing trend of travel and vacation is increasing the inclination towards recreational activities, such as fish hunting, thereby positively accelerating the growth of the market for fish hunting equipment. The growing popularity of fish hunting in the outdoor recreational industry is resulting in a large number of anglers, thereby ramping up the sales of fish hunting equipment.
Opportunity	A rise in children's interest in fishing and related activities has produced new commercial opportunities for industry stakeholders.

Fishing rods market :

Attributes	Fishing rods market
CAGR (2023-2033)	5.14%
Market Value (2033)	USD 1.64 billion
Growth Factor	The growing adoption of ice fishing in the recent past is another trend influencing the fishing rod market.
Opportunity	Due to the increased inclination of children towards fishing, the manufacturers are manufacturing equipment with more kids friendly character designs. This is creating lucrative prospects for the market competitors

Which Region is Projected to Offer the biggest Opportunity for Fishing hooks Suppliers?

North America was the largest market for fishing hooks, accounting for more than 45.0% share of the global revenue in 2022. People have adopted this peaceful activity as a hobby and they love to spend their time around the water reservoirs. Furthermore, most of the angling spots are surrounded by water and greenery, providing a natural spot for picnics and for family and friends to get together. Thus, group angling and small contests among the group are also common in the U.S. These factors make North America the biggest market for the expansion of the fishing hook industry.

Country-wise Analysis

North America will dominate the fishing hook market by 2033

North America will command the market with the largest share while growing at a CAGR of 3.2%. Population growth and improvements in living standards are the primary factors driving the expansion of the fishing hook industry. An increase in income in this region significantly increases the demand for fishing hooks. In addition, the increased interest of adults and children in fishing in salt water, fly fishing, and freshwater contributes to the expansion of the industry. Regarding macroeconomic considerations, the U.S. is the world's largest economy in terms of GDP, and its businesses are more flexible than those in Western Europe. Additionally, this region has a greater prevalence of health-related products. In addition, substantial premium fishing hook expenditures result from a high per capita income and a continued fishing trend.

The growing popularity of recreational fishing to augment growth in Europe

Europe will expand at a CAGR of 2.6% and hold USD 120 million. The need for fishing hooks in Europe is bolstered by the growing popularity of recreational fishing in the region. In addition, the increasing interest of children in fishing and similar activities has opened new business opportunities for European players. Furthermore, fishing is becoming one of the most popular outdoor activities loved by children, contributing to the expansion of the fishing hook market in this region. In recent years, Europe has undergone a transitory shift due to the concentration of European stakeholders on the utilization of new technology. Hence, technological advancements further propel the European fishing hook market.

APAC to be the fastest-growing market for the fishing hook industry

Asia Pacific is expected to be the fastest-growing market, expanding at a CAGR of 3.4% from 2023 to 2033. Recreational fishing has not gained much popularity across the region but tremendous growth in the interest of the common mass has been observed in recent years. People have been actively participating in fishing as a part of recreational activity in countries including Japan, Australia, and New Zealand. These factors are contributing to making APAC the fastest-growing market for the sales of fishing hooks.

Country-wise Forecast CAGRs for the Fishing hooks Industry

Country	CAGR
US	3.2%
China	3.4%
UK	2.3%
Japan	2.4%

Category-wise Insights

Freshwater segment to hold maximum market share

The freshwater segment is expected to expand at a CAGR of 3.1% and hold the largest market share. Fresh water is naturally occurring water that is not saltwater or brackish. In general, freshwater contains modest quantities of dissolved salts and other total dissolved solids. Ponds, lakes, rivers, streams, and reservoirs are freshwater sources. Moreover, trout, bass, certain species of salmon, catfish, and other freshwater fish can be caught depending on the fishing places. The rising popularity of aquaculture in nations such as China, the United States, and others has contributed to the expansion of the fishing hooks market.

Sports outlets dominate the market by distribution channel

The offline section is envisioned to grow at a CAGR of 2.8% and hold the largest market share. There are specialty stores and brand outlets offline. Brand outlets are company-owned stores where producers offer their products directly to consumers. Market participants are building new brand outlets in numerous places to expand their reach and increase their consumer base. Wealthy clients are the most likely to purchase fishing equipment from brand retailers, as they have more spare cash and can afford to buy premium products. The brand outlets sector of the fishing equipment market is driven by the rising number of affluent clients in developed and developing economies.

Start-Ups for Fishing hooks market

• Founded in 2017, ‘MEGA fisheries and marine trade’ is a turkey-based online retailer of accessories for outdoor activities. The company offers fishing accessories such as clames, machines, artificial feeds, needles, hooks, and other accessories. Additionally, it sells other products & accessories for outdoor activities. A few of the brands associated with the company are Accurate, Esca, Pros, Varivas, Wizard, and more.
• Founded in 2020, ‘Suncoast Skutes’ is an Australia-based Online platform offering multi-category fishing supplies. The product offering includes hooks, flashers, and lures. It also offers customized orders on request.

Market Competition

Key profiled companies in the fishing hooks market are- Wright & Mcgill, Gamakatsu, Rapala VMC, O. Mustad and Son, Owner Hooks Co. Ltd., MATZUO AMERICA (BIG GAME INTERNATIONAL BRAND), TIEMCO Ltd., HAYABUSA FISHING HOOKS CO., LTD, Pure Fishing, Inc. (Berkley), TTI-Blakemore Fishing Group. Some key developments in the fishing hooks market are-

• In 2022, Johnson Outdoors Inc. and the National Wildlife Federation to team up to create the Clean Earth Challenge to enhance natural resource conservation.
• In February 2022: Bass Pro Shops U.S. Opened Bowfishing Championship returns to the Ozarks. Championship Showcased Best Of Bowfishing, Benefit Conservation.

Key Segments Profiled in the Fishing hooks Industry Survey

• Fishing hooks market by product type :

  • Worm hook
  • Double and treble hook
  • J hook
  • Octopus hook
  • Live bait hook
  • Circle hook
  • Fly hook
  • Others

• Fishing hooks market by Application :

  • Freshwater
  • Saltwater

• Fishing hooks market by Material type :

  • High carbon steel
  • Alloyed steel

• Fishing hooks market by Sales channel :

  • Sports outlet
  • Online Channels
  • General sporting goods store
  • Specialty store
  • Modern trade channel

• Fishing hooks by Region :

  • North America
  • Europe
  • APAC
  • Rest of the world