Plastic Bait Trends and Forecast
The future of the global plastic bait market looks promising with opportunities in the online sale and offline sale markets. The global plastic bait market is expected to grow with a CAGR of 10.1% from 2024 to 2030. The major drivers for this market are increasing popularity of recreational fishing, development of innovative plastic bait designs that closely imitate natural bait, as well as, growing focus on sustainability and technological advancements in manufacturing processes.
• Lucintel forecasts that hard bait is expected to witness the higher growth over the forecast period.
• Within this market, offline sale is expected to witness the higher growth.
• APAC is expected to witness highest growth over the forecast period.
United States: Recent developments in the US plastic bait market include major companies like Bass Pro Shops and Berkley introducing eco-friendly alternatives, aligning with government targets to reduce single-use plastics by 2030. Companies also announce partnerships with NGOs to promote sustainable fishing practices.
China: Amid growing environmental concerns, Chinese companies like Weihai Guangwei Group focus on developing biodegradable plastic baits, in line with government initiatives to curb plastic pollution. Additionally, targets are set by the government to increase investment in recycling infrastructure.
Japan: Japanese companies like Daiwa Corporation are investing in research to create biodegradable fishing baits, aligning with the governmentÄX%$%Xs ambitious targets to achieve zero plastic waste by 2030. Government subsidies encourage companies to adopt eco-friendly practices in manufacturing and packaging.
Australia: With increasing awareness of marine conservation, Australian companies such as Shimano prioritize sustainability in their product lines, with commitments to use recycled materials in bait production. Government regulations mandate companies to adhere to strict recycling standards, fostering a culture of environmental responsibility in the industry.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Plastic Bait by Segment
The study includes a forecast for the global plastic bait by type, application, and region.
Plastic Bait Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Hard Bait
• Soft Bait
Plastic Bait Market by Application [Shipment Analysis by Value from 2018 to 2030]:
• Online Sale
• Offline Sale
Plastic Bait Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Plastic Bait Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies plastic bait companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the plastic bait companies profiled in this report include-
• HaiYuan Fishing Tackle
• Liangchen Product
• Qingdong Fishing Tackle
• Rapala
• Daiwa
• Qihai Fishing Tackle
• Berkley-Fishing
• Wingsing Fishing Lures Factory
• Shimano
• Guangwei Outdoor Equipment
Recent Development in the Plastic Bait Market
BaitTech Ltd: BaitTech recently announced a groundbreaking initiative to introduce biodegradable plastic baits into their product line. This move aligns with their commitment to sustainability and reducing environmental impact. The new baits are designed to decompose safely in water, addressing concerns about plastic pollution in aquatic ecosystems.
Pure Fishing Inc.: In response to growing consumer demand for eco-friendly options, Pure Fishing Inc. unveiled a series of recyclable plastic bait containers. These containers are made from recycled materials and can be easily recycled again after use, promoting a circular economy approach within the fishing industry.
Daiwa Corporation: Daiwa Corporation launched a research and development program aimed at creating innovative plastic baits with enhanced durability and biodegradability. By investing in advanced materials science, Daiwa aims to lead the market with products that minimize environmental harm without compromising performance.
Rapala VMC Corporation: Rapala VMC Corporation introduced a digital platform for anglers to track their plastic bait usage and participate in recycling initiatives. Through this platform, users can earn rewards for returning used plastic baits for recycling, fostering a community-driven approach to waste management.
Berkley Fishing: Berkley Fishing announced a partnership with environmental organizations to conduct research on the impact of plastic baits on marine life. This initiative reflects BerkleyÄX%$%Xs commitment to responsible angling practices and their dedication to preserving aquatic ecosystems for future generations.
Features of the Global Plastic Bait Market
Market Size Estimates: Plastic bait market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Plastic bait market size by type, application, and region in terms of value ($B).
Regional Analysis: Plastic bait market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the plastic bait market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the plastic bait market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for plastic bait market?
Answer: The global plastic bait market is expected to grow with a CAGR of 10.1% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the plastic bait market?
Answer: The major drivers for this market are increasing popularity of recreational fishing, development of innovative plastic bait designs that closely imitate natural bait, as well as, growing focus on sustainability and technological advancements in manufacturing processes.
Q3. What are the major segments for plastic bait market?
Answer: The future of the global plastic bait market looks promising with opportunities in the online sale and offline sale markets.
Q4. Who are the key plastic bait market companies?
Answer: Some of the key plastic bait companies are as follows:
• HaiYuan Fishing Tackle
• Liangchen Product
• Qingdong Fishing Tackle
• Rapala
• Daiwa
• Qihai Fishing Tackle
• Berkley-Fishing
• Wingsing Fishing Lures Factory
• Shimano
• Guangwei Outdoor Equipment
Q5. Which plastic bait market segment will be the largest in future?
Answer: Lucintel forecasts that hard bait is expected to witness the higher growth over the forecast period.
Q6. In plastic bait market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the plastic bait market by type (hard bait and soft bait), application (online sale and offline sale), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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