IMARC Group has recently released a new research study titled “Lobster Market Report by Species (American Lobster, Spiny Lobster, Rock Lobster, European Lobster), Weight (0.5 – 0.75 lbs, 0.76 – 3.0 lbs, Over 3 lbs), Product Type (Whole Lobster, Lobster Tail, Lobster Meat, Lobster Claw), Distribution Channel (Food Service, Retail), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global lobster market size reached US$ 7.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.0 Billion by 2032, exhibiting a growth rate (CAGR) of 8.3% during 2024-2032.
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Global Lobster Market Trends:
The increasing popularity of lobster as a health-conscious seafood choice, as it is rich in protein, omega-3 fatty acids, and essential vitamins and minerals, is a major factor catalyzing the market growth.
Additionally, the rise of gourmet home cooking, boosting the adoption of lobster as consumers experiment with sophisticated recipes at home, is contributing to the market growth. Apart from this, the proliferation of cooking shows, online tutorials, and food blogs that promote lobster as a versatile and desirable ingredient is anticipated to drive the market growth.
Factors Affecting the Growth of the Lobster Industry:
- Increasing Product Demand in the Foodservice Industry:
The increasing demand for lobster in the food service industry, like high-end restaurants and hotels, is one of the major factors bolstering the market growth. In line with this, the growing consideration of lobster as a luxury seafood item that is associated with gourmet dining experiences and premium pricing is fostering the market growth.
Moreover, the burgeoning middle class and rising disposable incomes, contributing to an increased consumer willingness to spend on luxury dining experiences, are acting as growth-inducing factors. Apart from this, the widespread expansion of international cuisine and the global reach of culinary trends that make lobster more accessible and desirable across diverse geographic regions are contributing to the market growth.
- Rising Focus on Sustainable Fishing Practices and Certifications:
The growing focus on sustainable fishing practices is positively impacting the market growth. In line with this, the rising concern of overfishing and the environment, leading to the imposition of stricter regulations and the adoption of sustainable practices to ensure the long-term viability of lobster populations, is fostering the market growth.
In addition to this, the introduction of several certifications, as consumers increasingly become conscious of the environmental impact of their food choices, is fueling the market growth. These certifications help in maintaining the ecological balance while assuring consumers about the sustainability of the seafood they purchase.
Additionally, the heightened focus on sustainable practices as it contributes to the stability of lobster supplies while reducing the risk of market volatility caused by overfishing and environmental degradation is bolstering the market growth.
- Rapid Innovations in Distribution and Supply Chain Management:
The rising innovations in distribution and supply chain management are some of the major drivers driving the market growth.
Moreover, the increasing focus on the logistics of transporting live lobsters, as they require specific conditions to ensure freshness and quality upon arrival, is promoting the market growth. Along with this, rapid advances in packaging technology, temperature-controlled transportation, and real-time tracking systems that improve the efficiency and reliability of lobster distribution are anticipated to drive the market growth.
Furthermore, they enable suppliers to maintain the quality of lobsters over longer distances, thereby expanding their market reach to international consumers. In addition to this, the emergence of digital and e-commerce platforms that facilitate direct-to-consumer (D2C) sales, allowing consumers to order fresh lobsters online, is broadening the market growth.
Lobster Market Report Segmentation:
By Species:
- American Lobster
- Spiny Lobster
- Rock Lobster
- European Lobster
American lobster represented the largest segment as it is widely regarded for its superior taste and quality.
By Weight:
- 5 – 0.75 lbs
- 76 – 3.0 lbs
- Over 3 lbs
The 0.5 – 0.75 lbs weight range accounted for the largest market share as this size range is ideal for individual servings and preferred by restaurants for portion control.
By Product type:
- Whole Lobster
- Lobster Tail
- Lobster Meat
- Lobster Claw
Whole lobster represented the largest segment due to consumer preference for fresh and unprocessed seafood that maintains the full culinary experience.
By Distribution Channel:
- Food Service
- Retail
The food service sector accounted for the largest market share as high-end restaurants and hotels are major consumers of lobsters.
Regional Insights:
- North America
- Europe
- Asia
- Oceania
- Others
North America's dominance in the lobster market is attributed to its established lobster fishing industry and strong consumer demand for lobster-based dishes.
Competitive Landscape with Key Players:
The competitive landscape of the lobster market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Boston Lobster
- Clearwater Seafoods
- East Coast Seafood Group
- Geraldton Fishermen’s Co-operative
- High Liner Foods Incorporated
- PESCANOVA ESPAÑA SL
- Supreme Lobster
- Tangier Lobster
- Thai Union Manufacturing Company Ltd.
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Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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