Lobster Market Outlook
A lobster represents a type of marine crustacean with long cylindrical bodies, muscular tails, stalked eyes, and five pairs of jointed legs. It is generally covered with a chitinous exoskeleton and is a rich source of protein, zinc, phosphorus, vitamin B12, magnesium, and vitamin E and with high concentrations of omega-3 and omega-6 fatty acids.
The global lobster market size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 12.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.
Lobsters are widely considered a popular delicacy across the globe that can be prepared by boiling or steaming. They are consumed by individuals as lobsters provides various health benefits, such as repairing damaged tissues, strengthening bones, minimizing the risks of developing obesity and cardiovascular diseases, and boosting energy.
Lobster Market Trends:
The rising awareness among consumers regarding the health benefits of lobsters and the inflating disposable income levels are among the key factors stimulating the lobster market. Moreover, the launch of value-added and premium-grade products by several manufacturers in the market to cater to the expanded tastes of the masses, particularly those residing in urban areas is acting as another significant growth-inducing factor.
Besides this, the increasing availability of canned, frozen, and vacuum-packed lobsters across the organized retail sector is positively influencing the global market. Furthermore, the rising urbanization levels, the growing popularity of western cuisines, the expanding hospitality sector, and the escalating demand for products from high-end hotels and restaurants to prepare exotic delicacies, including lobster paellas and Thai lobster soup are also propelling the market growth.
Apart from this, the increasing improvements in the economic environment of developed and developing regions are anticipated to fuel the lobster market over the forecasted period.
Competitive Landscape with Key Players:
The competitive landscape of the market has also been examined with some of the key players.
- 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.
Key Market Segmentation:
The report has categorized the market based on species, weight, product type and distribution channel.
Market Breakup by Species:
- American Lobster
- Spiny Lobster
- Rock Lobster
- European Lobster
Breakup by Weight:
- 5 – 0.75 lbs
- 76 – 3.0 lbs
- Over 3 lbs
Market Breakup by Product Type:
- Whole Lobster
- Lobster Tail
- Lobster Meat
- Lobster Claw
Based On Distribution Channel:
- Food Service
- North America
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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.
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