Global Lobster Market to Reach US$ 16.0 Billion by 2032, Spurred by Rising Consumption of Protein-Rich Diets

April 17, 2023 | Food & Beverages

According to the latest report by IMARC Group, 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," the global lobster market size reached US$ 7.6 Billion in 2023. A lobster refers to a large edible marine decapod crustacean that possesses stalked eyes, a pair of large claws, and an extended abdomen. It is a rich source of copper, selenium, zinc, phosphorus, vitamins E and B12, magnesium, and calcium. It consists of protein and essential amino acids, which are required for boosting metabolism, promoting weight loss, and reducing oxidative stress in the body. It also contains omega-3 fatty acids that are essential for preventing heart diseases and stroke, improving brain health, and controlling lupus, eczema, and rheumatoid arthritis. It also helps lower cholesterol levels in the body and prevent the occurrence of various chronic degenerative diseases. Furthermore, as it boosts immunity and ensures normal cellular function, the consumption of lobster is increasing around the world.

Global Lobster Market Trends:

At present, the rising demand for lobster due to the growing consumption of healthy diets among the masses represents one of the primary factors influencing the market positively. Besides this, the increasing number of restaurants, hotels, and cafes selling exotic seafood and flavorful dishes is propelling the growth of the market. In addition, the increasing consumption of protein-rich diets among fitness enthusiasts, gym goers, and athletes to gain muscle mass and energy and boost metabolism is contributing to the growth of the market. Apart from this, the rising number of e-commerce businesses and distribution channels selling premium quality seafood is supporting the growth of the market. Additionally, the growing health consciousness among the masses to lead a healthy life and prevent the occurrence of lifestyle disorders is offering a favorable market outlook. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 16.0 Billion by 2032, exhibiting a CAGR of 8.3% during 2024-2032.

Market Summary:

On the basis of the species, the market has been segmented into American lobster, spiny lobster, rock lobster, and European lobster. The American lobster represented the largest segment in the market.
Based on the weight, the market has been classified into 0.5-0.75 lbs, 0.76-3.0 lbs, and over 3 lbs. At present, 0.5-0.75 lbs hold the biggest share in the market.
On the basis of the product type, the market has been segregated into whole lobster, lobster tail, lobster meat, and lobster claw. Presently, whole lobster exhibits a clear dominance in the market.
Based on the distribution channel, the market has been bifurcated into food service and retail. The food service sector accounts for the largest share in the market.
Region-wise, the market has been divided into North America, Europe, Asia, Oceania, and others. Amongst these, North America enjoys the leading position in the market.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the 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, and Thai Union Manufacturing Company Ltd.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion, ‘000 Tons
Segment Coverage	Species, Weight, Product Type, Distribution Channel, Region
Region Covered	North America, Europe, Asia, Oceania, Others
Companies Covered	Boston Lobster, Clearwater Seafoods, East Coast Seafood Group, Geraldton Fishermen’s Co-operative, High Liner Foods Incorporated, PESCANOVA ESPAÑA SL, Supreme Lobster, Tangier Lobster and Thai Union Manufacturing Company Ltd.
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Lobster Market to Reach US$ 16.0 Billion by 2032, Spurred by Rising Consumption of Protein-Rich Diets

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