Global Lobster Market to Grow at 9.3% During 2023-2028, Impelled by Increasing Health-Consciousness

September 16, 2021 | Food & Beverages

According to the latest report by IMARC Group, titled "Lobster Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global lobster market size reached US$ 7.0 Billion in 2022. Lobster refers to a type of marine crustaceans with long, cylindrical bodies, muscular tails and claws. It is commonly covered with a chitinous exoskeleton and is a rich source of protein, zinc, phosphorus, vitamin B12, magnesium and vitamin E, along with high concentrations of omega-3 and omega-6 fatty acids. It is widely considered a popular delicacy in many parts of the world that can be prepared by boiling or steaming. It is commonly consumed by individuals as it provides multiple health benefits, such as repairing damaged tissues, strengthening bones, minimizing the risks of developing obesity and cardiovascular diseases, and boosting energy.

Global Lobster Market Trends:

The global market is majorly driven by the rising awareness regarding the health benefits of lobsters. Coupled with the increasing health-consciousness among consumers and the inflating disposable income levels of the masses, this is providing an impetus to the market growth. Moreover, numerous manufacturers have launched value-added and premium grade products in the market to cater to the diversified tastes of the consumers, particularly individuals residing in urban areas. Additionally, the easy product availability of canned, frozen and vacuum-packed lobsters across the organized retail sector and the enhanced convenience offered by these products are acting as major growth-inducing factors. Some of the other factors contributing to the market growth include rapid urbanization, the widespread popularity of western cuisines, significant growth in the hospitality sector and the growing demand for lobsters from high-end hotels and restaurants for the preparation of exotic delicacies, such as lobster paellas and Thai lobster soup. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 9.3% during 2023-2028. 

Market Summary:

  • On the basis of the species, American lobsters hold the majority of the total market share. Other major segments include spiny lobsters, rock lobsters and European lobsters.
  • Based on the weight, lobsters having a weight between 0.5 lbs - 0.75 lbs exhibit a clear dominance in the market. Other major segments include lobsters having a weight between 0.76 lbs – 3.0 lbs and lobsters weighing more than 3 lbs.
  • On the basis of the product type, the market has been divided into whole lobster, lobster tail, lobster meat and lobster claw. Amongst these, whole lobster is the most popular product type.
  • Based on the distribution channel, the market has been bifurcated into the food services and retail sectors. The food service sector currently represents the largest segment.
  • On the geographical front, North America holds the leading position in the market. Other key regions include Europe, Asia, Oceania and others.
  • The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these 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 2022
Historical Period 2017-2022
Forecast Period 2023-2028
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)

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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Global Lobster Market to Grow at 9.3% During 2023-2028, Impelled by Increasing Health-Consciousness
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