According to the latest report by IMARC Group, titled “Lobster Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global lobster market reached a value of US$ XX Million in 2018. Lobster is a type of marine crustaceans which is a rich source of omega-3 fatty acids, zinc, phosphorus, vitamin B12, magnesium and vitamin E. Lobster consumption promotes healthy cholesterol levels and reduces the risk of obesity, diabetes, and heart diseases. In recent years, commercial lobster farming has improved their survival rate and productivity. Moreover, with rising consumption of premium seafood products, there has been a shift in the preferences of consumers from raw and frozen products to value-added and cooked products.
Global Lobster Market Trends:
Canned and vacuum-packed lobster products are widely used in the preparation of cocktails, mayonnaise, chowder, soups, stews, sandwiches, rolls, snacks and seafood salads. This has resulted in high demand for these value-added lobster products, particularly in North America. Apart from this, the growing middle-class, expanding e-commerce industry and rising imports of frozen lobster products are some of the prominent factors that are contributing to the growth of the lobster market in emerging regions. Moreover, a rise in the hospitality industry has increased the usage of lobsters in hotels and restaurants for preparing different dishes such as high-quality paellas, lobster stew and baked lobster. In recent years, processed lobster products are also being developed by manufacturers to enhance convenience for the consumers. This has contributed to a considerable rise in the demand for lobster products across the globe. On account of these factors, the market is forecasted to reach a value of US$ XX Million by 2024, expanding at a CAGR of XX% during 2019-2024.
Global Lobster Market Summary:
- Based on species, American lobsters dominate the market, holding the largest share. American lobsters are followed by spiny lobsters, rock lobsters and European lobsters.
- On the basis of weight, lobsters having a weight between 0.5 lbs. - 0.75 lbs. represent the largest segment. They are followed by lobsters having a weight between 0.76 lbs. - 3 lbs. and lobsters weighing more than 3 lbs.
- The market has been segregated on the basis of product type into whole lobster, tail, lobster meat and claw. Amongst these, whole lobster is the most popular product type, accounting for largest share.
- On the basis of distribution channels, the market has been categorized into the food services and retail sectors. Presently, the food service sector enjoys the leading position in the global lobster market.
- Region-wise, North America exhibits a clear dominance in the global lobster market, accounting for the majority of the global share. Other major regions include Europe, Asia Pacific, Oceania and Africa.
- The competitive landscape of the global lobster market has also been analyzed with some of the key players being East Coast Seafood, Garbo Lobster, High Liner Foods, Pescanova and Thai Union.
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