Global Lobster Market Catalyzed by Thriving Hospitality Industry

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$ 5.7 Billion in 2018, growing at a CAGR of 16.7% during 2011-2018. Lobster is a type of marine crustaceans with long bodies and claws. Widely considered as a delicacy in many parts of the world, it is usually prepared by boiling or steaming. It is a rich source of protein, zinc, phosphorus, vitamin B12, magnesium and vitamin E. It also contains a high concentration of omega-3 and omega-6 fatty acids. Its consumption offers numerous health benefits including the building of new cells, repairing of damaged tissues and strengthening of bones along with reducing the risk of obesity and cardiovascular diseases.

Market Trends:

Rising awareness about the health benefits of lobsters and increasing health-conscious consumers are the major factors driving the market growth. Owing to the easy availability of canned, frozen and vacuum-packed variants, the demand for lobsters is continually witnessing an increase across the globe. Lobsters are also available in whole pieces or chopped to be used in the preparation of cocktails, soups, stews, sandwiches and salads. The convenience offered by these products coupled with the increasing working population worldwide is influencing the growth of the market. In addition to this, manufacturers are launching value-added and premium grade products to cater to the diversified tastes and preferences of the consumers, particularly those residing in the urban areas. Moreover, the thriving hospitality industry has led to the increasing demand for lobsters from hotels and restaurants for the preparation of various exotic delicacies including lobster paellas and Thai lobster soup. On account of the aforementioned factors, the global lobster market size is projected to reach US$ 13.9 Billion by 2024.

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 lbs. and lobsters weighing more than 3 lbs.
• On the basis of the product type, the market has been divided into whole lobster, tail, lobster meat and 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 Africa.

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