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 2021-2026," the global lobster market size reached US$ 5.66 Billion in 2020. 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.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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 10.1% during 2021-2026. 

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.

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