Lobster Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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. Looking forward, IMARC Group expects the market to reach US$ 12.0 Billion by 2028, exhibiting a growth rate (CAGR) of 9.3% during 2023-2028.

The Lobsters are marine crustaceans with a long cylindrical body, muscular tail, stalked eyes and five pairs of jointed legs. Covered with a chitinous exoskeleton, lobsters are typically greenish-brown in colour but turn bright red when cooked. They are a rich source of copper, phosphorous, zinc, omega-3 fatty acids, magnesium, and vitamin E and B12. Lobsters also provide protection against thyroid due to the presence of selenium which functions as an antioxidant. Apart from this, consumption of lobsters is known to reduce inflammation, boost energy and improve cognition.

Global Lobster Market Trends:
Currently, the majority of lobsters are provided by Canada and the United States of America. The elimination of around 98% of the tariffs between Canada and the European Union under the recent Canada Free Trade Agreement (CETA) has been proactive in boosting Canadian exports to the northern European countries as well as creating new market opportunities in the southern European countries. In line with the decreasing trade in the EU, the US and tropical exporters are turning towards the Chinese market where lobsters have become an integral part of the luxurious dining experience supported by the rising purchasing power of the middle class. Additionally, the improving economic environment in both the developed and developing regions, and recovery in some of the major markets, including Russia and Brazil, are bolstering the market growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global lobster market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on species, weight, product type and distribution channel.

Breakup by Species:

American Lobster
Spiny Lobster
Rock Lobster
European Lobster

Based on the species, the market has been segmented as American lobster, spiny lobster, rock lobster and European lobster. Currently, American lobsters dominate the market, holding the largest share.

Breakup by Weight:

0.5 – 0.75 lbs
0.76 – 3.0 lbs
Over 3 lbs

On the basis of weight, lobsters having weight between 0.5 lbs-0.75 lbs represent the largest size.

Breakup by Product Type:

Whole Lobster
Lobster Tail
Lobster Meat
Lobster Claw

Based on the product type, whole lobster represented the most popular product.

Breakup by Distribution Channel:

Food Service
Retail

On the basis of distribution channel, food services enjoy the leading position.

Regional Insights:

North America
Europe
Asia
Oceania
Others

Region-wise, the market has been segmented into North America, Europe, Asia, Oceania and Others. Amongst these, North America is the leading market, accounting for the majority of the market share.

Competitive Landscape:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of these players are 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.

This report provides a deep insight into the global lobster market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the lobster market in any manner.

Key Questions Answered in this Report:

How has the global lobster market performed so far and how will it perform in the coming years?
What are the key regions in the global lobster market?
What has been the impact of COVID-19 on the global lobster market?
Which are the popular products in the global lobster market?
What are the different weight ranges in the global lobster market?
What is the key species in the global lobster market?
What are the major distribution channels in the global lobster market?
What are the various stages in the value chain of the global lobster market?
What are the key driving factors and challenges in the global lobster market?
What is the structure of the global lobster market and who are the key players?
What is the degree of competition in the global lobster market?