Lobster Market Overview
The global lobster market is experiencing rapid growth, with a projected increase from USD 6.75 billion in 2023 to USD 13.75 billion by 2030, fueled by a healthy 10.7% compound annual growth rate (CAGR). This expanding market is driven by consumer preference for high-protein diets, the increasing consumption of seafood, and the rising demand for ready-to-eat lobster products.
Lobster, a nutrient-dense seafood rich in essential minerals like copper, zinc, omega-3 fats, and vitamins, is gaining favor among health-conscious consumers. As the demand for this delicacy expands across global markets, the lobster industry is set for an exciting transformation, marked by mergers, acquisitions, and key developments across various regions.
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Dynamics of the Lobster Market
Drivers of the Market
Growing Sea Food Consumption
The demand for lobster is rising as a result of people eating more seafood. People are more likely to eat lobsters since they are thought to be a tasty dinner. People’s search for healthier protein substitutes for processed foods and red meat is another factor. Customers who are concerned about their health are searching for dietary substitutes. Demand for various lobster meals, like lobster rolls and lobster spaghetti, fluctuates along with worldwide tastes. As seafood consumption rises in Asian markets, so does the demand for lobster. As a result, the global lobster market will keep growing.
Increasing Demand for Products That Are Ready to Eat
Because pre-packaged foods (ready-to-eat food products) are convenient and easily accessible, the lobster industry is anticipated to grow. Products that cater to busy lifestyles, such ready-to-eat lobster tails and lobster salad, let customers enjoy lobster without having to cook it. A wider range of consumers, including those who were initially afraid to prepare lobster at home, may find this convenience appealing. Due to their ease of packaging and distribution, lobster goods can reach new markets and regions where fresh lobster would not be readily available. This expands the consumer base and raises the potential demand for lobster products.
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Key Developments by Region
Vietnam and Thailand: Both countries are witnessing a significant rise in seafood consumption, contributing to increased lobster imports and market growth. Thailand, known for its robust seafood industry, continues to strengthen its position as a key supplier in the Asian market.
Singapore: As a seafood hub in Southeast Asia, Singapore has seen notable growth in lobster exports, driven by the increasing demand for premium seafood in both domestic and international markets.
Japan and South Korea: These countries have historically consumed significant amounts of seafood. The growing interest in health-conscious eating habits and Western-style dining is boosting lobster consumption.
Regional Perspectives on the Lobster Market
North America, Europe, Asia-Pacific, the Middle East and Africa, and South America comprise the global lobster market.
One of the world’s largest lobster segments is North America. This region accounted for over 55% of market revenue in 2023 and is expected to develop at a compound annual growth rate (CAGR) of over 9%. Due mostly to rising lobster production and consumption in nations like the US and Canada, this region has the biggest market share. Global market expansion will be fueled by a flourishing seafood industry and the harvesting of fish and shellfish.
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Lobster Market Segmentation
by Type
Whole Lobster
Lobster Tail
Lobster Meat
Because whole lobsters are comparatively less expensive than tail and flesh lobsters, they hold the highest market share. In 2023, 65% of the worldwide lobster market was made up of the entire lobster segment. By 2030, the market share is anticipated to rise to 40%. This is because whole lobster is becoming more and more popular in restaurants and dining establishments. Because they are more adaptable than lobster tails and meat, entire lobsters can be cooked whole or sliced into smaller pieces and used in a range of recipes. Because it produces less waste, a whole lobster is a more sustainable option than lobster tails or meat. All things considered, whole lobster is a desirable option for consumers seeking seafood that is both adaptable and sustainable.
by Species
American Lobster
European Lobster
Spiny Lobster
Red Lobster
American, European, spiny, and red lobsters are the different species that make up the lobster market. Among the most popular lobsters worldwide is the American lobster. It is located along North America’s northeastern shore, which stretches from Canada to Maine. The North Atlantic Ocean is home to the European lobster. Worldwide, warm, tropical, and temperate waters are home to spiny lobsters. Additionally, the Pacific Ocean is home to red lobsters.
by Distribution Channel
Food Service
Retail
Lobster Market Key Players
1. Clearwater Sea foods
2. East Coast Seafood Group
3. High Liner Foods Incorporated
4. Boston Lobster Company
5. Red Lobster
6. Boston Lobster Company
7. East Coast Seafood Group
8. Gerald ton Fishermen’s Co-operative
9. High Liner Foods Incorporated
10. Pescanova España
11. Supreme Lobster
12. Seafood Company
13. Tangier Lobster Company Limited
14. Thai Union Manufacturing Company Ltd.
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Key questions answered in the Lobster Market are:
- How has the Lobster market performed so far and how will it perform in the coming years?
- What is the market segmentation of the global Lobster market?
- What is the regional breakup of the global Lobster market?
- What are the price trends of various feedstocks in the Lobster industry?
- What is the structure of the Lobster industry and who are the key players?
- What are the raw material requirements for setting up a Lobster processing plant?
- What are the packaging requirements for setting up a Lobster processing plant?
Key Offerings:
- Market Size, Share, Size & Forecast by different segment
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
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