Global Lobster Market Size By Species (American Lobster, Spiny Lobster), By Product Type (Whole Lobster, Lobster Tail), By Distribution Channel (Food Service and Retail), By Geography Scope And Forecast

Lobster Market Size And Forecast

Lobster Market size is estimated to be worth USD 7 Billion in 2022 and is forecast to a readjusted size of USD 14.36 Billion in 2030 with a CAGR OF 9.4% from 2023 to 2030.

An increase in disposable income, change in lifestyle and eating habits, and benefits associated with the consumption of lobsters are some of the factors anticipated to foster market growth during the forecast period. The Global Lobster Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Lobster Market Definition

Lobsters are marine crustaceans that are greenish-brown in color and when cooked, turn into a bright-red color. They have a long cylindrical body, muscular tail, and five pairs of jointed legs. They are a rich source of many essential vitamins and fatty acids. Initially, Lobsters were primarily cooked for slaves because they were readily available, however, nowadays Lobsters are considered a luxurious delicacy and are very expensive. Lobsters are caught through fishing methods such as traps, nets, or diving, depending on the region and local regulations. Additionally, there is a growing presence of Lobster aquaculture, where Lobsters are bred and raised in controlled environments to meet market demand. Once Lobsters are harvested, they undergo processing, which may involve removing the shell, cooking, freezing, or canning.

Processed Lobsters are then packaged to maintain freshness and quality for distribution and sale. Lobsters are traded both domestically and internationally. They are transported from fishing grounds or aquaculture facilities to various markets and consumers, often involving logistics, storage, and transportation considerations. The Lobster Market can vary in size, scope, and dynamics depending on the region, species, and market conditions. Factors such as regional fishing practices, consumer preferences, trade policies, and sustainability initiatives impact the specific characteristics and dynamics of the Lobster Market in different parts of the world.

Global Lobster Market Overview

An increase in disposable income, change in lifestyle and eating habits, and benefits associated with the consumption of lobsters are some of the major factors driving the market. Globalization has resulted in a significant shift in consumer preferences. People are now willing to try and cook different cuisines. They are also more eager to try luxury goods and food. Owing to the premium price range of lobsters coupled with the increase in buying power of consumers, demand is anticipated to increase.

Moreover, a huge chunk of the population has become health conscious. Lobsters are known to be a rich source of copper, phosphorous, zinc, omega-3 fatty acids, magnesium, and Vitamin E. Consumption of lobsters also helps prevent thyroid because of the antioxidants present. It also helps reduce inflammation and boost cognition. Owing to the health benefits, the demand for lobsters is anticipated to increase further. These factors are anticipated to act as growth propellers.

However, environmental concerns, rising costs, the shift towards vegetarianism are anticipated to restrain the market. The sudden increase in the consumption of lobsters has led to a sharp decline in the population of lobsters. This can lead to the extinction of the species which can further lead to ecological imbalances. Further, lobsters are considered a luxury and are very expensive; as a result, they can be enjoyed by a little chunk of the population only.

This is expected to restrain demand. Moreover, there has been a shift in consumer preferences. A lot of people are shifting to vegetarianism and veganism. Moreover, pressure from organizations like PETA is anticipated to restrain the demand further. These factors are anticipated to restrain growth further. These factors are anticipated to act as growth deterrents.

Global Lobster MarketSegmentation Analysis

The Global Lobster Market is segmented based on Species, Product Type, Distribution Channel, and Geography.

Lobster Market, By Species

• American Lobster
• Spiny Lobster
• Rock Lobster
• European Lobster

Based on Species, the market is segmented into American Lobster, Spiny Lobster, Rock Lobster, and European Lobster. The American Lobster segment is anticipated to account for the highest market share. This can be attributed to the higher meat content, sweeter and tender taste of the American Lobster which is preferred by the mass population.

Lobster Market, By Product Type

• Whole Lobster
• Lobster Tail
• Lobster Meat
• Lobster Claw

Based on Product Type, the market is segmented into Whole Lobster, Lobster Tail, Lobster Meat, and Lobster Claw. The Whole Lobster segment is anticipated to account for the highest market share. The different parts of a lobster can be used for different dishes therefore, getting a whole lobster is easier and more economical than getting certain parts of the crustacean.

Lobster Market, By Distribution Channel

• Food Service
• Retail

Based on Distribution Channel, the market is segmented into Food Service and Retail. The Food Service segment is anticipated to account for the highest market share. This is because Lobsters are primarily ordered and cooked by high-end and luxurious restaurants. Certain retail outlets have started selling Lobsters as well, however, the proportion is still low.

Lobster Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Geography, the Global Lobster Market is classified into North America, Europe, Asia Pacific, and Rest of the world. North America is anticipated to account for the highest market share. This can be attributed to the increasing disposable income and dining habits. A major chunk has also become health-conscious, owing to the numerous health benefits of consuming lobsters, demand is anticipated to rise further.

Key Players

The “Global Lobster Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Douty Bros Inc., Island Seafood, A S Francis Lobster, World Link Food Distributors Inc., Cap Morrill’s Inc., Bayleya Lobster Pound, and Philbrick Lobster Company. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the global Lobster Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Lobster Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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