Lobster Market Size Report, Industry Share, Analysis, Growth, 2030

Lobster Industry Prospective:

The global lobster market size was evaluated at $5.7 billion in 2022 and is slated to hit $10.3 billion by the end of 2030 with a CAGR of nearly 5.1% between 2023 and 2030.

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Lobster Market: Overview

The lobsters are marine shellfish having an elongated cylindrical body, muscular tail, stalked eyes, and five pairs of jointed legs. Reportedly, lobsters are covered with chitins. They are typically greenish-brown in color and can turn bright red when they are cooked. Moreover, these creatures are a rich source of omega-3 fatty acids, phosphorous, copper, zinc, magnesium, vitamin E, and vitamin B12. Furthermore, lobster intake offers protection to individuals against thyroid owing to the large selenium contents functioning as an antioxidant. Additionally, intake of lobsters can also reduce inflammation along with increasing stamina and cognition in individuals.

Key Insights

• As per the analysis shared by our research analyst, the global lobster market is projected to expand annually at the annual growth rate of around 5.1% over the forecast timespan (2023-2030)
• In terms of revenue, the global lobster market size was evaluated at nearly $5.7 billion in 2022 and is expected to reach $10.3 billion by 2030.
• The global lobster market is anticipated to grow rapidly over the forecast timeline owing to a surge in the intake of fish in the emerging economies of the Asia-Pacific zone.
• In terms of product type, the whole lobster segment is slated to register the highest CAGR over the analysis period.
• Based on the species, the American lobster segment is set to dominate the species segment over the forecast period.
• Based on the distribution channel, the food service segment is expected to lead the species segment over the forecast time interval.
• Region-wise, the European lobster industry is projected to register the fastest CAGR during the assessment timeline.

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Lobster Market: Growth Factors

Rise in fish consumption in the developing countries of APAC to drive global market trends

A surge in the intake of fish in the emerging economies of the Asia-Pacific zone will prompt the expansion of the lobster market across the globe. With lobster containing a massive proportion of vitamins and minerals that can provide huge energy and prevent chronic ailments, the sale of lobster in the food sector is projected to gain traction in the years ahead. An increasing number of product innovations has contributed majorly towards the expansion of the market across the globe in recent years.

For the record, firms are launching frozen and canned lobsters as food products to increase their product line. This will proliferate the growth of the market globally in the upcoming years. The introduction of new packaging services such as vacuum skin-packed lobster will steer the expansion of the market globally. Furthermore, a rise in investment in lobster production through increasing production capacity will steer the growth of the global market. For instance, in the first half of 2022, High Liner Foods, a key player based in North America in value-added frozen seafood manufacturing business, declared investing in more production of value-added frozen seafood. Such moves will proliferate the size of the market in the ensuing years.

Lobster Market: Restraints

The huge price of lobsters and strict laws related to the preservation of the green economy can put brakes on the global industry expansion by 2030

High product costs and growing environmental concerns can inhibit the expansion of the lobster industry across the globe. The rise in the shift towards a vegetarian diet and the increase in the vegan population in Europe and the Americas can hinder global industry expansion. Fear of extinction of species that can create an imbalance in nature has led to the implementation of strict laws related to harvesting and hunting of lobsters for food, thereby negatively impacting the food chain and thus hindering the global industry surge.

Lobster Market: Opportunities

Growing health consciousness among the population can generate new growth opportunities for the global market over the forecast period

The rise in awareness about fitness and health among the global population has resulted in massive demand for lobsters, thereby creating new growth opportunities for the lobster market across the globe.

Lobster Market: Challenges

Strict government legislation related to the intake of seafood due to the use of preservatives can retard the growth of the global industry over 2023-2030

Strict government laws concerning massive consumption of products and rules governing the use of preservatives that can harm the health of humans can prove to be a huge challenge for the global lobster industry surge. Moreover, an increase in seafood costs owing to a rise in import duties can further impede the global industry expansion in the upcoming years.

Lobster Market: Segmentation

The global lobster market is sectored into product type, species, distribution channel, and region.        

In product type terms, the global lobster market is segregated into whole lobster, lobster meat, lobster tail, and lobster claw segments. Furthermore, the whole lobster segment, which gained nearly 65% of the global market revenue in 2022, is expected to record the highest CAGR in the forecasting timeframe. The growth of the segment in the forecast period can be due to an increase in the sale of products owing to huge demand in restaurants and dining.

Based on the species, the global lobster industry is sectored into American lobster, European lobster, spiny lobster, and rock lobster segments. Moreover, the American lobster segment, which amassed a huge share of the global industry in 2022, is anticipated to dominate the global industry over the projected timeframe. The segmental growth over the assessment timeline can be owing to a prominent demand for the product in Canada and the U.S. Apart from this, consumer inclination towards the quality, taste, and texture of American lobster will proliferate the segmental surge.

Based on the distribution channel, the global lobster market is sectored into retail and food service segments. Moreover, the food service segment, which garnered a huge share of the global market in 2022, is predicted to lead the global industry expansion over the expected timeline. The segmental growth over the assessment period can be due to huge product demand in the food service segment and huge consumer preference for high-quality seafood. Moreover, huge product demand has translated into the cooking of lobsters in food service outlets in both emerging economies and developed countries.

Lobster Market: Report Scope

Lobster Market: Regional Insights

North America is predicted to maintain its global market leadership position over the expected timeframe

North America, which contributed about 67% of the global lobster market revenue in 2022, will be a leading region over the assessment timeframe. Moreover, the regional market surge over the assessment timeline can be attributed to the increase in the production and intake of lobster in countries such as Canada and the U.S. Thriving seafood sector and harvesting of fish and shellfish will impel the expansion of the market across the globe.

The European lobster industry is set to register the fastest CAGR in the next couple of years owing to massive lobster demand in Europe with a trend for sustainable and high-quality seafood products. An increase in the middle-income group population in Europe will boost regional industry trends.

Lobster Market: Competitive Space

The global lobster market profiles key players such as:

• Boston Lobster
• Tangier Lobster
• Clearwater Seafoods
• East Coast Seafood
• Geraldton Fishermen’s Co-operative
• PESCANOVA ESPAÑA
• High Liner Foods Incorporated
• Supreme Lobster
• Thai Union Manufacturing Company.

The global lobster market is segmented as follows:

By Product Type

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

By Species

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

By Distribution Channel

• Retail
• Food Service

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa