Lobster Market Size, Share, Growth, and Industry Analysis, By Type (0.5 – 0.75 lbs, 0.76 – 3.0 lbs and Over 3 lbs), By Application (Food Service and Retail), Regional Forecast To 2031

Updated On: 15 April 2024

Lobster Market Report Overview

• 

• Request a Free Sample to learn more about this report

global lobster market size was USD 6579.57 million in 2021 and market is projected to touch 17521 Million by 2031, exhibiting a CAGR of 10.29% during the forecast period.

Lobsters is a type of shellfish from the family of marine crustaceans with long cylindrical body, muscular tail, stalked eyes and five pairs of jointed legs that is prepared by boiling or steaming. It can be served as a main course, eaten as a sandwich filler, or even added to dishes like burgers, pasta, mashed potatoes, and eggs benedict.

Lobster is one of the highly prized seafood that can be served as the main source of protein and essential nutrients in a meal. It is a rich source of copper, phosphorous, zinc, omega-3 fatty acids, magnesium, and vitamin E and B12 that help to protect against thyroid disease, depression, and anaemia. It is a good source of phosphorous, which supports kidney function. Growing health awareness among consumers, increasing preference for protein-rich diet and expanding hospitality industry are the driving factors of the market.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

The COVID-19 epidemic caused problems for food companies like volatile markets, a drop in customer confidence, and difficulties with import and export transactions. Markets were shut down and people stayed at home due to the lockdown. However, this sudden fall in demand disrupted the entire market because the necessary materials were not readily available. In addition to having an immediate influence on markets, supply chains, supply and demand, and all of these other things, it also had a financial impact on the markets for lobsters. Food manufacturers are concentrating on safeguarding their personnel, business processes, and supply chains to deal with this severe scenario. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall industry. This has partially impacted market demand.

Latest Trends

"Expansion of Hospitality Industry to Fuel Market Growth"

The growth of market can be attributed to various factors such as the rising demand for protein rich food, growing health concerns and easy availability of frozen, canned products. Consumers are becoming more inclined to adopt healthy eating practices that has resulted in increasing demand for seafood. The demand for seafood is anticipated to increase due to the packaged and processed food market's rapid growth, which will ultimately fuel the market's overall growth over the forecast period. Rising trend for premium products, advancements in food technologies, Introduction of new innovative product lines by key industry players is expected to boost lobster market growth during the forecast period.

Lobster Market Segmentation

• 

• Request a Free Sample to learn more about this report

• By Type Analysis

According to type, the market can be segmented into 0.5 – 0.75 lbs, 0.76 – 3.0 lbs and Over 3 lbs.

• By Application Analysis

Based on application, the market can be divided into Food Service and Retail.

Driving Factors

"Increase in the Standard of Living to Stimulate Market Demand"

Global economy has developed into modern, industrialized economy and standards of living is increasing over time. Higher standard of living directly affects the purchasing power of consumers which in turn increases consumer’s spending on various goods and services. As a result of rise in standard of living of people, increase in purchasing power of consumers and awareness regarding the benefits of lobsters, market is anticipated to grow in the forecast period.

"Rising Health Consciousness to Accelerate Market Growth"

As people are becoming health conscious, demand for lobsters is increasing over time. It is a rich source of copper, phosphorous, zinc, omega-3 fatty acids, magnesium, and vitamin E and B12. It helps to protect against thyroid disease, depression, and anaemia due to presence of antioxidants. Because of the presence of phosphorous, it supports kidney function. All these health benefits are the responsible for the growth of market in the forecast period.

Restraining Factors

"Increasing Preference for Vegan Products to Hamper Market Growth"

Increasing shift from animal based products towards plant-based food products and the growing popularity of the vegan diet have resulted in fall in demand for seafood. Rising consumer awareness regarding animal cruelty and pressure from organizations like PETA are anticipated to hinder the growth of market during forecast period.

Lobster Market Regional Insights

• 

• Request a Free Sample to learn more about this report

"Growing Demand in North America Anticipated to Boost Market Expansion "

Due to increase in purchasing power of consumers, change in lifestyle and rising demand for lobsters, North America holds the leading position in lobster market share. The main element to contribute to the industry growth in North America is rising awareness regarding the health benefits of consuming lobsters and introduction of premium variants by key producers.

Key Industry Players

"Adoption of Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. The top key players in the market are Boston Lobster, Douty Bros Inc., Bayley’s Lobster Pound, Thai Union, Island Seafood, Clearwater Seafoods, Cap Morrill's Inc., East Cost Seafood, High Liner Foods Inc., Supreme Lobster, Escanaba and others. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

List of Market Players Profiled

• Boston Lobster
• Douty Bros Inc.
• Bayley’s Lobster Pound
• Thai Union
• Island Seafood
• Clearwater Seafoods
• Cap Morrill's Inc.
• East Cost Seafood
• High Liner Foods Inc.
• Supreme Lobster
• Escanaba
• Garbo Lobster
• Tangier Lobster
• World Link Food Distributors Inc.
• A S Francis Lobster

Report Coverage

This report examines an understanding of the lobster market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.