Global Lobster Market Report by Species (American Lobster, European Lobster, Spiny Lobster, and Rock Lobster), Weight (0.5 – 0.75 lbs, 0.76 – 3.0 lbs, and Over 3 lbs), Product Types (Whole Lobster, Lobster Tail, and Lobster Meat), Distribution Channel (Food Service and Retail), Region and Company Analysis 2024-2032

Global Lobster Market Analysis

Global Lobster Market was worth US$ 6.36 Billion in 2023. It is expected to grow at a CAGR of 8.81% from 2024 to 2032 and be valued at US$ 13.60 Billion by 2032.

Lobster is experiencing a growing demand worldwide. Its reputation as a delicacy and flexible culinary utility drives this growth. Once considered a luxury reserved for unique occasions, lobster has become more readily available because of advancements in fishing and distribution. Its succulent meat, wealthy flavor, and flexibility in various cuisines have captured the attention of food fans globally. The rising consumer possibilities for high-protein, low-fat alternatives also contribute to the growing reputation of lobster as a gourmet choice. Lobsters are a sought-after indulgence on menus and in international seafood markets due to elevated demand.

Global Lobster Market Trends

•    Health Benefits

The fitness benefits of lobsters consist of being rich in lean protein and low in fats and carbs. This drives their reputation among fitness-aware purchasers. They're filled with essential nutrients like vitamins, minerals, and omega-3 fatty acids, reaping rewards for overall health. As per studies via PubMed and MDPI, choline and DHA found in lobsters enhance memory and cognitive features, probably lowering Alzheimer's risk. Lobster intake enables the preservation of mental sharpness and decreases irritation, while omega-3s regulate cholesterol and improve body defense, alleviating arthritic symptoms. Mud lobsters aid in inflammatory situations. Increasing cognizance of those benefits fuels demand in the global market, driving enterprise increase.

•    Increasing uses in the Food and Beverages Sector

The escalating use of lobsters in the food and beverages sector substantially fuels the global lobster market's enlargement. Prized for their excellent taste, versatility, and dietary advantages, lobsters have become sought-after components internationally. Restaurants, hotels, and food provider establishments include lobster to draw diners looking for indulgent experiences. For instance, Cousins Maine Lobster acknowledged for its delectable lobster rolls, embarks on a 2023 excursion throughout the South and Midwest, introducing its signature dish to new markets. Lobsters function prominently in gourmet dishes, seafood platters, salads, sandwiches, soups, and innovative beverages like lobster-infused cocktails. This trend, driven by patron interest in upscale eating and diverse flavors, propels the global lobster market's increase.

•    Customers are Increasingly Choosing e-commerce Systems to buy Seafood

The online lobster market rapidly expands as clients increasingly opt for e-trade systems to purchase seafood. This growth is fueled by the benefit and accessibility of online purchasing, particularly for those without access to fresh seafood markets. Advances in packaging and delivery technology allow the secure transportation of perishable objects like lobsters over long distances, ensuring freshness upon delivery. The pandemic has also elevated this trend, with more purchasers favoring contactless transactions and home delivery offerings. Companies like LobsterAnywhere and Luke's provide overnight shipping of fresh Maine lobster throughout the USA, increasing their reach and propelling market growth.

Prominently featured in the global market is the American Lobster

The American lobster is prominent in the global market due to its fantastic flavor, superior high quality, and dedication to sustainable fishing practices. The Atlantic States Marine Fisheries Commission says the American lobster fishery is among the most prized fisheries along the Atlantic shore. In 2022, coastwide landings totaled 120 million pounds of lobster, amounting to US$ 519 Million in ex-vessel value. Most of those landings originated from the Gulf of Maine and Georges Bank regions, where lobster shares are currently plentiful. The substantial coastlines of America also offer adequate access to lobster-rich waters, reinforcing its leading position in the industry.

United States Lobster Market

The United States dominates the global lobster marketplace. The country capitalizes on its full-size coastlines along the Atlantic and Pacific oceans, imparting sufficient access to lobster-wealthy waters. According to NOAA Fisheries data, in 2022, commercial landings of American lobster totaled 119 million pounds, valued at US$ 515 Million. Two stocks—Gulf of Maine and Georges Bank, in conjunction with Southern New England—support inshore and offshore fisheries, with Maine leading production for over three decades, intently observed by Massachusetts. Together, those states contribute 93 percent of the whole U.S. lobster harvest, mainly sourced from the Gulf of Maine inventory. The United States also boasts a robust lobster harvesting, processing, and distribution infrastructure facilitated by a thriving fishing industry and modern centers.

The United States sustains a consistent domestic demand for lobster. Its renown drives this as both a gourmet delicacy and an indispensable ingredient in seafood cuisine. The U.S. lobster enterprise also benefits from favorable guidelines. For instance, the vessels must hold a federal lobster-restricted access permit to commercially fish for lobsters in federal waters. This guarantees sustainable fishing practices and safeguards the health and abundance of lobster populations. These elements further solidify the country's dominance in the global lobster market.

Lobster Market Company News

Boston Lobster, Clearwater Seafoods, High Liner Foods Incorporated, Thai Union Manufacturing Company Ltd, East Coast Seafood Group, Geraldton Fishermen’s Co-operative, PESCANOVA ESPAÑA SL, Supreme Lobster, and Tangier Lobster are the primary food companies in the global lobster market.

• In March 2024 - Brazilian seafood processors Frescatto and Prime Seafood announced their merger. Operating under the Frescatto name, the new entity, based in Rio de Janeiro, was established.
• In March 2024 - Phillips Foods, a leading supplier of crabmeat in the United States, acquired two facilities in Canada to process lobster and snow crab. This acquisition coincided with the launch of new products.
• In February 2023 - Northern Wind debuted a new line of lobster products at the Seafood Expo North America.
• In March 2023 - Two major players in processing and distribution, East Coast Seafood Group and Whitecap International Seafood Exporters from the Northeast US and Atlantic Canada, collaborated to develop, process, and market numerous frozen and pasteurized products featuring lobster, snow crab, coldwater shrimp, and other species.
• In May 2023 - Premium Brands announced its focus on several "downstream" acquisitions for its Clearwater Seafoods division. This aims to transition the company into the value-added space.
• In November 2020 - Shiok Meats, headquartered in Singapore and recognized as the world's pioneer in cell-based crustacean meat, unveiled the world's inaugural cell-based lobster meat.

Species – Market breakup in 4 viewpoints:

1.    American Lobster
2.    European Lobster
3.    Spiny Lobster
4.    Rock Lobster

Weight – Market breakup in 3 viewpoints:

1.    0.5 – 0.75 lbs
2.    0.76 – 3.0 lbs
3.    Over 3 lbs

Product Types – Market breakup in 3 viewpoints:

1.    Whole Lobster
2.    Lobster Tail
3.    Lobster Meat

Distribution Channel – Market breakup in 2 viewpoints:

1.    Food Service
2.    Retail

Country – Market breakup of 25 Countries:

1.    North America

1.1    United States
1.2    Canada

2    Europe

2.1    France
2.2    Germany
2.3    Italy
2.4    Spain
2.5    United Kingdom
2.6    Belgium
2.7    Netherlands
2.8    Turkey

3.    Asia Pacific

3.1    China
3.2    Japan
3.3    India
3.4    South Korea
3.5    Thailand
3.6    Malaysia
3.7    Indonesia
3.8    Australia
3.9    New Zealand

4.    Latin America

4.1    Brazil
4.2    Mexico
4.3    Argentina

5.    Middle East & Africa

5.1    Saudi Arabia
5.2    United Arab Emirates
5.3    South Africa

All the Key players have been covered from 3 Viewpoints:

•    Overview
•    Recent Development
•    Revenue Analysis

Company Analysis:

1.    Boston Lobster
2.    Clearwater Seafoods
3.    High Liner Foods Incorporated
4.    Thai Union Manufacturing Company Ltd,
5.    East Coast Seafood Group
6.    Geraldton Fishermen’s Co-operative
7.    PESCANOVA ESPAÑA SL,
8.    Supreme Lobster
9.    Tangier Lobster

Report Details: