Lobster Market Overview

The global lobster market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 7.20 billion in 2022 and is projected to grow to USD 17.07 billion by 2032. This growth signifies a robust compound annual growth rate (CAGR) of 9.13% over the forecast period, 2023 to 2032.

Lobster Market Introduction

Lobsters can be described as animals with large front pincers and a long body with an extensive tail fan. Their claws are varied in size and are used for crushing and tearing. They are crustaceans and are closely related to crabs. Lobsters typically live in crevices and burrows, dwelling among rocks below the low tide mark, at depths reaching up to 60 meters. They are nocturnal creature, meaning they hide in the day and appear to eat at night.

Lobsters are scavengers. That is, they feed on sea urchins, mollusks, and smaller crustaceans. Female lobsters offer protection to the fertilized eggs for 12 months as they save them from predators. Lobster is commonly prepared as a delicacy by boiling or steaming. Cooking lobsters alive is considered to enhance their flavor compared to killing them before cooking. Lobsters have a tough exoskeleton that safeguards the soft meat within. It is also known for its appetizing buttery taste and texture that spans from tender to moderately chewy.

Lobster meat is a rich source of copper selenium and other nutrients. Lobster also contains phosphorous, zinc, magnesium, vitamin B12, vitamin E, and a minuscule aggregate of omega-3 fatty acids. Consuming lobster is a tasty treat as it can be eaten as a prominent protein source, added to pasta and rice, or used to decorate salads by mincing it on top of them. Also, lobster can be added to patties and burgers.

The high selenium content in lobster makes it beneficial for healthy thyroid function. It acts as an antioxidant that helps regulate and process thyroid hormones. Consuming lobsters also has psychological benefits, such as they portray reduced aggression, impulsivity, and depression in grown-ups. Selenium also assists children in overcoming attention-deficit hyperactivity disorder (ADHD). Its daily usage can ensure the copper's operation with iron to configure red blood cells. Regular intake of lobster can help in overcoming anemia as it has lots of copper.

Lobster Market Drivers

Changing Culinary Patterns: The developing culinary patterns and evolving inclination for tasteful food are driving the lobster market growth. Earlier, lobster was thought of as a luxury delicacy, but now it has become the most sought-after food amongst the wider consumer base. The reasons for this shift are altering dietary habits, growing income, and an inclination toward appreciating good food. Lobster is increasingly becoming the preferred choice due to its versatility and presence in several cuisines. Its luscious, tasty meat has become an integral part of diverse dishes from conventional lobster in North America to European lobster thermidor to inventive fusion dishes in Asia.

Rising Market Approachability: The expansion of global trade has become a significant market driver. Advancements in transportation and logistics have made the movement of live lobster exports and frozen lobsters across continents easy. Lobsters are finding a place in a more associated global marketplace due to agreeable international trade agreements and trade liberalization policies. The countries that are lobster-rich have opened the gates for export opportunities, expanding the market beyond regional frontiers. Thus, the growing lobster supply and demand in diverse markets, together with efficient supply chains, is driving the market ahead.

Lobster Market Trends

Growing Demand for Sustainable and Traceable Food

Growing sustainable lobster fishing and traceability trends are shaping the lobster market landscape. There is a rise in the consumers considering ecological influence on their food choices, and they are favoring sustainably harvested seafood including lobster. This trend has encouraged fishermen, processors and stakeholders to go for green practices and traceability measures. Accountable fishing practices are being prompted by bodies such as the Marine Stewardship Council (MSC) or the Aquaculture Stewardship Council (ASC). Consumers are becoming aware that lobster catching and rearing is done in an eco-friendly way to have the least negative ecological influence, enhance conservation, and reinforce the comfort of coastal communities.

Shifting Consumption Patterns Worldwide

The consumption pattern is undergoing a major change in traditional as well as emerging regions. Generally, lobsters have huge popularity in North America, particularly in the US and Canada. Factors such as globalization, escalated opulence, and developing culinary preferences in markets across Asia, Europe, and the Middle East is driving the demand for lobsters. To serve these new consumer demographics bases, there have been expansion endeavors from exporters and suppliers. The heterogeneity of lobster-based dishes in restaurants and growing obtainability in retail markets has fostered opportunities beyond its conventional stronghold.

Lobster Market Segment Insights

The lobster market segmentation is mainly based on species, weight, product type, distribution channel, and region.

Lobster Market Evaluation by Species Insights

Based on species, the American lobster segment is expected to witness the fastest growth during the forecast period. It is extensively found on the North American Atlantic coast and is known for superior taste and quality. According to the National Oceanic and Atmospheric Administration (NOAA), American lobsters are primarily harvested from Maine to North Carolina, contributing significantly to the US seafood industry. Currently, American lobster populations remain robust, supported by sustainable fishery management practices and innovative lobster harvesting techniques. Also, this species' distinct application in foods, ranging from whole lobsters served in fine dining formations to it being readily available in processed commodities such as frozen tails and precooked meat, makes it accessible and appealing across different consumer segments.

Lobster Market Assessment by Weight Insights

Based on weight, the 0.5 to 0.75 lbs segment dominated the market. This is primarily because of the chefs and culinary experts preferring this size for delicious food preparation. Smaller lobsters are usually preferred for delicate meat, making them a much sought-after ingredient in dishes such as pasta, lobster rolls, and other Epicurean seafood entrees. Their approval is also pushed by approachability and cost-effectiveness in contrast to bigger lobsters. Additionally, sustainable fishery practices in Maine have ensured a steady supply of these smaller lobsters, supported by environmentally conscious harvesting methods.

Lobster Market Key Players

Major market contenders are making significant investments in research and development, so as to improve their offerings, which will assist the lobster market to grow exponentially. A few of the key market players are:

  • Boston Lobster
  • Clearwater Sea-foods
  • East Coast Seafood
  • Geraldton Fishermen’s
  • High Liner Foods
  • PESCANOVA ESPANA
  • Supreme Lobster
  • Tangier Lobster
  • Thai Union Manufacturing