Lobster Market

Global Lobster Market Size (2024 to 2029)

As per our analysis report, the global lobster market is expected to reach USD 13.49 billion by 2029 from USD 8.69 billion in 2024, growing at a compound annual growth rate (CAGR) of 9.2% during the forecast timeline. Lobsters are marine crustaceans with long bodies, strong claws, and tough exoskeletons. They reside in oceans and are highly valued as seafood. The meat can be removed from the shell and used in a variety of dishes, including lobster soup, lobster rolls, and grilled lobster tails, often prepared by boiling or steaming. Lobster is a good source of copper and selenium, and it also has a small quantity of omega-3 fatty acids, magnesium, zinc, phosphorus, vitamin B12, and vitamin E. They help prevent anemia, depression, and thyroid disorders. Lobsters are widely consumed and are harvested through fishing and aquaculture, which benefits economies and cuisines across the world.

One of the significant opportunities for market growth is presented by the growing culinary innovation of using lobsters. The chefs and cooks are offering exciting new ways to make lobster and enjoy them. They can try using various ingredients, cooking styles, spices, etc., to create more delicious and flavorful dishes, which helps them attract more consumers who love to try new and unique experiences. Hence, cooking lobsters in new and innovative ways can make them even more attractive and popular, which can help to boost the market demand. Another significant growth opportunity for the market is provided by online retailing platforms. With the help of e-commerce platforms, lobsters can be available to a large number of consumers. As buying online feels more comfortable and convenient, and there is no need to go to a store or shop to buy lobsters, people prefer to use these online websites to buy lobsters of their choice. Also, it becomes beneficial in areas where lobster farming is still not available. The people of that region have access to lobsters through these online platforms. This opens up opportunities for the lobster market to expand its size and promote overall growth.

Global Lobster Market Drivers:

A major driver of the lobster market demand is the increasing consumption of fish and its health benefits. Recently, people have become more health-conscious and are opting for diverse and nutritious diet options, which induces the consumption of fish, including lobster. As lobster provides a unique taste and texture, it is highly used in various dishes. Lobster contains vitamins like vitamin E and vitamin B12, proteins, minerals such as phosphorus, selenium, zinc, magnesium, and copper, and small amounts of omega-3 fatty acids. Due to this nutritional presence, lobsters help to protect against diseases like anemia, depression, and thyroid issues. Hence, as consumers are shifting towards nutritional sources and focusing more on health and overall well-being, there is increased consumption of lobster, which is boosting the market demand globally.

Also, the cultural significance of lobsters in some regions is driving market growth. In some regional cultures, lobsters are seen as a sign of prosperity and good luck. People here believe that having lobsters in their diets can bring abundance and prosperity to their lives. These cultural significances and beliefs make lobsters extra special, and more people want to have them and enjoy them as a way to bring in good luck. This attribute greatly influences the demand for lobsters among these people.

Further, the sustainability and supply aspects are driving the shares of the market. It is crucial to obtain and grow lobsters in a particular way so that it does not affect their numbers or the environment. People are farming lobsters so carefully, and they are giving them a good enough place to grow to keep their population healthy. This helps to have enough lobsters in the market, and the proper and on-time supply of lobsters in the market can boost the demand. Hence, as the people who are farming lobsters take more care of the environment and provide enough supply to the end users, the lobster market demand is growing significantly.

Global Lobster Market Restraints:

Price fluctuation is a major restraint on the lobster market demand globally. The price of lobster changes a lot, which can affect consumers' buying behavior. Sometimes, the weather, pollution, and other factors affect the number of lobsters, which causes reduced supply in the market, and this can induce the high price of lobsters. This can be difficult for some people to afford and have them in their diets. And when the demand is less, and the supply of lobsters is more in the market, then there is a decrease in the price of lobsters. Hence, these fluctuations in the price can make it tricky for both the buyers and sellers of lobsters, which ultimately affects the market demand.

Also, the seasonal availability of lobsters is restricting the growth of the market. Because lobsters are not available all year round. There is a particular time when they need to lay eggs and grow; hence, at this time, fishermen do not catch more lobsters as this helps them to ensure the future availability of lobsters. This can affect the supply in the market. Hence, during the period of their reproduction, there is less availability of lobsters in the market, which can lead to a decrease in the market share.

Impact of COVID-19 on the Lobster Market:

The COVID-19 pandemic outbreak had a major impact on the lobster market and presented multiple countries with various challenges. There was reduced demand for lobsters as a consequence of restaurants closing or cutting down their operations, leaving many fishermen with a surplus of the harvest. In addition, the pandemic affected the supply chain. Fishermen had difficulties distributing their fish as many processing factories were shut down or were only operating at a reduced capacity. The cancellation of occasions like weddings and parties, which are generally significant drivers of demand for lobster, contributed to a decline in the market share. The pandemic also negatively impacted lobster exports. Trade in lobster and other seafood items was considerably disrupted by closed or highly restricted international borders. This resulted in significant financial losses to many fishermen and lobster farmers during the pandemic.

REPORT COVERAGE:

This research report on the global lobster market has been segmented and sub-segmented based on species, product type, distribution channel, and region.

Global Lobster Market - By Species:

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

By species, the American lobster segment is ruling the lobster market share during the projected period. American lobster is also known as Maine lobster; this species is very popular in North America. It is popular for meals like lobster rolls and bisque because of its sweet and delicate meat, which boosts demand for them. At the same time, the spiny lobster is expected to grow at the fastest rate in the upcoming years. They offer succulent tail meat and are commonly discovered in regions like the Caribbean and the Mediterranean. It is a staple in cuisines like Thai and the Caribbean and is usually grilled or added to pasta meals. This is influencing the demand for this species.

Global Lobster Market - By Product Type:

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

By product type, the whole lobster is anticipated to dominate the lobster market share during the forecasted period. This segment includes all of a lobster, including the tail and claws. Whole lobsters are widely served boiled or steamed in luxurious eateries and seafood markets. This is boosting the demand for whole lobster. However, the lobster tail segment is deemed to grow significantly during the projected period. Because of their soft meat, lobster tails are usually grilled, broiled, or baked. They are popular for being simple to prepare and are regularly used in a variety of meals, such as surf and turf or standalone grilled dishes, which is influencing more demand for this segment.

Global Lobster Market - By Distribution Channel:

• Food Service
• Retail

By distribution channel, the food service segment is ruling the lobster market during the anticipated period. This segment generally covers restaurants, hotels, and businesses that cater. Lobsters usually appear on special occasion menus and at luxury restaurants, providing consumers with a delicious meal or dinner. This is contributing to boosting the lobster demand in the food service sector. At the same time, the retail segment is expected to grow significantly during the forecasted period. Lobsters are available for purchase in supermarkets and seafood markets. Customers have the option of buying whole lobsters or lobster tails for cooking at home, offering an easy means to enjoy lobster recipes without going out for lunch or dinner. This attribute is influencing the shares of the lobster market.

Global Lobster Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

By region, North America is anticipated to dominate the lobster market share during the forecasted period. Countries like the United States and Canada are contributing the largest shares of the lobster market with an extensive tradition of consuming lobster. It's quite common for people to consume American lobster in dishes like bisque and lobster rolls, which is leading to an increase in the demand for lobsters in this region. However, Europe is expected to grow at the fastest CAGR during the projected period. Europeans consume considerable quantities of lobster, mostly in countries with coastal regions like France, Spain, and Italy. In recipes like spaghetti and paella, the spiny lobster is a common ingredient in European cuisine. This is significantly influencing the market demand.

KEY MARKET PLAYERS:

Major Key Players in the global lobster market are Douty Bros Inc., Island Seafood, An S Francis Lobster, World Link Food Distributors Inc., Cap Morrill’s Inc., Bayleya Lobster Pound, and Philbrick Lobster Company.

RECENT HAPPENINGS IN THE MARKET:

• In June 2022, High Liner Foods, a significant producer of frozen seafood with value-added in North America, declared that it would keep investing in upgrading its Newport News production facility with new equipment and product lines.