According to IMARC Group’s latest report, titled “Lobster Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market reached a value of US$ 6.3 Billion in 2021. Lobster refers to a type of marine crustacean with stalked eyes, five pairs of jointed legs, a long cylindrical body, and a muscular tail. It is generally greenish brown in color and covered with a chitinous exoskeleton that turns bright red when cooked. Lobster acts as a rich source of phosphorous, omega-3 fatty acids, vitamin E and B12, copper, zinc, magnesium, etc. The consumption of lobster’s aids in mitigating the risk of thyroid, reducing inflammation, improving cognition, repairing damaged tissues, boosting energy, etc.
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The rising consumer health awareness has led to an increasing shift from high-calorie food products towards a protein-rich diet, which is driving the lobster market. Furthermore, the easy availability of frozen, canned, and vacuum-packed variants and the elevating consumer inclination towards seafood products are also augmenting the market growth. Besides this, the growing penetration of cross-continental food trends and the increasing consumption of lobsters in exotic cuisines are further bolstering the product demand. Moreover, the expanding hospitality sector has led to a rise in demand for lobsters across restaurants and hotels, which is anticipated to propel the market growth over the forecasted period. Looking forward, IMARC Group expects the market to reach US$ 11.1 Billion by 2027, exhibiting a CAGR of 9.94% during 2022-2027.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Segmentation:
Market Breakup by Species:
- American Lobster
- Spiny Lobster
- Rock Lobster
- European Lobster
Market Breakup by Weight:
- 5 – 0.75 lbs
- 76 – 3.0 lbs
- Over 3 lbs
Market Breakup by Product Type:
- Whole Lobster
- Lobster Tail
- Lobster Meat
- Lobster Claw
Market Breakup by Distribution Channel:
- Food Service
- Retail
Regional Insights:
- North America
- Europe
- Asia
- Oceania
- Others
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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