Lobster Market Share, Size, Trends, Industry Analysis Report, By Species (American, Spiny, Rock, European); By Weight; By Product Type; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 116
- Format: PDF
- Report ID: PM3479
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global lobster market was valued at USD 7.20 billion in 2022 and is expected to grow at a CAGR of 9.13% during the forecast period. The growing production of fish meal and fish oil is one of the key factors fuelling the growth of the lobster market. Fish meal and fish oil are important ingredients in the production of lobster feed, which is used to feed farmed lobsters.
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As the global production of fish meal and fish oil increases, the availability of high-quality lobster feed has also increased, which has helped to boost the growth of the lobster farming industry. According to the Organization for Economic Cooperation and Development Agriculture Outlook, in terms of product weight, it is anticipated that production of fishmeal and fish oil from whole fish will rise in 2029 by 5.6% and 9.2%, respectively, over the baseline period. The price of fishmeal and fish oil, along with the predicted growth in catch fisheries production, are the main factors driving this increase.
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Industry Dynamics
Growth Drivers
The growing consumption of fish in Asia is fueling the growth of the lobster market by driving up demand for high-end seafood products, particularly among consumers with high levels of disposable income. By 2029, Asia will consume 75% more fish than it does now, despite not having the fastest growth rate because it is by far the biggest consumer of the fish. As a result, the lobster market is likely to continue to expand in the coming years, as the Asian market continues to grow and evolve. Lobster is a high-value seafood product that has traditionally been harvested from the wild.
However, with the increasing demand for lobster, many producers have turned to aquaculture to meet this demand. Aquaculture is expected to produce 58% of the fish used for human consumption by 2029, up from 53% in 2017–19. Aquaculture allows for the controlled cultivation of lobsters, which can be raised in large quantities and harvested at specific times to meet market demand. This has led to a more consistent supply of lobster throughout the year, rather than just during the traditional lobster season.
Report Segmentation
The market is primarily segmented based on species, weight, product type, distribution channel and region.
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By Species |
By Weight |
By Product Type |
By Distribution Channel |
By Region |
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American Lobster is expected to witness fastest growth during forecast period
American Lobster segment is projected to experience a faster growth rate for the growth in the study period. These species are highly prized for their succulent meat, and there is a high demand for them in the US, Canada, and other markets. This demand is driven by consumers' preference for the taste, texture, and quality of American lobsters. The American lobster industry has adopted sustainable fishing practices, including size limits, trap limits, and escape vents, to ensure the long-term health and viability of lobster populations. This has helped to maintain a steady supply of lobsters, which has further fueled demand.
0.5 - 0.75 lbs projected to witness for the largest market share in 2022
The 0.5 - 0.75 lbs segment is expected to witness a larger market share for the lobster market. These lobsters are smaller in size and therefore more affordable compared to larger lobsters. This makes them more accessible to a wider range of consumers who may not be able to afford larger lobsters. Smaller lobsters are versatile and can be used in a variety of dishes, such as lobster rolls, pasta dishes, and salads. This versatility makes them a popular choice for restaurants and home cooks alike. Smaller lobsters are generally considered to be healthier as they have a lower fat content compared to larger lobsters. This makes them a preferred choice for health-conscious consumers who want to enjoy lobster without consuming too many calories. The 0.5 - 0.75 lbs lobsters are more abundant in the market, and their availability is more consistent compared to larger lobsters. This makes them a more stable and reliable option for consumers and businesses.
Whole Lobster is expected to hold the significant revenue share in 2022
Whole lobster segment is expected to have a larger revenue share for the lobster market. These lobsters are typically sold at a higher price point compared to lobster meat or other lobster products. This is because consumers are willing to pay a premium for the experience of eating a whole lobster, which is seen as a luxury and indulgent item. Whole lobsters are considered a premium product and are often associated with luxury dining experiences, such as fine dining restaurants and special occasions. This premium status further adds to the demand and price of whole lobsters.
Food Service segment is projected to witness higher growth rate in the study period
Food service segment is expected to have a higher growth rate for the lobster market. Restaurants and food service providers are the primary buyers of lobster products, and the demand for lobster in the food service industry is increasing. This is driven by consumer demand for high-quality seafood products, including lobster, in restaurants and other food service outlets. With the increasing popularity of seafood and the growing demand for unique and high-quality ingredients, many restaurants are adding lobster dishes to their menus. This diversification of menus is driving the demand for lobster in the food service industry.
North America is projected to witness higher growth rate and larger revenue share in 2022
North America is projected to witness a higher growth rate and larger revenue share for the lobster market. This is because North America is the largest producer and consumer of lobsters, with the United States and Canada being the major countries that account for most of the global lobster production. It has a rich and diverse seafood industry, with various types of fish and shellfish being harvested and exported across the world. Among these, lobster is one of the most valuable and sought-after seafood items, particularly in the United States and Canada.
The growth of the lobster market in North America is largely driven by the region's position as a major exporter of seafood. Canada ($536 million), the United Arab Emirates ($11.4 million), the United States ($8.55 million), Ireland ($4.76 million), and Denmark ($2.89 million) were the main exporters of prepared or preserved lobster in 2021. This will further create a wide range of opportunities and demand for the market in coming years.
Europe registered largest growth rate in 2022
European region is expected to have the largest growth rate for the lobster market. There is a growing demand for lobster in Europe, driven by a rising interest in seafood and a preference for high-quality and sustainable products. The growth of the middle class in developing countries in Europe is also driving demand for luxury seafood, including lobster. The growth of the lobster market in Europe is partly driven by the increasing imports of fish into the region.
As Europeans become more health-conscious, there has been a growing demand for high-quality seafood products, including lobster. The growing imports of fish from regions like North America, Canada, and Australia have contributed to the growth of the lobster market in Europe. In 2020, the total cost of imported fish into Europe was $54.8 billion. Since 2015, seafood imports have increased, reaching a high of $58.0 billion in 2018. The increasing demand for lobster in Europe is expected to lead to increased imports and contribute to the growth of the market.
Competitive Insight
Some of the major players operating in the global market include Boston Lobster, Clearwater Sea-foods, East Coast Sea-food, Geraldton Fishermen’s, High Liner Foods, PESCANOVA ESPANA, Supreme Lobster, Tangier Lobster & Thai Union Manufacturing.
Recent Developments
- In November 2022, A West Australian company and an Indian distribution company have successfully concluded talks, and live western coast rock lobster will shortly be sent to India. After the deal is implemented, other products, including as mandarins and lamb, might be shipped to new Indian markets.
- In June 2022, High Liner Foods, a major North American value-added frozen seafood manufacturer, announced that it will continue to invest in updating its Newport News facility with new machinery and product lines.
Lobster Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 7.78 billion |
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Revenue forecast in 2032 |
USD 17.07 billion |
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CAGR |
9.13% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 - 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Species, By Weight, By Product Type, By Distribution Channel, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Boston Lobster, Clearwater Seafoods, East Coast Seafood, Geraldton Fishermen’s Co-operative, High Liner Foods Incorporated, PESCANOVA ESPAÑA, Supreme Lobster, Tangier Lobster & Thai Union Manufacturing Company. |
FAQ's
key companies in lobster market are Boston Lobster, Clearwater Sea-foods, East Coast Sea-food, Geraldton Fishermen’s, High Liner Foods, PESCANOVA ESPANA.
The global lobster market is expected to grow at a CAGR of 9.13% during the forecast period.
The lobster market report covering key segments are species, weight, product type, distribution channel and region.
key driving factors in lobster market are growing consumption of fish in Asia.
The global lobster market size is expected to reach USD 17.07 billion by 2032.
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