The Global Lobster Market turned US$6.36 billion in 2023 from 13.60 billion. It is anticipated to grow at a CAGR of 8.81% during 2024-2032.
A lobster is a sea creature with a unique presence, a complex and spiky exterior, two massive claws, and long feelers. This marine animal has a remarkable supply of protein, omega-3 fatty acids, nutrients, minerals, and different essential vitamins, which include zinc, selenium, copper, magnesium, phosphorous, and calcium. Consuming lobster can help enhance metabolism, able to gain weight, enhance brain fitness, lessen oxidative strain, decrease infection, save you from coronary heart disease and stroke, and control lupus, eczema, and rheumatoid arthritis. Furthermore, it’s been found to lower levels of cholesterol and prevent continual degenerative illnesses. The lobster market is anticipated to develop due to the upward push in disposable income, lifestyle and change eating habbits, and the numerous health advantages of eating this seafood.
World’s Lobster Statistics
- In 2022, the US sold 119M pounds of lobster worth $515M. The total supply in 2019 was 202.83M pounds.
- Mexico’s annual per capita consumption was approximately 14.0 kg in 2019. In 2021, Mexico ranked third in Latin America in the volume of capture fisheries, with a total of about 1.62 million tons.
- The MSC UK and Ireland Market Report 2023 states that in 2022/23, 154,543 tons of MSC-certified fish and seafood were sold in the UK and Ireland, indicating a 1% increase from the previous year.
- France consumes approximately 300 tons of lobster annually. However, the actual market demand for lobster is much higher than the quantity France consumes.
- In the first seven months of 2023, China imported 32,358 tons of lobsters worth over 962 million USD, a 19% increase in volume.
- In 2021, Indonesia’s 12 lobster-producing provinces yielded 512.23 tons. In 2022, West Nusa Tenggara contributed 137.7 tons.
- As per the Australian Department of Agriculture, Fisheries and Forestry, the nominal production value of rock lobster is expected to increase to $403 million in 2023–24.
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Asia Pacific Lobster Industry
The Asia Pacific region is a massive lobster market pushed by accelerated intake in countries like China. Lobster symbolizes social status and affluence; buyers consider it rich decadent. It incorporates fewer calories than chicken, and consumers are willing to pay a high charge. China’s 14th five-year National Fisheries Development Plan objectives to provide 69 million tons of aquatic products by 2025.
The rising adoption of lobster as a top-class food product in countries like China, Japan, and South Korea is a primary component riding lobster imports in Asia. The increasing number of center-elegance individuals within the region willing to spend on premium seafood items and lobsters’ reputation in nearby cuisines, especially in festive seasons and celebrations, are giant growth-inducing elements. Advancements in aquaculture practices, sustainable fishing methods, and investments in lobster farming techniques in countries along with Vietnam and Indonesia are pivotal in meeting the rising demand for lobsters and catalyzing market growth. Government bodies promoting sustainable lobster harvesting and exchange agreements with main lobster-producing areas are fueling the boom of the Asia Pacific lobster market.
Lobster Market Company Analysis
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 prominent companies in the global lobster market.
Lobster Market Company News
- Frescatto and Prime Seafood merged in March 2024 to create a new entity primarily based in Rio de Janeiro.
- Phillips Foods received 2 centers in Canada in March 2024 to process lobster and snow crab, coinciding with the release of new merchandise.
- In February 2023, Northern Wind brought its new line of lobster products at Seafood Expo North America.
- In March 2023, East Coast Seafood Group and Whitecap International Seafood Exporters collaborated to increase and market frozen and pasteurized seafood products.
- Premium Brands introduced in May 2023 that it planned to acquire several “downstream” agencies for its Clearwater Seafoods division. The purpose is to shift the company’s focus towards cost-added products.
- Shiok Meats unveiled the primary-ever cell based lobster meat in November 2020.
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
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