The global lobster market reached a value of US$ 5.66 Billion in 2020. Lobsters are marine crustaceans with a long cylindrical body, muscular tail, stalked eyes and five pairs of jointed legs. Covered with a chitinous exoskeleton, lobsters are typically greenish-brown in colour but turn bright red when cooked. They are a rich source of copper, phosphorous, zinc, omega-3 fatty acids, magnesium, and vitamin E and B12. Lobsters also provide protection against thyroid due to the presence of selenium which functions as an antioxidant. Apart from this, consumption of lobsters is known to reduce inflammation, boost energy and improve cognition.
Currently, the majority of lobsters are provided by Canada and the United States of America. The elimination of around 98% of the tariffs between Canada and the European Union under the recent Canada Free Trade Agreement (CETA) has been proactive in boosting Canadian exports to the northern European countries as well as creating new market opportunities in the southern European countries. In line with the decreasing trade in the EU, the US and tropical exporters are turning towards the Chinese market where lobsters have become an integral part of the luxurious dining experience supported by the rising purchasing power of the middle class. Additionally, the improving economic environment in both the developed and developing regions, and recovery in some of the major markets, including Russia and Brazil, are bolstering the market growth. Looking forward, IMARC Group expects the global lobster market to exhibit strong growth during the next five years.
Key Market Segmentation:
Market Breakup by Species:
- American Lobster
- Spiny Lobster
- Rock Lobster
- European Lobster
- Based on the species, the market has been segmented as American lobster, spiny lobster, rock lobster and European lobster. Currently, American lobsters dominate the market, holding the largest share.
Market Breakup by Weight:
- 0.5 - 0.75 lbs
- 0.76 - 3.0 lbs
- Over 3 lbs
- On the basis of weight, lobsters having weight between 0.5 lb - 0.75 lb represent the largest size. They are followed by the lobsters having a weight between 0.76 lb - 3 lb and lobsters with weight more than 3 lb.
Market Breakup by Product Type:
- Whole Lobster
- Lobster Tail
- Lobster Meat
- Lobster Claw
- Based on the product type, whole lobster represented the most popular product followed by tail, lobster meat and claw.
Market Breakup by Distribution Channel:
- Food Service
- On the basis of distribution channel, food services enjoy the leading position, followed by retail sectors.
- North America
- Region-wise, the market has been segmented into North America, Europe, Asia, Oceania and Others. Amongst these, North America is the leading market, accounting for the majority of the market share.
- The report has also analyzed the competitive landscape of the market with some of the key players currently operating in the industry.
- This report provides a deep insight into the global lobster market covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the lobster market in any manner.
Key Questions Answered in this Report:
- How has the global lobster market performed so far and how will it perform in the coming years?
- What are the key regions in the global lobster market?
- What has been the impact of COVID-19 on the global lobster market?
- Which are the popular products in the global lobster market?
- What is the key species in the global lobster market?
- What are the major distribution channels in the global lobster market?
- What are the various stages in the value chain of the global lobster market?
- What are the key driving factors and challenges in the global lobster market?
- What is the structure of the global lobster market and who are the key players?
- What is the degree of competition in the global lobster market?