About Lobster
Lobster, highly prized seafood, is a shellfish variety used as food materials. Seafood is rich in protein and considered to be one of the main ingredients for overall physical growth. Lobsters, being high in protein, have various health benefits. Owing to rising demand of seafood products, number of restaurants offering lobster is increasing which is driving the global lobster market. Large amount of lobsters are being consumed through restaurants and retailer contribution to lobster market is still meager. High prices of lobsters make it one of the economically important commodities. Due to which, various technological advancements are going on to ensure that stock remains intact and many efforts are taken to ensure it reaches to consumer in better condition.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia-Pacific |
Largest Market Share | 46.0% |
Unit | Value (USD Million) |
CAGR | 3.0% |
Very Few Sea Food Producing players are available across the globe as compared to incoming demand. Thus, it is favorable for new entrant to enter into market to cope up with the exceeding demand. The overall Lobster is fragmented due to the presence of new players.The Players having a strong hold in the market are Tangier Lobster, Clearwater Seafoods, East Coast Seafood Group. Analyst at AMA Research estimates that United States and Canada Players will contribute the maximum growth to Global Lobster market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Boston Lobster Company (United States), Clearwater Seafoods (Canada), East Coast Seafood Inc. (United States), Supreme Lobster (United States), Tangier Lobster Company Limited. (Canada), Garbo Lobster (United States), The Lobster Co. (The Lobster Co.), Pescafina (Spain), Riverside Lobster International Inc. (Canada) and Yankee Lobster Company (United States) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Lobster market by Type (Japanese lobster, South African west coast lobster, Mozambique lobster, Chilean lobster, Maine Lobster, Blue lobster, Norway lobster and Others), Application (Foodservice and Retail) and Region.
On the basis of Type, American Lobster are dominating the market in the year 2023On the basis of application, Foodservice segment is dominating the market and held 61.0% of market share in the year 2023 where as Retail segment stood as second largest market with a holding of 39.0%.On the basis of geography, the market of Lobster has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Weight, the sub-segment i.e. 0.5 lb - 0.75 lb will boost the Lobster market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. Asia-Pacific is projected to be the fastest-growing market, expanding at a CAGR of 4.0% from 2023 to 2030.
Influencing Trend:
Product Globalization and Online Sales Growth, New tools that assist in climate change effects and aid fisheries management and Up-gradations in Fishing Techniques and Supply Chain
Market Growth Drivers:
Rise in Demand for Seafood Products, Rising Aquaculture Activities and Lobster Production and Increasing Awareness about Numerous Health Benefits of Lobster
Challenges:
Lobster Landing will have adverse impact on oceans’ biological productivity and activities, Climate Change has Led to Rise in CO2 emission and Rising Ocean Pollution
Restraints:
Seasonal availability led to a rise in prices, Geographically Concentrated Availability of Lobster and Traditional Food Habits may Hamper The Global Lobster Market Growth
Opportunities:
Upsurging Demand from North America and China, Rising Import Activities in the Global Market and New feeds as well as production technologies will be key to aquaculture’s growth
Market Leaders and their expansionary development strategies
In July 2023, PDS Lifestyle Ltd, a subsidiary of PDS Ltd, has proposed to acquire a 100% stake in New Lobster Ltd, which will serve as the global hub for the Ted Baker brand.
In February 2024, P.E.I., launched a new lobster dip, the first of several new products that will mean more work at the plant while using up leftover lobster and crab meat.
National Oceanic and Atmospheric Administration (NOAA), an American fishery agency adopted the guidelines made by Atlantic States Marine Fisheries Commission regarding landing of lobsters. As per the guidelines the landing limit is only for non-trap fishing. In fishing of lobsters, the agency allows either to perform trap fishing or non-trap, but not both.
Key Target Audience
Seafood Manufacturers, Seafood Distributors and Traders, Government and Private Research Organisations, Hotel Industry and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.