Lobster Market Expected to Reach USD 17.07 billion by 2032, Expanding at 9.13% CAGR

Lobster Market Overview

The global lobster market is expected to grow significantly, according to the recently released research report by Polaris Market Research. The market was valued at USD 7.20 billion in 2022 and is expected to reach USD 17.07 billion by 2032. This growth means a robust compound annual growth rate (CAGR) of 9.13% over the forecast period, from 2023 to 2032.

Introduction to the Lobster Market

Lobsters can be described as animals with large front claws and a long body with a caudal fan. Their claws come in various sizes and are used for crushing and tearing. They are crustaceans and are closely related to crabs. Lobsters usually live in crevices and burrows, dwelling among rocks below the low tide mark, at depths of up to 60 meters. They are nocturnal creatures, which means they hide during the day and appear to eat at night.

Lobsters are scavengers. That is, they feed on sea urchins, molluscs and small crustaceans. Female lobsters provide protection to fertilized eggs for 12 months as they save them from predators. Lobster is usually prepared as a delicacy with boiling water or steaming. Cooking lobsters alive is considered to improve their flavor compared to killing them before cooking. Lobsters have a tough exoskeleton that protects the soft flesh inside. It is also known for its mouthwatering buttery taste and texture that ranges from tender to moderately chewy.

Lobster meat is a rich source of copper, selenium, and other nutrients. Lobster also contains phosphorus, zinc, magnesium, vitamin B12, vitamin E, and a tiny aggregate of omega-3 fatty acids. Consuming lobster is a tasty treat because it can be eaten as an important source of protein, added to pasta and rice, or used to decorate salads by chopping it over them. Additionally, lobster can be added to patties and burgers.

The high selenium content of lobster makes it beneficial for proper thyroid function. It acts as an antioxidant that helps regulate and treat thyroid hormones. Eating lobsters also has psychological benefits, such as they portray a reduction in aggression, impulsivity, and depression in adults. Selenium also helps children overcome attention deficit hyperactivity disorder (ADHD). Its daily use ensures that copper works with iron to configure red blood cells. Regular consumption of lobster can help overcome anemia because it contains a lot of copper.

Drivers of the lobster market

Changing Culinary Patterns: The development of culinary patterns and changing inclination for tasteful foods is driving the growth of the lobster market. Lobster used to be considered a luxury delicacy, but it has now become the most sought-after food by all consumers. The reasons for this change are changing eating habits, increased income, and a tendency to enjoy good food. Lobster is increasingly becoming the preferred choice due to its versatility and presence in many cuisines. Its succulent and flavorful meat has become an integral part of various dishes, from conventional lobster in North America to European lobster thermidor to inventive fusion dishes in Asia.

Increasing Market Accessibility: The expansion of global trade has become an important driver of the market. Advances in transportation and logistics have made it easier to transport live lobster and frozen lobster exports from one continent to another. Lobsters are finding a place in a more associated global market due to international trade agreements and trade liberalization policies. Lobster-rich countries have opened doors to export opportunities, expanding the market beyond regional borders. Thus, the growing supply and demand for lobster in various markets, as well as efficient supply chains, are driving the market forward.

Lobster Market Trends

Growing demand for sustainable and traceable food

The growing sustainable lobster fishery and traceability trends are shaping the landscape of the lobster market. There is an increase in the number of consumers who are considering the influence of ecology on their food choices, and they are prioritizing sustainably harvested seafood, including lobster. This trend has encouraged fishers, processors and stakeholders to adopt green practices and traceability measures. Organizations such as the Marine Stewardship Council (MSC) or the Aquaculture Stewardship Council (ASC) encourage responsible fishing practices. Consumers are realizing that lobster fishing and farming is done in an environmentally friendly manner in order to have the least negative ecological influence, improve conservation, and enhance the comfort of coastal communities.

Changing consumption patterns around the world

Consumption patterns are undergoing a major shift in both traditional and emerging regions. In general, lobsters have a huge popularity in North America, especially in the United States and Canada. Factors such as globalization, increased opulence, and developing culinary preferences in Asian, European, and Middle Eastern markets are driving the demand for lobsters. To meet these new consumer demographics, exporters and suppliers have been expanding their efforts. The heterogeneity of lobster dishes in restaurants and increasing availability in retail markets have created opportunities beyond its conventional stronghold.

Overview of lobster market segments

The segmentation of the lobster market is mainly based on species, weight, product type, distribution channel, and region.

Species Insights Lobster Market Assessment

On the basis of species, the U.S. lobster segment is expected to witness the fastest growth during the forecast period. It is abundantly found on the Atlantic coast of North America and is known for its superior taste and quality. According to the National Oceanic and Atmospheric Administration (NOAA), U.S. lobsters are primarily caught from Maine to North Carolina, contributing significantly to the U.S. seafood industry. Currently, American lobster populations remain robust, supported by sustainable fisheries management practices and innovative lobster fishing techniques. Moreover, the distinct application of this species in foods, ranging from whole lobsters served in gourmet formations to its easy availability in processed products such as frozen tails and pre-cooked meat, makes it accessible and attractive to different consumer segments.

Lobster Market Assessment by Weight Analysis

On the basis of weight, the 0.5-0.75 lbs segment dominated the market. This is mainly because chefs and culinary experts prefer this size for the preparation of delicious dishes. Smaller lobsters are generally preferred for their delicate meat, making them a highly sought-after ingredient in dishes such as pasta, lobster rolls, and other epicurean seafood dishes. Their approval is also motivated by their accessibility and cost-effectiveness, unlike larger lobsters. In addition, sustainable fishing practices in Maine have ensured a steady supply of these small lobsters, supported by environmentally friendly fishing methods.

Major Players in the Lobster Market

Major competitors in the market are making significant investments in research and development, in order to improve their offerings, which will help the lobster market grow exponentially. Some of the key players in the market are: