The Lobster Market is expected to reach USD 13.75 Bn by 2030. The Market is driven by the consumer’s shift towards healthier diets, demand for lobster as a nutritious seafood.
Lobster Market to Hit USD 13.75 Bn by 2030
The Lobster Market was USD 6.75 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 10.7 % from 2023 to 2030, reaching USD 13.75 Bn by 2030. Lobster is considered a luxury food item, which is popular in both local and international markets, including North America, Europe, Asia, and the Middle East. By 2030, the US total market share of lobsters is predicted to reach 40%. Increased access to lobster markets across the world has been made possible by bilateral and multilateral trade agreements, such as those between the United States and other nations or Canada and the European Union. Between 2021 and 2022, the average number of American lobsters was 256 million, which was more than the 212 million industry objective. The United States, Canada, the United Arab Emirates, the United Kingdom, Ireland, and Denmark are the main exporters of lobster in North America, with over 500 million pounds exported annually.
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Lobster Market Segmentation
By Type: Usually, whole lobsters are offered for sale with their shells intact. Because of their premium status, whole lobsters have historically accounted for a sizable portion of the U.S. lobster industry. A rising market niche for lobsters in the United States is lobster tails. The meat that is extracted from the lobster shell is referred to as lobster meat, this segment is an emerging segment in the lobster market.
By Distribution channel: The Food Service segment dominates the market by acquiring about 55% of market share because lobster is a highly valued element at premium restaurants and fine dining. Retail segment is more likely to increase consumers’ preference for easy-to-cook or ready-to-eat lobster products at home.
Lobster Market Regional Analysis
In North America, the United States, and Canada are prime producers and exporters of lobster. One of the world’s biggest exporters and consumers of lobster is the United States. The yearly worth of Maine’s lobster business exceeds USD 1 billion. The US and Canada lobster market is well sustained because of fishing practices and marine conservation efforts.
Europe, The United Kingdom, France, and Spain are among the major lobster-consuming nations in the European Union. Lobster market in Europe is heavily reliant on Canada and the United States due to a relatively smaller domestic lobster industry. Trade has become more complicated as a result of Brexit, especially when it comes to the movement of lobster between the UK and the EU.
Asia-Pacific: Key players like China, Japan, South Korea, and India are emerging markets worldwide. North American imports are a major source of supply for Asian markets. Japan and South Korea have long tradition of consuming lobster.
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Lobster Market Competitive Landscape
Red Lobster (U.S.): Darden Restaurants acquired Red Lobster for approximately $2.1 billion after acquisition, Darden decided to spin off Red Lobster. After the spin-off, Red Lobster was acquired by Golden Gate Capital for approximately $2.1 billion.
Clearwater Seafoods: Canadian Shellfish Company was acquired by Clearwater Seafoods. Also, Clearwater Seafood acquired Norseman Seafood, Chesapeake Bay and Gulf of Maine Lobster Company, and Macduff Shellfish. High Liner Foods was acquired by Clearwater Seafoods for approximately CAD 1 billion.
Conclusion
- To satisfy customer demands for premium, ethically sourced goods, the sector is anticipated to see further innovation in processing technology and sustainable methods as the demand for luxury seafood grows globally.
