The Rising Number of Product Innovations by Key Players Augmenting Market Growth
Key players are introducing value-added products, such as smoked lobster, lobster jerky, lobster oil, and lobster spreads. They are also launching frozen and canned lobster-based food products to expand their product portfolio. Leading players are focusing on launching innovative packaging solutions like vacuum skin-packed lobster, which keeps the product fresh by eliminating contact with air and preventing contamination. Such innovations are creating a positive outlook for the market.Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. The market structure is fragmented due to the presence of large number of players in the market. The volume of new entrants is moderate in the lobster industry due to low product differentiation.
- What is Lobster?
COVID-19 Impact:
The COVID-19 pandemic outbreak caused a significant impact on the lobster industry and imposed unprecedented challenges on several countries. With restaurants that closed or limited their operations, there was less demand for lobsters, and many fishermen were left with an excess of product. Moreover, the pandemic caused disruptions to the supply chain. With many processing plants closed or operating at reduced capacity, fishermen struggled to find buyers for their catch. The closure of restaurants and catering facilities also led to the cancellation of events such as weddings and banquets, which are typically major sources of demand for lobster. In addition, the pandemic had an adverse effect on the export of lobster. With international borders closed or heavily restricted, trade in lobster and other seafood products was significantly impacted. As a result, many fishermen and lobster farmers experienced significant financial losses during the pandemic. Governments in some countries provided financial assistance to those in the seafood industry, but for many, the damage had already been done.Lobster Market Trends:
The increasing consumption of seafood like lobster due to the rising awareness among individuals about its health benefits, especially among fitness enthusiasts, gym goers, and athletes to gain muscle mass and energy, represents one of the major factors bolstering the market growth around the world. Moreover, commercial spaces, including cafes, restaurants, and luxury hotels, are incorporating lobster based dishes, including pasta, pizza, sushi, salad, burger, rolls, and mac and cheese, in their menu. This, along with the flourishing food and beverage (F&B) sector, is favoring the growth of the market. In addition, the growing number of consumers that are opting for lean meat and protein-rich food like lobster in their daily diets is influencing the market positively. Apart from this, the increasing consumer preference towards lobster based ready to eat (RTE) food products on account of rapid urbanization, busy schedules, rising working population, and the expanding purchasing power of consumers is strengthening the growth of the market. Furthermore, stringent regulations implemented by the governing agencies of numerous countries about food safety, which include mandatory certificates to prove the adoption of sustainable fishing methods, are creating a positive outlook for the market.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global lobster market report, along with forecasts at the global and regional level from 2024-2032. The report has categorized the market based on species, weight, product type and distribution channel.Species Insights:
- American Lobster
- Spiny Lobster
- Rock Lobster
- European Lobster
Weight Insights:
0.5 - 0.75 lbs0.76 - 3.0 lbs
Over 3 lbs
A detailed breakup and analysis of the lobster market based on the weight has also been provided in the report. This includes 0.5 - 0.75 lbs, 0.76 - 3.0 lbs, and over 3 lbs. According to the report, 0.5 - 0.75 lbs accounted for the largest market share due to the increasing consumption of lobster tail around the world.Product Type Insights:
- Whole Lobster
- Lobster Tail
- Lobster Meat
- Lobster Claw
Distribution Channel Insights:
- Food Service
- Retail
Regional Insights:
- North America
- Europe
- Asia
- Oceania
- Others
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global lobster market. Some of the companies covered in the report include:
- Boston Lobster
- Clearwater Seafoods
- East Coast Seafood Group
- Geraldton Fishermen's Co-operative
- High Liner Foods Incorporated
- PESCANOVA ESPAÑA SL
- Supreme Lobster
- Tangier Lobster
- Thai Union Manufacturing Company Ltd
Key Questions Answered in This Report
1. What was the size of the global lobster market in 2023?2. What is the expected growth rate of the global lobster market during 2024-2032?
3. What are the key factors driving the global lobster market?
4. What has been the impact of COVID-19 on the global lobster market?
5. What is the breakup of the global lobster market based on the species?
6. What is the breakup of the global lobster market based on the weight?
7. What is the breakup of the global lobster market based on the product type?
8. What is the breakup of the global lobster market based on the distribution channel?
9. What are the key regions in the global lobster market?
10. Who are the key players/companies in the global lobster market?
Table of Contents
Companies Mentioned
- Boston Lobster
- Clearwater Seafoods
- East Coast Seafood Group
- Geraldton Fishermen’s Co-operative
- High Liner Foods Incorporated
- PESCANOVA ESPAÑA SL
- Supreme Lobster
- Tangier Lobster and Thai Union Manufacturing Company Ltd.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 146 |
Published | March 2024 |
Forecast Period | 2023 - 2032 |
Estimated Market Value ( USD | $ 7.6 Billion |
Forecasted Market Value ( USD | $ 16 Billion |
Compound Annual Growth Rate | 8.6% |
Regions Covered | Global |
No. of Companies Mentioned | 8 |