Global Lobster Market Set to Surge to US$13.60 Billion by 2032 with Asia Pacific Dominating Lobster Consumption

Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "Global Lobster Market Report by Species, Weight, Product Types, Distribution Channel, Region and Company Analysis 2024-2032" report has been added to's offering.

The global lobster industry is experiencing a significant growth trajectory, with projections indicating a rise from US$ 6.36 Billion in 2023 to an impressive US$ 13.60 Billion by the year 2032. This marks a steady compound annual growth rate (CAGR) of 8.81% over the forecast period. This expansion is bolstered by rigorous mergers, acquisitions, and strategic collaborations among key industry players, fueling innovation and market diversification.

Health Benefits Elevate Lobster Demand

The market upswing is partially attributed to the increasing awareness of the health benefits associated with lobster consumption. Packed with omega-3 fatty acids, vitamins, and essential minerals, lobster is lauded for its ability to improve metabolism, aid brain function, and reduce the risk of heart diseases and inflammatory conditions. These factors are influential in the expanded use of lobster across diverse culinary applications.

Asia Pacific Dominates Lobster Consumption

The Asia Pacific region is notably the largest consumer of lobster, with China at the forefront, celebrating the crustacean as a symbol of luxury and opulence in culinary settings. Despite projected ebbs in Asian market demand, the global seafood consumption rate is expected to incrementally grow, as indicated by an OECD/FAO report.

Leading Companies in the Lobster Market

The report identifies leading companies that dominate the lobster market sphere, including entitles like High Liner Foods Incorporated, Clearwater Seafoods, and Thai Union Manufacturing Company Ltd, among others. These entities have been extensively profiled, covering their recent developments and revenue analysis.

New Product Innovations

2024 has ushered in new product launches, leveraging lobster's versatility and appeal. Innovative offerings such as upcycled lobster ingredient-based lip treatments and lobster dips have hit the market, reflecting the industry's adaptability and responsiveness to evolving consumer preferences.

Detailed Market Segmentation

The report provides a comprehensive breakdown of the global lobster market based on species, weight, product types, and distribution channels. This detailed segmentation illustrates the depth and complexity of the lobster market, encompassing a vast array of consumer demands across various regions. Additionally, the report encapsulates extensive data on lobster market dynamics within 25 geographically diverse countries.

The global market for lobster is illustrative of dynamic growth, innovation, and strategic industry maneuvers, all poised to cater to the burgeoning demand and preferences of a global clientele.

Key Attributes:

Report AttributeDetails
No. of Pages200
Forecast Period2023 - 2032
Estimated Market Value (USD) in 2023$6.36 Billion
Forecasted Market Value (USD) by 2032$13.6 Billion
Compound Annual Growth Rate8.8%
Regions CoveredGlobal

Companies Featured

  • Boston Lobster
  • Clearwater Seafoods
  • High Liner Foods Incorporated
  • Thai Union Manufacturing Company Ltd,
  • East Coast Seafood Group
  • Geraldton Fishermen’s Co-operative
  • Supreme Lobster
  • Tangier Lobster

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Global Lobster Market

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