According to the global lobster market report by IMARC Group, the market reached a value of US$ 5.7 Billion in 2018, growing at a CAGR of 16.7% during 2011-2018. Lobster is a type of marine crustaceans with long bodies and claws. Widely considered as a delicacy in many parts of the world, it is usually prepared by boiling or steaming. It is a rich source of protein, zinc, phosphorus, vitamin B12, magnesium and vitamin E. It also contains a high concentration of omega-3 and omega-6 fatty acids. Its consumption offers numerous health benefits including the building of new cells, repairing of damaged tissues and strengthening of bones along with reducing the risk of obesity and cardiovascular diseases.

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Market Trends:

Rising awareness about the health benefits of lobsters and increasing health-conscious consumers are the major factors driving the market growth. Owing to the easy availability of canned, frozen and vacuum-packed variants, the demand for lobsters is continually witnessing an increase across the globe. Lobsters are also available in whole pieces or chopped to be used in the preparation of cocktails, soups, stews, sandwiches and salads. The convenience offered by these products coupled with the increasing working population worldwide is influencing the growth of the market.

In addition to this, manufacturers are launching value-added and premium grade products to cater to the diversified tastes and preferences of the consumers, particularly those residing in the urban areas. Moreover, the thriving hospitality industry has led to the increasing demand for lobsters from hotels and restaurants for the preparation of various exotic delicacies including lobster paellas and Thai lobster soup. On account of the aforementioned factors, the global lobster market size is projected to reach US$ 13.9 Billion by 2024.

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Market Segmentation:

Market Performance by Species

1. American Lobster
2. Spiny Lobster
3. Rock Lobster
4. European Lobster

Market Performance by Weight

1. 0.5 – 0.75 lbs
2. 0.76 – 3.0 lbs
3. Over 3 lbs

Market Performance by Product Type

1. Whole Lobster
2. Lobster Tail
3. Lobster Meat
4. Lobster Claw

Market Performance by Distribution Channel

1. Food Service
2. Retail

Market Performance by Region

1. North America
2. Europe
3. Asia
4. Oceania
5. Others

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