Lobster Market is Expected to Reach US$ 13.9 Billion by 2024-IMARC Group

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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 Breakup by Weight

Based on the weight, lobsters having a weight between 0.5 lbs. - 0.75 lbs. exhibit a clear dominance in the market. Other major segments include lobsters having a weight between 0.76 lbs. - 3 lbs. and lobsters weighing more than 3 lbs.

Market Breakup by Product Type
On the basis of the product type, the market has been divided into whole lobster, tail, lobster meat and claw. Amongst these, whole lobster is the most popular product type.

Market Breakup by Distribution Channel
Based on the distribution channel, the market has been bifurcated into the food services and retail sectors. The food service sector currently represents the largest segment.

Market Breakup by Region
On the geographical front, North America holds the leading position in the market. Other key regions include Europe, Asia, Oceania and Africa.

Market Breakup by Species
The competitive landscape of the global lobster market has also been studied with the detailed profiles of some of the major players which include East Coast Seafood, Garbo Lobster, High Liner Foods, Pescanova and Thai Union.

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