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The predicted growth for the lobster market share from 2021 to 2026 is USD 4.08 billion at a progressing CAGR of 10.37%.
This lobster market forecast report extensively covers segmentations by:
The lobster market report offers information on several market vendors, including Boston Lobster, Clearwater Seafoods Inc., Douty Brothers Inc, East Coast Seafood LLC, Geraldton Fishermens Co operative, High Liner Foods (USA) Inc., Island Seafood, Nueva Pescanova SL, Supreme Lobster, Tangier Lobster, Thai Union Group PCL, and World link food distributors among others. Furthermore, our analysts have provided valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years.
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The growth in lobster restaurants is notably driving the lobster market growth, although factors such as risks associated with suppliers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the lobster industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Lobster Market Driver
The growth in lobster restaurants is one of the key drivers supporting the lobster market growth. There is a rising demand for seafood globally due to the increasing number of restaurants. Moreover, restaurant chains have begun expanding both domestically and internationally. For instance, Red Lobster operates around 50 restaurants outside of the US and Canada and has 704 locations in the US and Canada alone. Similarly, in May 2022, a new seafood restaurant was opened in Syracuse, New York, named Aloha Krab Cajun Seafood and Bar, and many small other seafood restaurants were opened around the globe in 2021. Such an increase in the number of restaurants will drive the lobster market growth during the forecast period.
Key Lobster Market Trend
Growth in e-commerce is one of the key lobster market trends contributing to the lobster market growth. Many customers now prefer to shop online and pay for their orders using credit or debit cards. This enables them to avoid time-consuming journeys and queues while shopping. Moreover, the changing trend has encouraged numerous companies to focus on new internet-savvy customers and venture into this growing retail format. Furthermore, this mode of business helps players save on operating costs, which are much lower in the online retail format when compared to the physical store format. These advantages provided by online shopping will propel the lobster market growth during the forecast period.
Key Lobster Market Challenge
Risks associated with suppliers is one of the challenges impeding the lobster market growth. Primarily, the success of vendors' businesses depends on product availability, which is interdependent on suppliers' ability to deliver goods at minimum or low costs. Further, vendors' operations are subject to various risks associated with their suppliers. They source their products from a wide variety of domestic and international suppliers. Apart from the need to abide by existing laws, suppliers should also be certified, and the products supplied should meet food standards. Thus, vendors tend to face a major challenge in finding qualified suppliers who meet set standards. Such challenges can impede the lobster market growth during the forecast period.
This lobster market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global lobster market as a part of the global packaged foods and meats under the global food products segment of the global food, beverage, and tobacco market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the lobster market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the lobster market encompasses successful business strategies deployed by the key vendors. The lobster market is concentrated and the vendors are deploying growth strategies such as price, quality, innovation, reputation, and distribution to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The lobster market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the lobster market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from North America during the forecast period. The US and Canada are the key markets for the lobster market in North America. Market growth in this region will be faster than the growth of the market in Europe.
The high incidences of thyroid disease, anemia, protein deficiency, and other lifestyle disorders among the consumers will facilitate the lobster market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic had a negative impact on the regional lobster market. However, since H2 2021, due to the availability of vaccines, the number of COVID-19 cases in the region has reduced. Trade restrictions were lifted gradually, which ensured lobster exports from the US. These measures will positively impact vendors in the regional lobster market. Thus, the regional lobster market is expected to grow during the forecast period.
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The lobster market share growth by the foodservice segment will be significant during the forecast period. Lobsters figure among the expensive dishes served in many restaurants. Many foodservice chains also offer lobster meat and lobster rolls at affordable prices to meet growing demand as also in their effort to reach the delicacy to more consumers. Moreover, red Lobster is a leading restaurant chain in the world that offers a wide range of lobster dishes. Thus, the increasing demand for lobster in foodservice will drive the lobster market growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the lobster market size and actionable market insights on post COVID-19 impact on each segment.
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Lobster Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.37% |
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Market growth 2022-2026 |
$ 4.08 billion |
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Market structure |
Concentrated |
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YoY growth (%) |
10.02 |
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Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
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Performing market contribution |
North America at 37% |
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Key consumer countries |
US, Canada, China, Japan, Germany, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Boston Lobster, Clearwater Seafoods Inc., Douty Brothers Inc, East Coast Seafood LLC, Geraldton Fishermens Co operative, High Liner Foods (USA) Inc., Island Seafood, Nueva Pescanova SL, Supreme Lobster, Tangier Lobster, Thai Union Group PCL, and World link food distributors |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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