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The lobster market size is forecast to increase by USD 3.9 billion, at a CAGR of 10.03% between 2023 and 2028.
Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
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The market continues to evolve, driven by various factors including water quality parameters, population dynamics modeling, and parasite load assessment in aquaculture lobster farming. Lobster growth modeling and climate change adaptation are crucial elements in ensuring optimal production levels, as evidenced by a 10% increase in sales for a leading aquaculture company. The industry anticipates a 5% annual growth rate, with ongoing research in areas such as shell disease prevalence, size at maturity, and lobster reproduction. Technological advancements play a significant role in the market's continuous unfolding. For instance, temperature monitoring systems and molting cycle monitoring enable farmers to optimize feeding frequency and minimize the impact of ocean acidification.
Additionally, habitat restoration techniques and environmental monitoring help maintain healthy ecosystems, while selective fishing gear and bycatch reduction strategies promote sustainable practices. Parasite load assessment, antibiotic resistance monitoring, and disease detection methods are essential for maintaining lobster health. Shell hardness measurement and predator avoidance behaviors contribute to the overall market dynamics, as does the ongoing development of lobster trap design and larval rearing techniques. Furthermore, trawl fishing methods and stock assessment techniques are subject to ongoing refinement, ensuring the long-term viability of the market. Microbial community analysis and genetic diversity analysis offer valuable insights into the health and sustainability of lobster populations.
These research areas, along with escapement mechanisms and sustainable fishing practices, contribute to the market's ongoing evolution and the ongoing adaptation to the challenges posed by climate change and other environmental factors.
The lobster industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The food service segment is estimated to witness significant growth during the forecast period.
The market is driven by the significant demand from the foodservice industry, which is the largest end-user segment. Lobsters are prized for their luxurious taste and are featured in various expensive dishes served at restaurants worldwide. To cater to the growing demand and make lobster accessible to a larger consumer base, many foodservice chains offer affordable lobster meat and lobster rolls. For instance, Red Lobster, a leading restaurant chain, offers an extensive menu of lobster dishes. Additionally, fast, casual, and quick-service restaurants are also incorporating lobster into their menus. Population dynamics modeling, parasite load assessment, and climate change adaptation are crucial aspects of the lobster industry.
Aquaculture lobster farming and lobster growth modeling are essential for maintaining a sustainable supply. The industry also focuses on temperature monitoring systems, molting cycle monitoring, and habitat restoration techniques to ensure optimal lobster health. Antibiotic resistance monitoring, feeding frequency optimization, and selective fishing gear are employed to minimize the environmental impact and promote sustainable practices. Disease detection methods, lobster trap design, and larval rearing techniques are essential for maintaining lobster populations. Bycatch reduction strategies, microbial community analysis, and genetic diversity analysis are other critical areas of research to ensure the long-term sustainability of the lobster industry. The industry is expected to witness steady growth, with a significant increase in demand for lobster dishes due to their popularity and perceived health benefits.
For example, the US market size was valued at USD 1.2 billion in 2020 and is projected to reach USD 1.5 billion by 2025, representing a substantial growth in demand. The industry's focus on sustainable practices, innovative technologies, and consumer preferences for high-quality seafood will continue to drive market growth.
The Food service segment was valued at USD 4.19 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The North American market experiences moderate growth, driven by rising demand due to the health benefits of lobsters, which include selenium and omega-3 fatty acids. Canada, as a leading importer, dominates the regional landscape, with key players such as Tangier Lobster Co. Ltd, Clearwater Seafoods LP., and East Coast Seafood Group LLC contributing significantly. Population dynamics modeling and parasite load assessment are crucial in maintaining a healthy lobster population. Aquaculture lobster farming and lobster growth modeling enable efficient production, while climate change adaptation strategies ensure industry resilience. Temperature monitoring systems and feeding frequency optimization are essential for optimal lobster development.
Molting cycle monitoring and habitat restoration techniques support sustainable practices, mitigating the impact of ocean acidification. Disease detection methods, including shell disease prevalence assessment, enable early intervention and reduce losses. Selective fishing gear and bycatch reduction strategies minimize environmental impact. Genetic diversity analysis and egg production estimation are vital for long-term market sustainability. The market is expected to grow by 5% annually, underpinned by these evolving trends. A successful example of these practices is the implementation of a temperature monitoring system in a lobster farm, resulting in a 20% increase in lobster survival rates.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The lobster market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the lobster market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, lobster market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Boston Lobster - This company specializes in providing a diverse selection of lobster feasts and seafood offerings, catering to various tastes and preferences.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Lobster Market insights. See full methodology.
Market Scope |
|
Report Coverage |
Details |
Page number |
142 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.03% |
Market growth 2024-2028 |
USD 3902.3 million |
Market structure |
Concentrated |
YoY growth 2023-2024(%) |
8.88 |
Key countries |
US, China, Germany, Canada, France, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this lobster market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 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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