Lobster Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)

The global lobster market size reached around USD 9.19 Billion in 2024. The market is projected to grow at a CAGR of 7.50% between 2025 and 2034 to reach nearly USD 18.94 Billion by 2034. The market growth can be attributed to the growing consumer demand for premium dining experiences and the expansion of existing food service outlets serving lobsters. Moreover, the rising availability of canned and frozen lobsters is expected to enhance off-trade consumption of lobsters significantly, thereby driving the market growth.

Global Lobster Market Growth

By 2030, the consumption of aquatic animals is expected to rise by 15% and the market supply is expected to reach around 21.4 kilograms per individual. Evolving dietary trends which focus on holistic nutrition and animal welfare, changes in post-harvest practices, and rapid industrialisation and urbanisation are some drivers of the lobster market expansion. By 2030, the aquaculture industry is expected to reach a size of 106 million tons whereas seafood production (excluding algae) is likely to record 202 million tons.

By 2030, aquaculture is expected to accommodate 50-80 million tons of the demand for seafood products, thereby favourably influencing the lobster market dynamics. Based on industry estimates, the global per capita consumption of aquatic animals is around 20.2 kilograms. In 2020, around 89% of the world’s total production of aquatic animals was used for direct human consumption (over 157 million tons), and they accounted for over 50% of animal protein consumption by consumers in Asia and Africa. Around 70% of the world’s seafood production in 2020 was concentrated in Asia, followed by North America, Europe, and Africa. Based on market forecasts, the Asia Pacific is expected to witness a noticeable increase, driven by rapid population growth and increasing demand for protein-rich food items.

Key Trends and Developments

The rising catch of American lobster; the growing popularity of Caribbean lobster; increasing lobster production in Vietnam; and soaring demand for lobster in China are the major factors driving the lobster market growth.

June 2024

Canada's Fisheries and Oceans Department announced the implementation of a data collection plan for Lobster Fishing Area 19, which includes the north side of the Gaspé Peninsula. The new data aims to help assess if the lobster stock can support additional commercial fishing while ensuring the conservation of resources.

May 2024

Brazil’s Ministry of Fisheries and Aquaculture and the Ministry of Environment and Climate Change issued a joint ordinance for establishing a scientific limit of 6,192 tons of catch of red and green lobster along the Brazilian coast. This is expected to favourably impact the marine environment for lobsters and increase fishing yield for farmers in the long run, thereby leading to the lobster market expansion.

March 2024

As per the Vietnam Association of Seafood Exporters and Producers, the nation’s exports recorded a y-o-y growth of 18% during the first two months of 2024 and reached USD 30 million. Scalloped spiny lobster exports recorded an 80x growth in terms of value of export and accounted for over 90% of the total export value.

Rising appeal for ready-to-eat lobster items

Consumers leading a hectic lifestyle desire convenient seafood options like ready-to-eat lobsters that require minimal preparation effort and constitute a gourmet meal plan. The growth of the digital food retail platforms has further bolstered the lobster market development.

Rising catch of American lobster

Canada accounts for 50% of the catch of the American lobster, which accounts for 60% of the world’s lobster production. It is extensively found along the southern Gulf of Saint Lawrence and Nova Scotia, which support a thriving fishing and aquaculture industry. This is supporting the global lobster market expansion as the demand for fresh American lobsters continues to rise across the world.

Rising popularity of Caribbean lobster

As per the Western Rock Lobster Fishery of Australia, Caribbean spiny lobster constitutes a 40% lobster market share in terms of production since it is renowned for its sweet and tender meat. The Latin America and North America regions account for nearly 90% of the production of spiny lobsters, including countries like Cuba, Brazil, and the Bahamas.

Increasing lobster production in Vietnam

As per the market analysis, the price and volume of live lobster imported by China from Vietnam increased significantly in 2022. This indicates increasing global acceptance of quality seafood produce in Vietnam, along with the adoption of sustainable harvesting and farming practices.

Soaring demand for lobster from China

With the growth of China’s affluent urban population on the East Coast, the demand for lobster consumption is expected to increase steadily, as live, imported seafood is regarded as a luxury social symbol. The establishment of premium seafood restaurants and rising consumer disposable incomes are expected to favourably impact the market dynamics in the coming years.

Global Lobster Market Trends

Increasing volume of lobster trade between Vietnam-China

During January-September 2024, China’s imports of Vietnamese lobster rose to USD 205.87 million, thereby recording a 3,285% year-on-year growth. As per China’s General Administration of Customs, lobsters accounted for 37% of all shipments from Vietnam, which can be attributed to the rising appeal for high-end foods among people and a 23% year-on-year reduction in import prices. During September 2024, Vietnamese lobster imports by China recorded a monthly growth rate of 133.9%. This trend is also prominent among other Asia Pacific countries, thereby making Vietnam a key stakeholder in the lobster market share.

Rising popularity of Caribbean lobster

Caribbean spiny lobster, alternatively known as Panulirus argus, is the most commercially significant lobster species by volume, which is boosting the lobster market revenue. Other commercially important species include the Western Rock Lobster present along the Western Australian coast, and the Southern rock lobster found along New Zealand’s coast. Over the forecast period, the growing demand for protein-rich seafood is expected to play a critical role in driving the supply of Caribbean spiny lobster, thereby leading to market growth.

Global Lobster Industry Segmentation

The report titled “Global Lobster Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Species

• American Lobster
• Spiny Lobster
• Rock Lobster
• European Lobster

Breakup by Type

• Fresh
• Frozen
• Canned

Breakup by Weight Type

• 0.5 - 0.75 lbs
• 0.76 - 3.0 lbs
• Over 3 lbs

Breakup by Product Type

• Whole Lobster
• Lobster Tail
• Lobster Meat
• Lobster Claw

Breakup by Distribution Channel

• Food Service
• Retail

Global Lobster Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period of 2025-2034, the market for lobster in the Asia Pacific is expected to grow at a CAGR of 8.4% due to the evolving dietary preferences of consumers and rising export demand. The lobster market analysis suggests that India and Australia are expected to grow at a CAGR of 9.6% and 5.7% due to improvements in aquaculture technologies that have made lobster production more sustainable and efficient.

Based on type, the market is divided into fresh, canned, and frozen. The lobster market forecast suggests that frozen lobster demand is expected to grow at a CAGR of 8.0% during the forecast period of 2025-2034 due to its ease of storage and evolving consumer perceptions towards seafood consumption.

Leading Companies in the Global Lobster Market

Major players are capitalising on the evolving dietary patterns of consumers to serve them sustainably-source seafood in a transparent manner. Moreover, they are expanding their existing distribution networks and introducing value-added lobster products to boost the lobster market revenue. By investing in advanced aquaculture technologies, companies can enhance their competitiveness and enhance their market share in the Asia Pacific region.

Boston Lobster Company

Boston Lobster Company was founded in 1986 and is headquartered in Massachusetts, United States. It is one of the world's premier live lobster distributors and is focusing on expanding consumer accessibility to hard-shell lobsters.

Clearwater Seafoods LP

Clearwater Seafoods LP was founded in 1976 and is headquartered in Nova Scotia. It is amongst North America's biggest vertically-integrated seafood companies which specialises in producing and distributing lobsters, snow crabs, and scallops.

Ready Seafood

Ready Seafood was founded in 2004 and is headquartered in Maine, United States. It is one of the world’s leading exporters of frozen and live lobster, among other seafood products.

East Coast Seafood Company

East Coast Seafood Company was founded in 1981 and is headquartered in Massachusetts, United States. It is a part of the East Coast Seafood Group and was recognised as one of the top 25 seafood suppliers in North America by Seafood Business.

Other players included in the lobster market report are Mazzetta Company, LLC, Luke's Lobster, Westmorland Fisheries Ltd., Champlain Seafood, Cozy Harbor Seafood, Inc., and Shucks Maine Lobster, among others.