Lobster Market Catalyzed by Thriving Hospitality Industry
Global Lobster Market to Reach US$ 13.9 Billion by 2024, Catalyzed by Thriving Hospitality Industry
By: IMARC Group
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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