IMARC Group, a leading market research company, has recently releases report titled “GCC Lobster Market Report by Species, Weight, Product Type, Distribution Channel, and Region 2023-2028” The study provides a detailed analysis of the industry, including the GCC lobster market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the GCC lobster market?
The GCC lobster market is projected to exhibit a growth rate (CAGR) of 3.90% during 2023-2028.
What is lobster?
Lobster is a marine crustacean belonging to the family Nephropidae. Renowned for its succulent flesh and distinctive taste, lobster is considered a delicacy in many cuisines worldwide. With a hard exoskeleton and ten appendages, lobsters exhibit a notable anatomical structure. Typically found in cold waters, lobsters are commonly harvested from the North Atlantic Ocean and the northeastern coast of North America. Lobster’s popularity in culinary circles stems from its rich, flavorful meat, which can vary from tender to firm depending on the cooking method employed. Its distinct taste and versatility have led to its inclusion in various dishes, ranging from gourmet preparations to casual fare like lobster rolls. The harvesting and distribution of lobster also play a significant role in several coastal economies, contributing to local fisheries and seafood trade.
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What are the growth prospects and trends in the GCC lobster industry?
The GCC nations are popular tourist destinations, attracting visitors from around the world. The thriving hospitality sector caters to diverse culinary preferences, and lobster’s reputation as a gourmet delicacy enhances its appeal to tourists seeking memorable dining experiences. Additionally, seafood has cultural roots in the GCC region. Consumed for generations, seafood, including lobster, holds symbolic value in local cuisines and celebrations. This cultural significance contributes to sustained demand, even beyond economic trends. Other than this, the GCC lobster market is influenced by international trade and globalization. As supply chains expand, consumers in the GCC can access fresh lobster from various sources. This has led to increased awareness and demand for lobster products. Besides this, lobster is widely adopted not only for its taste but also for its nutritional benefits. Rich in protein, vitamins, and minerals, lobster is perceived as a healthy choice among consumers who prioritize wellness and nutritional value in their diets. In line with this, the GCC region’s commitment to sustainability is translating into consumer preferences for responsibly sourced seafood. This factor drives interest in well-managed lobster fisheries and sustainable aquaculture practices, shaping procurement decisions of both consumers and businesses. Furthermore, chefs and restaurants in the GCC continually experiment with lobster preparations, creating innovative dishes that appeal to a wide range of palates. Culinary creativity further stimulates demand and introduces new dimensions to the lobster market.
Moreover, aggressive marketing efforts by seafood suppliers and retailers play a pivotal role in driving lobster consumption. Promotions, branding, and endorsements by celebrity chefs contribute to raising awareness and fostering interest in lobster as a dining choice. Not only this, but the GCC region, characterized by high disposable incomes and a penchant for luxury dining, serves as a substantial driver for the lobster market. Affluent consumers are more inclined to indulge in premium seafood offerings, including lobsters, which are often associated with exclusivity and opulence.
What is included in market segmentation?
The report has segmented the market into the following categories:
- American Lobster
- Spiny Lobster
- Rock Lobster
- European Lobster
- 5 – 0.75 lbs.
- 76 – 3.0 lbs.
- Over 3 lbs.
Product Type Insights:
- Whole Lobster
- Lobster Tail
- Lobster Meat
- Lobster Claw
Distribution Channel Insights:
- Food Service
- Saudi Arabia
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