LONDON--(BUSINESS WIRE)--The global lobster market is expected to post a CAGR of close to 6% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the rise in lobster restaurants. The number of restaurants offering lobsters is increasing globally given the rising demand for seafood. 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. In 2018, The Lobster Pot, a Massachusetts-based lobster restaurant, announced plans to expand operations by opening more establishments across the Northeast in the US.
This market research report on the global lobster market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the new product launches as one of the key emerging trends in the global lobster market.
Global lobster market: New product launches
The increasing number of new products being offered by regional and international players will support the growth of the global lobster market. Manufacturers of frozen or processed lobster products are focusing on advanced distributive strategies to increase the market size of products. Moreover, other various technical innovations by manufacturers may further help in driving the market’s growth. For instance, in November 2016, Thai Union launched its King Oscar-branded products including lobster in China.
“Apart from new product launches, other main factors such as increasing awareness of health benefits of lobsters and growth in e-commerce are boosting the growth of the global lobster market,” says a senior market research analyst at Technavio.
Global lobster market: Segmentation analysis
This market research report segments the global lobster market by end-user (foodservice and retail) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share close to 50%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest growth followed by the EMEA region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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