How much money does the lobster industry make each year?

Answer 1

The lobster industry generates significant revenue, with the U.S. alone producing around $500 million to $600 million annually, primarily from the American lobster. In Canada, the industry also contributes substantially, with landings often exceeding $1 billion in value. Overall, the global lobster market can be valued at over $2 billion yearly when considering exports and other markets. These figures can fluctuate based on factors such as market demand, fishing regulations, and environmental conditions.