The Lobster Institute at the University of Maine was established in 1987 as the result of the united efforts of the Maine Lobstermen’s Association, the Maine Lobster Pound Association, the Maine Import/Export Lobster Dealers, and the University of Maine Maine Sea Grant program.

The Lobster Institute's Mission Statement states that "with guidance and involvement from fishermen and all constituents within the lobster industry, and with both a community and global perspective, conducts and provides for research and educational outreach focused on protecting, conserving, and enhancing the lobster resource and lobstering as an industry…and as a way of life."