Last time I looked, bait sales measured by weight were about half the weight of lobster per year. Videos show lobsters going in and out of traps. You answer the farming question.
Maine hosts an "International Lobster Conference" or used to. The first year a lobsterman from Australia spoke, bewildered at the Maine resistance to ITQs (Individual transferrable Quotas). Australia had "imposed" this system on their fishery, which was being overfished. Once the fishermen had control , with each allowed a set percentage of the total harvest, they imposed a restriction on themselves and the price promptly rose enough to compensate. His license had become worth $2,000,000. This suggests that Maine fishermen could impose restrictions on the amount of lobster they land without a financial penalty. ITQs have been resisted by almost every fishery they have been imposed on, but generally loved afterwards by those same fisheries. Government sanctioned cartels are interesting political constructions:-). Lobster is a luxury product, notwithstanding the endless comments of prisoners back in the day bitching about being served it too often.
The fishery has always been controlled by the lobstermen, a fact finally acknowledged by the state when a lobsterman from the mainland demanded protection in order to fish off Monhegan Island, which had a self imposed six month season. The state finally codified the system the fishermen had used for eons to set fishing territory and control entry. Mohegan's landing during its shorter season (and Canadian landings during their much shorter season) suggest that there could be great reductions in fishing effort and cost without a reduction in lobster landed.
The last time I looked, the overwhelming majority of lobsters landed were very close to the minimum measurement and the estimate was that they had ridden up in a trap multiple times and been thrown back. Lobster are unique in that they survive this measurement- almost every other fishery kills the product it isn't allowed to land, thus defeating the purpose of the restriction.
I love Maine Lobsterboats, from the smaller inshore boats I remember and that you can still see to the offshore behemoths thundering home mid afternoon to a downeast harbor for highliners. Built for a purpose that requires compromise and quality, I would rank them among the best fishing boats ever made, and they are a major pleasure of cruising this coast. I gladly put up with the traps and treat them with respect. I have had to cut them.
I also love the men and women of the fishery, and cherish my time a spent as Treasurer of a local lobstermen's association, prior to state sanction. I was allowed the job as I was at that time neither a summer or winter person, and had not, nor ever in the future was expected to lobster myself; and thus could be trusted with their pooled money, which they didn't really trust with each other:-) I learned an enormous amount about the unwritten laws of the fishery, which were extensive and particular, and gained enormous respect for the lobstermen themselves.