Frozen Norway Lobster Market

Norway lobstersi market: enjoy new info powered by an Ai-driven market intelligence tool. Info provide production, consumption, exports, market prices, companies, market size, trade, and imports. There is a split by country, including the U.S., EU, Africa, Russia, Latin America, China, the U.K., and the Middle East. Market dynamics and outlook to 2030 are also featured in the snapshots.

The global frozen Norway lobster market is expected to experience a steady increase in consumption over the next eight years, with a forecasted CAGR of +2.5% for market volume and +3.6% for market value from 2022 to 2030. By the end of 2030, the market is projected to reach 25K tons in volume and $372M in value (in in nominal wholesale prices), reflecting a promising upward trend in the industry.

Market Forecast

Driven by rising demand for frozen norway lobster worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +2.5% for the period from 2022 to 2030, which is projected to bring the market volume to 25K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market value to $372M (in in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Frozen Norway Lobsters

In 2022, the amount of frozen norway lobsters consumed worldwide reduced to 21K tons, falling by -6.5% against 2021. Over the period under review, consumption continues to indicate a pronounced shrinkage. As a result, consumption attained the peak volume of 27K tons. From 2015 to 2022, the growth of the global consumption remained at a somewhat lower figure.

The global frozen norway lobster market revenue amounted to $280M in 2022, picking up by 14% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, saw a relatively flat trend pattern. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in the near future.

Consumption By Country

Italy (10K tons) constituted the country with the largest volume of frozen norway lobster consumption, accounting for 49% of total volume. Moreover, frozen norway lobster consumption in Italy exceeded the figures recorded by the second-largest consumer, Spain (2.6K tons), fourfold. The third position in this ranking was taken by France (1.3K tons), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Italy amounted to +3.2%. In the other countries, the average annual rates were as follows: Spain (-5.8% per year) and France (-8.5% per year).

In value terms, Italy ($138M) led the market, alone. The second position in the ranking was taken by Spain ($33M). It was followed by France.

In Italy, the frozen norway lobster market expanded at an average annual rate of +4.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Spain (-4.7% per year) and France (-7.4% per year).

The countries with the highest levels of frozen norway lobster per capita consumption in 2022 were Italy (170 kg per 1000 persons), Croatia (145 kg per 1000 persons) and Ireland (134 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Belgium (with a CAGR of +12.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Frozen Norway Lobsters

In 2022, the amount of frozen norway lobsters produced worldwide declined to 23K tons, reducing by -2.9% on the year before. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the production volume increased by 6.9%. Global production peaked at 24K tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, frozen norway lobster production rose remarkably to $297M in 2022 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 21% against the previous year. Global production peaked in 2022 and is expected to retain growth in the immediate term.

Production By Country

The countries with the highest volumes of production in 2022 were the UK (7.5K tons), Ireland (4.9K tons) and the Netherlands (3.8K tons), with a combined 72% share of global production. Denmark, Vietnam and India lagged somewhat behind, together comprising a further 21%.

From 2012 to 2022, the biggest increases were recorded for Denmark (with a CAGR of +5.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Norway Lobsters

Global frozen norway lobster imports amounted to 27K tons in 2022, stabilizing at 2021. The total import volume increased at an average annual rate of +1.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 57%. Over the period under review, global imports attained the maximum in 2022 and are likely to continue growth in the near future.

In value terms, frozen norway lobster imports surged to $336M in 2022. In general, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +97.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 66%. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports By Country

In 2022, Italy (10K tons) and France (7.5K tons) represented the main importers of frozen norway lobstersin the world, together mixing up 67% of total imports. It was distantly followed by Spain (3.6K tons), making up a 14% share of total imports. The UK (762 tons), Croatia (602 tons), Ireland (568 tons) and the Netherlands (551 tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +9.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($141M), France ($88M) and Spain ($45M) were the countries with the highest levels of imports in 2022, with a combined 82% share of global imports.

In terms of the main importing countries, France, with a CAGR of +10.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average frozen norway lobster import price stood at $12,641 per ton in 2022, surging by 18% against the previous year. Over the last decade, it increased at an average annual rate of +1.8%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Italy ($13,714 per ton), while the UK ($3,009 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+1.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Norway Lobsters

In 2022, approx. 29K tons of frozen norway lobsters were exported worldwide; increasing by 3.1% compared with 2021. In general, total exports indicated a pronounced increase from 2012 to 2022: its volume increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +64.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 59%. The global exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, frozen norway lobster exports surged to $364M in 2022. Over the period under review, total exports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +102.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 75% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

The shipments of the five major exporters of frozen norway lobsters, namely the UK, France, Ireland, Denmark and the Netherlands, represented more than two-thirds of total export. The following exporters - Spain (958 tons) and Vietnam (441 tons) - together made up 4.9% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by France (with a CAGR of +72.5%), while the other global leaders experienced more modest paces of growth.

In value terms, the UK ($92M), Ireland ($71M) and France ($67M) constituted the countries with the highest levels of exports in 2022, with a combined 63% share of global exports.

France, with a CAGR of +61.5%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average frozen norway lobster export price stood at $12,786 per ton in 2022, surging by 12% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.7%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($18,111 per ton), while Vietnam ($2,834 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+4.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform