ASEAN: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in ASEAN

The ASEAN frozen norway lobster market expanded markedly to $X in 2022, surging by 9.4% against the previous year. Overall, consumption, however, showed a resilient expansion. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Frozen Norway Lobster Production in ASEAN

In value terms, frozen norway lobster production contracted to $X in 2022 estimated in export price. The total production indicated slight growth from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.4% against 2020 indices. The pace of growth was the most pronounced in 2017 when the production volume increased by 37% against the previous year. The level of production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Frozen Norway Lobster Exports

Exports in ASEAN

In 2022, approx. X tons of frozen norway lobsters were exported in ASEAN; increasing by 9.2% on the year before. Over the period under review, exports, however, continue to indicate a noticeable curtailment. The growth pace was the most rapid in 2020 with an increase of 595%. Over the period under review, the exports attained the maximum at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, frozen norway lobster exports expanded notably to $X in 2022. Overall, exports, however, saw a mild downturn. The most prominent rate of growth was recorded in 2020 with an increase of 282%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam prevails in exports structure, finishing at X tons, which was approx. 98% of total exports in 2022. Thailand (X tons) followed a long way behind the leaders.

Vietnam was also the fastest-growing in terms of the frozen norway lobsters exports, with a CAGR of -1.6% from 2012 to 2022. Thailand (-5.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Vietnam increased by +4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest frozen norway lobster supplier in ASEAN, comprising 92% of total exports. The second position in the ranking was held by Thailand ($X), with a 4.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam was relatively modest.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per ton, declining by -3.2% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 114% against the previous year. The level of export peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Thailand ($X per ton), while Vietnam totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.1%).

Frozen Norway Lobster Imports

Imports in ASEAN

In 2022, purchases abroad of frozen norway lobsters increased by 33% to X tons, rising for the second year in a row after two years of decline. Over the period under review, imports posted temperate growth. The growth pace was the most rapid in 2018 when imports increased by 237% against the previous year. As a result, imports reached the peak of X tons. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen norway lobster imports surged to $X in 2022. Overall, imports recorded resilient growth. The pace of growth appeared the most rapid in 2018 with an increase of 150% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

Singapore was the key importer of frozen norway lobsters in ASEAN, with the volume of imports finishing at X tons, which was near 59% of total imports in 2022. Brunei Darussalam (X tons) ranks second in terms of the total imports with a 16% share, followed by Thailand (16%) and Malaysia (4.7%). Vietnam (X tons) followed a long way behind the leaders.

Imports into Singapore increased at an average annual rate of +35.3% from 2012 to 2022. At the same time, Brunei Darussalam (+70.2%), Malaysia (+19.8%) and Vietnam (+16.3%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +70.2% from 2012-2022. By contrast, Thailand (-14.1%) illustrated a downward trend over the same period. While the share of Singapore (+55 p.p.), Brunei Darussalam (+16 p.p.), Malaysia (+3.7 p.p.) and Vietnam (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Thailand (-77.2 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) constitutes the largest market for imported frozen norway lobsters in ASEAN, comprising 76% of total imports. The second position in the ranking was held by Brunei Darussalam ($X), with a 12% share of total imports. It was followed by Thailand, with a 4.8% share.

In Singapore, frozen norway lobster imports increased at an average annual rate of +39.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Brunei Darussalam (+59.1% per year) and Thailand (-18.7% per year).

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per ton, rising by 23% against the previous year. In general, the import price continues to indicate resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 57% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per ton), while Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform