Asia: Frozen Lobster Market 2024

Frozen Lobster Market Size in Asia

The Asian frozen lobster market expanded sharply to $X in 2022, growing by 10% against the previous year. The total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +13.3% against 2020 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Frozen Lobster Production in Asia

In value terms, frozen lobster production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2014 with an increase of 16%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Frozen Lobster Exports

Exports in Asia

In 2022, shipments abroad of frozen lobster was finally on the rise to reach X tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 220% against the previous year. As a result, the exports reached the peak of X tons. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen lobster exports contracted modestly to $X in 2022. Overall, exports, however, saw a abrupt slump. The growth pace was the most rapid in 2013 with an increase of 208%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, the United Arab Emirates (X tons), distantly followed by Pakistan (X tons), Oman (X tons), Indonesia (X tons), Hong Kong SAR (X tons), Malaysia (X tons) and Singapore (X tons) represented the major exporters of frozen lobster, together making up 79% of total exports. The following exporters - China (X tons), India (X tons), Bahrain (X tons), Myanmar (X tons) and Yemen (X tons) - together made up 18% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +31.9%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest frozen lobster supplier in Asia, comprising 37% of total exports. The second position in the ranking was taken by Oman ($X), with a 12% share of total exports. It was followed by Pakistan, with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +5.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+42.2% per year) and Pakistan (+8.6% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per ton, waning by -4.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.6%. The pace of growth appeared the most rapid in 2014 an increase of 28%. Over the period under review, the export prices hit record highs at $X per ton in 2021, and then declined slightly in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+18.7%), while the other leaders experienced more modest paces of growth.

Frozen Lobster Imports

Imports in Asia

In 2022, overseas purchases of frozen lobster were finally on the rise to reach X tons after two years of decline. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when imports increased by 25%. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, frozen lobster imports skyrocketed to $X in 2022. Total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +41.5% against 2020 indices. The most prominent rate of growth was recorded in 2016 when imports increased by 34%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons), South Korea (X tons) and Japan (X tons) was the major importer of frozen lobster in Asia, creating 65% of total import. Hong Kong SAR (X tons) took a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by Singapore (5.7%) and Taiwan (Chinese) (5.1%). Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +18.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Japan ($X) were the countries with the highest levels of imports in 2022, with a combined 64% share of total imports. Hong Kong SAR, Singapore, Taiwan (Chinese) and Qatar lagged somewhat behind, together comprising a further 25%.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +23.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, growing by 9.4% against the previous year. Over the last decade, it increased at an average annual rate of +3.4%. The pace of growth appeared the most rapid in 2021 when the import price increased by 17% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) and China ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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