Asia: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Asia

The Asian frozen norway lobster market reached $X in 2022, growing by 2% against the previous year. Overall, consumption, however, continues to indicate a buoyant expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Frozen Norway Lobster Production in Asia

In value terms, frozen norway lobster production soared to $X in 2022 estimated in export price. Overall, production continues to indicate temperate growth. The pace of growth was the most pronounced in 2014 when the production volume increased by 169%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth remained at a lower figure.

Frozen Norway Lobster Exports

Exports in Asia

In 2022, frozen norway lobster exports in Asia surged to X tons, picking up by 42% against the previous year's figure. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 with an increase of 134%. Over the period under review, the exports reached 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 soared to $X in 2022. Overall, exports enjoyed perceptible growth. The pace of growth appeared the most rapid in 2014 with an increase of 211% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Vietnam represented the main exporting country with an export of around X tons, which reached 65% of total exports. India (X tons) ranks second in terms of the total exports with a 19% share, followed by China (5.7%) and the United Arab Emirates (4.9%). South Korea (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen norway lobster exports from Vietnam stood at -1.6%. At the same time, the United Arab Emirates (+62.2%), South Korea (+24.6%) and India (+16.4%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing exporter exported in Asia, with a CAGR of +62.2% from 2012-2022. By contrast, China (-11.9%) illustrated a downward trend over the same period. India (+19 p.p.), the United Arab Emirates (+4.8 p.p.) and South Korea (+3 p.p.) significantly strengthened its position in terms of the total exports, while Vietnam and China saw its share reduced by -8.2% and -13.8% from 2012 to 2022, respectively.

In value terms, Vietnam ($X), China ($X) and India ($X) constituted the countries with the highest levels of exports in 2022, together accounting for 76% of total exports. South Korea and the United Arab Emirates lagged somewhat behind, together accounting for a further 21%.

In terms of the main exporting countries, South Korea, with a CAGR of +50.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per ton in 2022, with an increase of 28% against the previous year. Overall, the export price recorded a perceptible increase. The pace of growth was the most pronounced in 2019 when the export price increased by 110% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2022, the export prices remained at a somewhat 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 China ($X per ton), while Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+20.6%), while the other leaders experienced more modest paces of growth.

Frozen Norway Lobster Imports

Imports in Asia

In 2022, approx. X tons of frozen norway lobsters were imported in Asia; which is down by -8.2% on the previous year's figure. Overall, imports saw a abrupt setback. The most prominent rate of growth was recorded in 2014 with an increase of 154% against the previous year. Over the period under review, imports hit record highs at X tons in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, frozen norway lobster imports expanded significantly to $X in 2022. In general, imports, however, continue to indicate a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of 167%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China was the main importing country with an import of about X tons, which resulted at 48% of total imports. It was distantly followed by Japan (X tons), the United Arab Emirates (X tons), Singapore (X tons) and South Korea (X tons), together making up a 37% share of total imports. The following importers - Hong Kong SAR (X tons), Turkey (X tons) and Brunei Darussalam (X tons) - together made up 7.2% of total imports.

Imports into China decreased at an average annual rate of -11.6% from 2012 to 2022. At the same time, South Korea (+154.4%), Japan (+74.9%), Brunei Darussalam (+70.2%), Turkey (+59.2%), Singapore (+35.3%), the United Arab Emirates (+17.6%) and Hong Kong SAR (+9.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +154.4% from 2012-2022. While the share of Japan (+16 p.p.), Singapore (+7.2 p.p.), the United Arab Emirates (+6.8 p.p.), South Korea (+6 p.p.), Hong Kong SAR (+2.3 p.p.), Turkey (+2.2 p.p.) and Brunei Darussalam (+2.1 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-37.9 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported frozen norway lobsters in Asia, comprising 40% of total imports. The second position in the ranking was held by Japan ($X), with a 14% share of total imports. It was followed by the United Arab Emirates, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +4.3%. In the other countries, the average annual rates were as follows: Japan (+81.6% per year) and the United Arab Emirates (+22.0% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per ton, rising by 20% against the previous year. In general, the import price posted a resilient expansion. The most prominent rate of growth was recorded in 2013 an increase of 115%. The level of import peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while Brunei Darussalam ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+18.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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