Asia-Pacific: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Asia-Pacific

The Asia-Pacific frozen norway lobster market surged to $X in 2022, jumping by 15% against the previous year. Overall, consumption, however, recorded a strong expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Frozen Norway Lobster Production in Asia-Pacific

In value terms, frozen norway lobster production soared to $X in 2022 estimated in export price. The total production indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +4.3% 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 +42.3% against 2017 indices. The growth pace was the most rapid in 2014 with an increase of 69%. 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-Pacific

In 2022, frozen norway lobster exports in Asia-Pacific skyrocketed to X tons, increasing by 40% against the previous year's figure. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 141% against the previous year. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, frozen norway lobster exports skyrocketed to $X in 2022. In general, exports saw temperate growth. The most prominent rate of growth was recorded in 2014 with an increase of 225%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Vietnam (X tons) was the main exporter of frozen norway lobsters, committing 68% of total exports. India (X tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by China (6%). South Korea (X tons) held a little share of total exports.

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, South Korea (+24.6%) and India (+16.4%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +24.6% from 2012-2022. By contrast, China (-11.9%) illustrated a downward trend over the same period. While the share of India (+19 p.p.) and South Korea (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Vietnam (-5.8 p.p.) and China (-13.7 p.p.) displayed negative dynamics.

In value terms, the largest frozen norway lobster supplying countries in Asia-Pacific were Vietnam ($X), China ($X) and India ($X), together accounting for 73% of total exports. These countries were followed by South Korea, which accounted for a further 12%.

In terms of the main exporting countries, South Korea, with a CAGR of +50.3%, recorded the highest growth rate of 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

In 2022, the export price in Asia-Pacific amounted to $X per ton, jumping by 21% against the previous year. Over the period under review, the export price recorded strong growth. The pace of growth appeared the most rapid in 2019 when the export price increased by 100% 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 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-Pacific

In 2022, frozen norway lobster imports in Asia-Pacific reduced slightly to X tons, remaining constant against the year before. Overall, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2014 with an increase of 158% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen norway lobster imports soared to $X in 2022. Over the period under review, imports, however, continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 175% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China represented the major importer of frozen norway lobsters in Asia-Pacific, with the volume of imports reaching X tons, which was approx. 50% of total imports in 2022. Japan (X tons) took the second position in the ranking, distantly followed by Australia (X tons), Singapore (X tons) and South Korea (X tons). All these countries together held approx. 39% share of total imports. Hong Kong SAR (X tons) and Brunei Darussalam (X tons) held a little share 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%), Australia (+94.1%), Japan (+74.9%), Brunei Darussalam (+70.2%), Singapore (+35.3%) and Hong Kong SAR (+9.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +154.4% from 2012-2022. Japan (+16 p.p.), Australia (+8.5 p.p.), Singapore (+7.5 p.p.), South Korea (+6.3 p.p.), Hong Kong SAR (+2.4 p.p.) and Brunei Darussalam (+2.1 p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by -37.6% from 2012 to 2022, respectively.

In value terms, China ($X) constitutes the largest market for imported frozen norway lobsters in Asia-Pacific, comprising 46% of total imports. The second position in the ranking was held by Japan ($X), with a 17% share of total imports. It was followed by Singapore, with an 11% share.

In China, frozen norway lobster imports expanded at an average annual rate of +4.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Japan (+81.6% per year) and Singapore (+39.7% per year).

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per ton, growing by 18% against the previous year. In general, the import price showed strong growth. The most prominent rate of growth was recorded in 2013 when the import price increased by 124% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to continue 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 ($X per ton), while Australia ($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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