Eastern Asia: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Eastern Asia

The East Asian frozen norway lobster market shrank to $X in 2022, which is down by -7% against the previous year. Over the period under review, consumption, however, posted a strong expansion. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Frozen Norway Lobster Production in Eastern Asia

In value terms, frozen norway lobster production expanded rapidly to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a deep setback. The growth pace was the most rapid in 2014 when the production volume increased by 6,409%. As a result, production reached the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Frozen Norway Lobster Exports

Exports in Eastern Asia

In 2022, overseas shipments of frozen norway lobsters increased by 98% to X tons for the first time since 2014, thus ending a seven-year declining trend. Overall, exports, however, saw a abrupt downturn. The pace of growth appeared the most rapid in 2014 with an increase of 180% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen norway lobster exports surged to $X in 2022. Over the period under review, exports recorded a strong expansion. The growth pace was the most rapid in 2014 with an increase of 362% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

China was the major exporting country with an export of about X tons, which recorded 62% of total exports. It was distantly followed by South Korea (X tons), constituting a 37% share of total exports.

From 2012 to 2022, the biggest increases were recorded for South Korea (with a CAGR of +24.6%).

In value terms, China ($X) remains the largest frozen norway lobster supplier in Eastern Asia, comprising 69% of total exports. The second position in the ranking was taken by South Korea ($X), with a 30% share of total exports.

In China, frozen norway lobster exports expanded at an average annual rate of +2.3% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per ton, increasing by 28% against the previous year. Over the period under review, the export price showed a strong expansion. The pace of growth was the most pronounced in 2019 when the export price increased by 170% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while South Korea totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+20.6%).

Frozen Norway Lobster Imports

Imports in Eastern Asia

In 2022, the amount of frozen norway lobsters imported in Eastern Asia shrank to X tons, with a decrease of -14.5% on the previous year. Overall, imports showed a deep setback. The growth pace was the most rapid in 2017 when imports increased by 75% against the previous year. The volume of import peaked at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, frozen norway lobster imports expanded remarkably to $X in 2022. Over the period under review, imports, however, showed a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 76% against the previous year. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China represented the largest importing country with an import of about X tons, which recorded 65% of total imports. Japan (X tons) took a 22% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (8.2%). Hong Kong SAR (X tons) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen norway lobster imports into China stood at -11.6%. At the same time, South Korea (+154.4%), Japan (+74.9%) and Hong Kong SAR (+9.3%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +154.4% from 2012-2022. While the share of Japan (+22 p.p.), South Korea (+8.2 p.p.) and Hong Kong SAR (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of China (-33.5 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported frozen norway lobsters in Eastern Asia, comprising 58% of total imports. The second position in the ranking was held by Japan ($X), with a 21% share of total imports. It was followed by Hong Kong SAR, with a 10% share.

In China, frozen norway lobster imports increased 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 Hong Kong SAR (+13.7% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2022, with an increase of 23% against the previous year. Overall, the import price enjoyed strong growth. The growth pace was the most rapid in 2013 when the import price increased by 177% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

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 Hong Kong SAR ($X per ton), while China ($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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