Eastern Europe: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Eastern Europe

In 2022, the East European frozen norway lobster market decreased by -21.9% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, consumption recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2021, and then declined remarkably in the following year.

Frozen Norway Lobster Production in Eastern Europe

In value terms, frozen norway lobster production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of 3,098,600% against the previous year. The level of production peaked in 2022 and is likely to continue growth in the immediate term.

Frozen Norway Lobster Exports

Exports in Eastern Europe

Frozen norway lobster exports skyrocketed to X tons in 2022, picking up by 58% on the year before. Overall, exports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 964%. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, frozen norway lobster exports soared to $X in 2022. In general, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Bulgaria dominates exports structure, finishing at X tons, which was approx. 96% of total exports in 2022. Latvia (X kg) took a minor share of total exports.

Bulgaria was also the fastest-growing in terms of the frozen norway lobsters exports, with a CAGR of +77.8% from 2012 to 2022. At the same time, Latvia (+47.1%) displayed positive paces of growth. Bulgaria (+95 p.p.) and Latvia (+1.8 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Bulgaria ($X) remains the largest frozen norway lobster supplier in Eastern Europe, comprising 97% of total exports. The second position in the ranking was held by Latvia ($X), with a 2.2% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Bulgaria totaled +391.8%.

Export Prices by Country

In 2022, the export price in Eastern Europe amounted to $X per ton, surging by 139% against the previous year. Over the period under review, the export price showed a temperate increase. The most prominent rate of growth was recorded in 2021 an increase of 148%. Over the period under review, the export prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Bulgaria ($X per ton), while Latvia stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bulgaria (+176.6%).

Frozen Norway Lobster Imports

Imports in Eastern Europe

Frozen norway lobster imports contracted remarkably to X tons in 2022, dropping by -32.7% on 2021 figures. In general, imports, however, continue to indicate measured growth. The most prominent rate of growth was recorded in 2020 when imports increased by 433% against the previous year. As a result, imports attained the peak of X tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen norway lobster imports contracted dramatically to $X in 2022. Over the period under review, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 74%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced remarkably in the following year.

Imports by Country

Romania was the key importer of frozen norway lobsters in Eastern Europe, with the volume of imports recording X tons, which was near 40% of total imports in 2022. Poland (X tons) held a 19% share (based on physical terms) of total imports, which put it in second place, followed by the Czech Republic (9.6%), Hungary (8.1%), Lithuania (5.1%), Latvia (4.9%) and Ukraine (4.9%).

From 2012 to 2022, average annual rates of growth with regard to frozen norway lobster imports into Romania stood at +18.1%. At the same time, Poland (+32.7%), Lithuania (+19.1%), Ukraine (+9.6%) and the Czech Republic (+7.5%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of +32.7% from 2012-2022. By contrast, Hungary (-4.9%) and Latvia (-8.5%) illustrated a downward trend over the same period. While the share of Romania (+30 p.p.), Poland (+18 p.p.), Ukraine (+4.9 p.p.), Lithuania (+3.9 p.p.) and the Czech Republic (+3.3 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hungary (-10 p.p.) and Latvia (-11.3 p.p.) displayed negative dynamics.

In value terms, Romania ($X) constitutes the largest market for imported frozen norway lobsters in Eastern Europe, comprising 40% of total imports. The second position in the ranking was taken by Poland ($X), with a 17% share of total imports. It was followed by the Czech Republic, with an 11% share.

In Romania, frozen norway lobster imports expanded at an average annual rate of +17.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Poland (+31.1% per year) and the Czech Republic (+6.7% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2022, with an increase of 13% against the previous year. In general, the import price, however, continues to indicate a perceptible reduction. The most prominent rate of growth was recorded in 2021 when the import price increased by 227% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hungary (+0.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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