Luxembourg: Frozen Lobster Market 2024

Frozen Lobster Market Size in Luxembourg

In 2022, after two years of growth, there was significant decline in the Luxembourg frozen lobster market, when its value decreased by -14.2% to $X. In general, consumption, however, saw a modest expansion. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Frozen Lobster Exports

Exports from Luxembourg

In 2022, the amount of frozen lobster exported from Luxembourg reduced sharply to X tons, dropping by -26.6% on the year before. Over the period under review, exports, however, continue to indicate a pronounced expansion. The growth pace was the most rapid in 2018 when exports increased by 101% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, frozen lobster exports shrank rapidly to $X in 2022. In general, exports, however, posted a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 111%. Over the period under review, the exports reached the peak figure at $X in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

Exports by Country

Belgium (X kg) was the main destination for frozen lobster exports from Luxembourg, accounting for a 46% share of total exports. Moreover, frozen lobster exports to Belgium exceeded the volume sent to the second major destination, France (X kg), twofold. Germany (X kg) ranked third in terms of total exports with an 18% share.

From 2012 to 2022, the average annual growth rate of volume to Belgium totaled -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+7.8% per year) and Germany (+32.7% per year).

In value terms, Belgium ($X), France ($X) and Germany ($X) appeared to be the largest markets for frozen lobster exported from Luxembourg worldwide, with a combined 85% share of total exports.

Germany, with a CAGR of +25.8%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average frozen lobster export price stood at $X per ton in 2022, declining by -28.6% against the previous year. Over the period under review, export price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen lobster export price decreased by -47.7% against 2020 indices. The most prominent rate of growth was recorded in 2014 an increase of 62%. Over the period under review, the average export prices attained the maximum at $X per ton in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were France ($X per ton) and Azerbaijan ($X per ton), while the average price for exports to Belgium ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (+1.9%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Lobster Imports

Imports into Luxembourg

In 2022, after three years of growth, there was significant decline in purchases abroad of frozen lobster, when their volume decreased by -15.7% to X tons. In general, imports saw a mild downturn. The most prominent rate of growth was recorded in 2013 with an increase of 98%. As a result, imports attained the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen lobster imports contracted dramatically to $X in 2022. Over the period under review, total imports indicated temperate growth from 2012 to 2022: its value 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. Based on 2022 figures, imports increased by +89.0% against 2015 indices. The pace of growth was the most pronounced in 2013 when imports increased by 50%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, Canada (X tons) constituted the largest frozen lobster supplier to Luxembourg, accounting for a 51% share of total imports. Moreover, frozen lobster imports from Canada exceeded the figures recorded by the second-largest supplier, France (X tons), twofold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada stood at +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-0.0% per year) and Belgium (-10.1% per year).

In value terms, Canada ($X) constituted the largest supplier of frozen lobster to Luxembourg, comprising 55% of total imports. The second position in the ranking was taken by France ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Canada amounted to +10.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-2.2% per year) and Belgium (-4.3% per year).

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, remaining stable against the previous year. Overall, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen lobster import price increased by +96.6% against 2013 indices. The pace of growth appeared the most rapid in 2015 an increase of 16% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+6.6%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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