MERCOSUR: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in MERCOSUR

The MERCOSUR frozen norway lobster market was finally on the rise to reach $X in 2022, after two years of decline. Overall, consumption, however, recorded a mild descent. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Frozen Norway Lobster Production in MERCOSUR

In value terms, frozen norway lobster production reached $X in 2022 estimated in export price. Over the period under review, production, however, saw a mild decline. The pace of growth appeared the most rapid in 2014 when the production volume increased by 39%. As a result, production attained the peak level of $X. From 2015 to 2022, production growth failed to regain momentum.

Frozen Norway Lobster Exports

Exports in MERCOSUR

After three years of growth, shipments abroad of frozen norway lobsters decreased by -6.1% to X tons in 2022. In general, exports, however, showed a strong expansion. The growth pace was the most rapid in 2013 with an increase of 571% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, frozen norway lobster exports reached $X in 2022. Overall, exports, however, continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 1,267%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Argentina (X tons) was the main exporter of frozen norway lobsters, mixing up 70% of total exports. It was distantly followed by Venezuela (X tons), creating a 26% share of total exports. Brazil (X kg) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to frozen norway lobster exports from Argentina stood at +6.1%. At the same time, Venezuela (+42.6%) and Brazil (+29.1%) displayed positive paces of growth. Moreover, Venezuela emerged as the fastest-growing exporter exported in MERCOSUR, with a CAGR of +42.6% from 2012-2022. Venezuela (+24 p.p.) and Brazil (+4.1 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -28.2% from 2012 to 2022, respectively.

In value terms, Argentina ($X) remains the largest frozen norway lobster supplier in MERCOSUR, comprising 76% of total exports. The second position in the ranking was held by Venezuela ($X), with a 16% share of total exports.

In Argentina, frozen norway lobster exports increased at an average annual rate of +9.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Venezuela (+43.8% per year) and Brazil (+21.0% per year).

Export Prices by Country

In 2022, the export price in MERCOSUR amounted to $X per ton, rising by 10% against the previous year. Overall, the export price recorded a pronounced expansion. The most prominent rate of growth was recorded in 2013 when the export price increased by 104%. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Brazil ($X per ton), while Venezuela ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+2.9%), while the other leaders experienced mixed trends in the export price figures.

Frozen Norway Lobster Imports

Imports in MERCOSUR

After six years of decline, overseas purchases of frozen norway lobsters increased by 188% to X kg in 2022. Over the period under review, imports enjoyed a noticeable expansion. The growth pace was the most rapid in 2013 with an increase of 28,288% against the previous year. As a result, imports reached the peak of X tons. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, frozen norway lobster imports soared to $X in 2022. In general, imports posted a measured expansion. The growth pace was the most rapid in 2013 with an increase of 17,530%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Uruguay (X kg) represented the main importer of frozen norway lobsters, committing 63% of total imports. Argentina (X kg) took the second position in the ranking, followed by Colombia (X kg). All these countries together held approx. 37% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to frozen norway lobster imports into Uruguay stood at +8.0%. At the same time, Argentina (+9.8%) and Colombia (+7.0%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing importer imported in MERCOSUR, with a CAGR of +9.8% from 2012-2022. From 2012 to 2022, the share of Uruguay, Argentina and Colombia increased by +24, +10 and +4.7 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Uruguay ($X) constitutes the largest market for imported frozen norway lobsters in MERCOSUR, comprising 69% of total imports. The second position in the ranking was taken by Colombia ($X), with a 19% share of total imports.

In Uruguay, frozen norway lobster imports increased at an average annual rate of +9.2% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Colombia (+11.1% per year) and Argentina (+2.6% per year).

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2022, increasing by 9.8% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 118% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

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 Colombia ($X per ton), while Argentina ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Colombia (+3.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform