Middle East: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in the Middle East

The Middle Eastern frozen norway lobster market skyrocketed to $X in 2022, jumping by 27% against the previous year. In general, consumption, however, saw buoyant growth. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in years to come.

Frozen Norway Lobster Production in the Middle East

In value terms, frozen norway lobster production soared to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a resilient increase. The pace of growth was the most pronounced in 2020 with an increase of 240% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Frozen Norway Lobster Exports

Exports in the Middle East

In 2022, frozen norway lobster exports in the Middle East skyrocketed to X tons, growing by 17% compared with 2021 figures. Overall, exports recorded a significant increase. The pace of growth was the most pronounced in 2017 when exports increased by 449%. The volume of export peaked at X tons in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, frozen norway lobster exports stood at $X in 2022. In general, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2019 when exports increased by 432% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United Arab Emirates represented the key exporting country with an export of around X tons, which reached 88% of total exports. It was distantly followed by Iran (X tons), generating a 12% share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the frozen norway lobsters exports, with a CAGR of +62.2% from 2012 to 2022. At the same time, Iran (+58.3%) displayed positive paces of growth. The United Arab Emirates (+2.8 p.p.) significantly strengthened its position in terms of the total exports, while Iran saw its share reduced by -2.8% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest frozen norway lobster supplier in the Middle East, comprising 98% of total exports. The second position in the ranking was taken by Iran ($X), with a 1.8% share of total exports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates amounted to +37.9%.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2022, declining by -7.6% against the previous year. Over the period under review, the export price recorded a abrupt shrinkage. The growth pace was the most rapid in 2019 when the export price increased by 42% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Iran totaled $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-14.9%).

Frozen Norway Lobster Imports

Imports in the Middle East

In 2022, overseas purchases of frozen norway lobsters were finally on the rise to reach X tons after two years of decline. In general, imports showed a strong expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 164% against the previous year. As a result, imports attained the peak of X tons. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen norway lobster imports totaled $X in 2022. Over the period under review, imports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2019 when imports increased by 174% against the previous year. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United Arab Emirates (X tons) was the key importer of frozen norway lobsters, constituting 62% of total imports. Turkey (X tons) held the second position in the ranking, followed by Israel (X tons). All these countries together held near 32% share of total imports. Qatar (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 the United Arab Emirates stood at +17.6%. At the same time, Turkey (+59.2%) and Israel (+10.6%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +59.2% from 2012-2022. By contrast, Qatar (-26.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Turkey, the United Arab Emirates and Qatar increased by +18, +3.9 and +2.7 percentage points, respectively.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported frozen norway lobsters in the Middle East, comprising 58% of total imports. The second position in the ranking was held by Turkey ($X), with an 18% share of total imports. It was followed by Israel, with a 6.8% share.

In the United Arab Emirates, frozen norway lobster imports expanded at an average annual rate of +22.0% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Turkey (+63.9% per year) and Israel (+4.5% per year).

Import Prices by Country

In 2022, the import price in the Middle East amounted to $X per ton, picking up by 2% against the previous year. In general, the import price enjoyed a notable expansion. The growth pace was the most rapid in 2021 an increase of 87% against the previous year. The level of import peaked in 2022 and is likely to see gradual growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Qatar (+18.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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