Report Update Nov 1, 2024

Republic of Korea - Frozen Norway Lobsters - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Republic of Korea

In 2022, after three years of decline, there was significant growth in the South Korean frozen norway lobster market, when its value increased by 1,313% to $X. Overall, consumption, however, recorded a abrupt decrease. Frozen norway lobster consumption peaked at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Frozen Norway Lobster Production in Republic of Korea

In value terms, frozen norway lobster production expanded markedly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -7.4% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 42% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Frozen Norway Lobster Exports

Exports from Republic of Korea

In 2022, shipments abroad of frozen norway lobsters increased by 99.9% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, exports saw a significant increase. The pace of growth was the most pronounced in 2016 with an increase of 315,067%. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in the near future.

In value terms, frozen norway lobster exports skyrocketed to $X in 2022. In general, exports recorded a significant increase. The pace of growth appeared the most rapid in 2016 with an increase of 635,486%. The exports peaked in 2022 and are likely to see gradual growth in years to come.

Exports by Country

China (X tons) was the main destination for frozen norway lobster exports from South Korea, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +24.6%.

In value terms, China ($X) also remains the key foreign market for frozen norway lobsters exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +50.3%.

Export Prices by Country

In 2022, the average frozen norway lobster export price amounted to $X per ton, leveling off at the previous year. Overall, the export price, however, saw a significant expansion. The growth pace was the most rapid in 2020 an increase of 141%. The export price peaked at $X per ton in 2021, and then reduced slightly in the following year.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to +20.6% per year.

Frozen Norway Lobster Imports

Imports into Republic of Korea

Frozen norway lobster imports into South Korea soared to X tons in 2022, with an increase of 2,434% compared with the year before. In general, imports showed a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen norway lobster imports skyrocketed to $X in 2022. Overall, imports saw a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, the UK (X tons) was the main supplier of frozen norway lobster to South Korea, with a 96% share of total imports. Moreover, frozen norway lobster imports from the UK exceeded the figures recorded by the second-largest supplier, Ireland (X kg), more than tenfold.

From 2015 to 2022, the average annual growth rate of volume from the UK amounted to +192.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+166.2% per year) and New Zealand (0.0% per year).

In value terms, the UK ($X) constituted the largest supplier of frozen norway lobsters to South Korea, comprising 91% of total imports. The second position in the ranking was held by Ireland ($X), with a 7.1% share of total imports.

From 2015 to 2022, the average annual growth rate of value from the UK stood at +184.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Ireland (+278.9% per year) and New Zealand (0.0% per year).

Import Prices by Country

In 2022, the average frozen norway lobster import price amounted to $X per ton, shrinking by -39.3% against the previous year. In general, the import price recorded a abrupt decline. The pace of growth was the most pronounced in 2018 an increase of 45%. As a result, import price attained the peak level of $X per ton. From 2019 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was New Zealand ($X per ton), while the price for the UK ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+42.3%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for norway lobstersi, even smoked, frozen in the world?

The country with the largest volume of norway lobstersi, even smoked, frozen consumption was China, accounting for 18% of total volume. Moreover, norway lobstersi, even smoked, frozen consumption in China exceeded the figures recorded by the second-largest consumer, the United States, twofold. India ranked third in terms of total consumption with a 7.7% share.

What are the largest producers of norway lobstersi, even smoked, frozen in the world?

China remains the largest norway lobstersi, even smoked, frozen producing country worldwide, accounting for 18% of total volume. Moreover, norway lobstersi, even smoked, frozen production in China exceeded the figures recorded by the second-largest producer, the United States, twofold. India ranked third in terms of total production with a 7.7% share.

What are the leading suppliers of norway lobstersi, even smoked, frozen to Republic of Korea?

In value terms, Ireland constituted the largest supplier of norway lobstersi, even smoked, frozen to South Korea, comprising 86% of total imports. The second position in the ranking was occupied by Norway, with a 14% share of total imports.

What are the leading importers of norway lobstersi, even smoked, frozen from Republic of Korea?

In value terms, Japan $62) remains the key foreign market for norway lobstersi, even smoked, frozen exports from South Korea.

What is the average export price for norway lobstersi, even smoked, frozen in Republic of Korea?

The average export price for norway lobstersi, even smoked, frozen stood at $62,000 per ton in 2020, jumping by 1,234% against the previous year.

What is the average import price for norway lobstersi, even smoked, frozen in Republic of Korea?

In 2020, the average import price for norway lobstersi, even smoked, frozen amounted to $12,127 per ton, rising by 27% against the previous year.

This report provides an in-depth analysis of the frozen norway lobster market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

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1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023