Republic of Korea: Frozen Norway Lobster Market 2025

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

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