Singapore: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Singapore

The Singaporean frozen norway lobster market surged to $X in 2022, growing by 120% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption enjoyed significant growth. Frozen norway lobster consumption peaked in 2022 and is likely to see steady growth in years to come.

Frozen Norway Lobster Exports

Exports from Singapore

In 2022, the amount of frozen norway lobsters exported from Singapore soared to X kg, surging by 27% against the year before. Overall, exports showed a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 1,185% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen norway lobster exports surged to $X in 2022. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 737%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Maldives (X kg) was the main destination for frozen norway lobster exports from Singapore, accounting for a 95% share of total exports. Moreover, frozen norway lobster exports to Maldives exceeded the volume sent to the second major destination, Bhutan (X kg), more than tenfold.

From 2015 to 2022, the average annual rate of growth in terms of volume to Maldives totaled +207.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bhutan (0.0% per year) and Indonesia (-15.9% per year).

In value terms, Maldives ($X) remains the key foreign market for frozen norway lobsters exports from Singapore, comprising 98% of total exports. The second position in the ranking was taken by Bhutan ($X), with a 1.7% share of total exports.

From 2015 to 2022, the average annual rate of growth in terms of value to Maldives totaled +362.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bhutan (0.0% per year) and Indonesia (-24.1% per year).

Export Prices by Country

In 2022, the average frozen norway lobster export price amounted to $X per ton, growing by 42% against the previous year. Over the period under review, the export price recorded a mild expansion. The pace of growth appeared the most rapid in 2021 an increase of 68%. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Maldives ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (+50.6%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Norway Lobster Imports

Imports into Singapore

In 2022, purchases abroad of frozen norway lobsters was finally on the rise to reach X tons after two years of decline. In general, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, frozen norway lobster imports surged to $X in 2022. Over the period under review, imports posted a significant expansion. The growth pace was the most rapid in 2013 with an increase of 295%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the immediate term.

Imports by Country

South Africa (X tons), India (X tons) and Malaysia (X tons) were the main suppliers of frozen norway lobster imports to Singapore, together accounting for 69% of total imports. Denmark, France, New Zealand and Australia lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +76.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X) constituted the largest supplier of frozen norway lobsters to Singapore, comprising 52% of total imports. The second position in the ranking was held by Denmark ($X), with a 12% share of total imports. It was followed by New Zealand, with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from South Africa totaled +94.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+44.9% per year) and New Zealand (+18.8% per year).

Import Prices by Country

The average frozen norway lobster import price stood at $X per ton in 2022, which is down by -22.7% against the previous year. In general, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen norway lobster import price increased by +9.2% against 2020 indices. The growth pace was the most rapid in 2018 an increase of 78% against the previous year. The import price peaked at $X per ton in 2021, and then contracted dramatically in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+12.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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