South-Eastern Asia: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in South-Eastern Asia

The Southeast Asian frozen norway lobster market was estimated at $X in 2022, increasing by 9.4% against the previous year. Over the period under review, consumption, however, continues to indicate a strong increase. Over the period under review, the market reached the peak level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Frozen Norway Lobster Production in South-Eastern Asia

In value terms, frozen norway lobster production declined to $X in 2022 estimated in export price. The total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +7.4% against 2020 indices. The pace of growth appeared the most rapid in 2017 with an increase of 37%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Frozen Norway Lobster Exports

Exports in South-Eastern Asia

In 2022, approx. X tons of frozen norway lobsters were exported in South-Eastern Asia; picking up by 9.2% compared with the previous year. Over the period under review, exports, however, showed a perceptible contraction. The pace of growth was the most pronounced in 2020 with an increase of 595%. Over the period under review, the exports hit record highs at X tons in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, frozen norway lobster exports rose markedly to $X in 2022. In general, exports, however, showed a mild reduction. The growth pace was the most rapid in 2020 when exports increased by 282%. The level of export peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Vietnam dominates exports structure, reaching X tons, which was approx. 98% of total exports in 2022. Thailand (X tons) held a relatively small share of total exports.

Vietnam was also the fastest-growing in terms of the frozen norway lobsters exports, with a CAGR of -1.6% from 2012 to 2022. Thailand (-5.7%) illustrated a downward trend over the same period. While the share of Vietnam (+4 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Vietnam ($X) remains the largest frozen norway lobster supplier in South-Eastern Asia, comprising 92% of total exports. The second position in the ranking was held by Thailand ($X), with a 4.5% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Vietnam was relatively modest.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, reducing by -3.2% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the export price increased by 114%. Over the period under review, the export prices attained the maximum at $X per ton in 2018; however, from 2019 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 Thailand ($X per ton), while Vietnam stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+4.1%).

Frozen Norway Lobster Imports

Imports in South-Eastern Asia

In 2022, overseas purchases of frozen norway lobsters increased by 33% to X tons, rising for the second consecutive year after two years of decline. In general, imports recorded perceptible growth. The growth pace was the most rapid in 2018 when imports increased by 237% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen norway lobster imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2018 with an increase of 150%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Singapore (X tons) represented the key importer of frozen norway lobsters, constituting 59% of total imports. Brunei Darussalam (X tons) ranks second in terms of the total imports with a 16% share, followed by Thailand (16%) and Malaysia (4.7%). Vietnam (X tons) held a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to frozen norway lobster imports into Singapore stood at +35.3%. At the same time, Brunei Darussalam (+70.2%), Malaysia (+19.8%) and Vietnam (+16.3%) displayed positive paces of growth. Moreover, Brunei Darussalam emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +70.2% from 2012-2022. By contrast, Thailand (-14.1%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Singapore, Brunei Darussalam, Malaysia and Vietnam increased by +55, +16, +3.7 and +2.6 percentage points, respectively.

In value terms, Singapore ($X) constitutes the largest market for imported frozen norway lobsters in South-Eastern Asia, comprising 76% of total imports. The second position in the ranking was held by Brunei Darussalam ($X), with a 12% share of total imports. It was followed by Thailand, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value in Singapore totaled +39.7%. The remaining importing countries recorded the following average annual rates of imports growth: Brunei Darussalam (+59.1% per year) and Thailand (-18.7% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, rising by 23% against the previous year. In general, the import price continues to indicate a resilient increase. The pace of growth was the most pronounced in 2017 when the import price increased by 57%. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+5.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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