Sri Lanka: Frozen Lobster Market 2024

Frozen Lobster Market Size in Sri Lanka

The Sri Lankan frozen lobster market soared to $X in 2022, increasing by 43% against the previous year. Over the period under review, consumption, however, recorded a slight contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Frozen Lobster Production in Sri Lanka

In value terms, frozen lobster production expanded slightly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a mild slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by 33%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Frozen Lobster Exports

Exports from Sri Lanka

In 2022, approx. X tons of frozen lobster were exported from Sri Lanka; with a decrease of -61.1% on the previous year's figure. In general, exports, however, enjoyed modest growth. The pace of growth appeared the most rapid in 2017 with an increase of 155% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen lobster exports declined dramatically to $X in 2022. Overall, exports showed a drastic downturn. The pace of growth was the most pronounced in 2017 with an increase of 130%. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Maldives (X tons) was the main destination for frozen lobster exports from Sri Lanka, accounting for a 73% share of total exports. Moreover, frozen lobster exports to Maldives exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), fourfold. China (X kg) ranked third in terms of total exports with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Maldives amounted to +5.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+46.8% per year) and China (+22.6% per year).

In value terms, Maldives ($X) remains the key foreign market for frozen lobster exports from Sri Lanka, comprising 66% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 23% share of total exports. It was followed by China, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value to Maldives stood at -3.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+48.5% per year) and China (+19.5% per year).

Export Prices by Country

In 2022, the average frozen lobster export price amounted to $X per ton, which is down by -33.3% against the previous year. Over the period under review, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by 50%. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Maldives ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+4.7%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Lobster Imports

Imports into Sri Lanka

In 2022, overseas purchases of frozen lobster increased by 35% to X kg for the first time since 2015, thus ending a six-year declining trend. In general, imports, however, showed a precipitous descent. The pace of growth appeared the most rapid in 2015 with an increase of 65%. As a result, imports attained the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen lobster imports soared to $X in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 99.9%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Singapore (X kg) and the United Arab Emirates (X kg) were the main suppliers of frozen lobster imports to Sri Lanka.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Singapore (with a CAGR of -7.4%).

In value terms, Singapore ($X) constituted the largest supplier of frozen lobster to Sri Lanka, comprising 95% of total imports. The second position in the ranking was taken by the United Arab Emirates ($X), with a 4.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Singapore amounted to +4.5%.

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, remaining stable against the previous year. In general, the import price, however, recorded significant growth. The most prominent rate of growth was recorded in 2020 when the average import price increased by 229%. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Singapore ($X per ton), while the price for the United Arab Emirates stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+20.0%).

Source: IndexBox Platform

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