Global Frozen Lobster Market 2024

Frozen Lobster Market Size

The global frozen lobster market declined dramatically to $X in 2022, falling by -16.9% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X, and then dropped remarkably in the following year.

Frozen Lobster Production

In value terms, frozen lobster production fell to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations in certain years. The most prominent rate of growth was recorded in 2018 with an increase of 9.6% against the previous year. Global production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Frozen Lobster Exports

Exports

Global frozen lobster exports declined to X tons in 2022, with a decrease of -7% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 with an increase of 34% against the previous year. Over the period under review, the global exports reached the maximum at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, frozen lobster exports contracted significantly to $X in 2022. In general, total exports indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +43.8% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 77% against the previous year. As a result, the exports attained the peak of $X, and then declined rapidly in the following year.

Exports by Country

Canada dominates exports structure, finishing at X tons, which was near 79% of total exports in 2022. It was distantly followed by the United States (X tons), generating a 5.6% share of total exports. The following exporters - France (X tons), Egypt (X tons) and the Netherlands (X tons) - each finished at a 5.5% share of total exports.

Exports from Canada increased at an average annual rate of +3.4% from 2012 to 2022. At the same time, Egypt (+155.2%) and France (+2.5%) displayed positive paces of growth. Moreover, Egypt emerged as the fastest-growing exporter exported in the world, with a CAGR of +155.2% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Canada and Egypt increased by +7.2 and +1.9 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Canada ($X) remains the largest frozen lobster supplier worldwide, comprising 82% of global exports. The second position in the ranking was taken by the United States ($X), with a 6.2% share of global exports. It was followed by France, with a 2.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Canada stood at +5.7%. The remaining exporting countries recorded the following average annual rates of exports growth: the United States (+3.7% per year) and France (+8.9% per year).

Export Prices by Country

The average frozen lobster export price stood at $X per ton in 2022, falling by -12.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.0%. The pace of growth appeared the most rapid in 2021 an increase of 35% against the previous year. As a result, the export price reached the peak level of $X per ton, and then shrank in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in France ($X per ton) and the United States ($X per ton), while the Netherlands ($X per ton) and Egypt ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+9.6%), while the other global leaders experienced more modest paces of growth.

Frozen Lobster Imports

Imports

Global frozen lobster imports fell to X tons in 2022, with a decrease of -12.5% against 2021 figures. The total import volume increased at an average annual rate of +1.3% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 30%. As a result, imports attained the peak of X tons, and then shrank in the following year.

In value terms, frozen lobster imports plummeted to $X in 2022. Overall, total imports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 72% against the previous year. As a result, imports attained the peak of $X, and then declined remarkably in the following year.

Imports by Country

In 2022, the United States (X tons) was the largest importer of frozen lobster, comprising 41% of total imports. Spain (X tons) ranks second in terms of the total imports with an 8.6% share, followed by France (6%), China (5.6%) and South Korea (5.4%). The following importers - Italy (X tons), Japan (X tons), Denmark (X tons), the Netherlands (X tons), Hong Kong SAR (X tons), the UK (X tons), Belgium (X tons) and Sweden (X tons) - together made up 20% of total imports.

From 2012 to 2022, average annual rates of growth with regard to frozen lobster imports into the United States stood at -1.7%. At the same time, Denmark (+25.5%), South Korea (+18.9%), Spain (+12.0%), Italy (+11.6%), the UK (+7.9%), the Netherlands (+6.2%), China (+4.8%), France (+3.5%), Japan (+2.9%) and Sweden (+2.6%) displayed positive paces of growth. Moreover, Denmark emerged as the fastest-growing importer imported in the world, with a CAGR of +25.5% from 2012-2022. By contrast, Belgium (-1.8%) and Hong Kong SAR (-6.9%) illustrated a downward trend over the same period. Spain (+5.5 p.p.), South Korea (+4.3 p.p.), Denmark (+2.6 p.p.), Italy (+2.3 p.p.) and China (+1.6 p.p.) significantly strengthened its position in terms of the global imports, while Hong Kong SAR and the United States saw its share reduced by -2.8% and -14.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) constitutes the largest market for imported frozen lobster worldwide, comprising 55% of global imports. The second position in the ranking was held by Spain ($X), with a 6% share of global imports. It was followed by South Korea, with a 4.1% share.

In the United States, frozen lobster imports increased at an average annual rate of +2.3% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Spain (+17.0% per year) and South Korea (+15.0% per year).

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, shrinking by -12.8% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.1%. The pace of growth was the most pronounced in 2021 an increase of 32%. As a result, import price attained the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+7.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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