Canada: Frozen Lobster Market 2024

Frozen Lobster Market Size in Canada

The Canadian frozen lobster market soared to $X in 2022, rising by 349% against the previous year. In general, consumption, however, saw a deep downturn. Frozen lobster consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Frozen Lobster Production in Canada

In value terms, frozen lobster production contracted slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2018 with an increase of 11%. Frozen lobster production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Frozen Lobster Exports

Exports from Canada

In 2022, frozen lobster exports from Canada fell to X tons, reducing by -9.4% against the year before. The total export volume increased at an average annual rate of +3.4% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 33%. As a result, the exports attained the peak of X tons, and then reduced in the following year.

In value terms, frozen lobster exports fell remarkably to $X in 2022. Overall, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.7% 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 +38.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 82% against the previous year. As a result, the exports attained the peak of $X, and then dropped notably in the following year.

Exports by Country

The United States (X tons) was the main destination for frozen lobster exports from Canada, with a 45% share of total exports. Moreover, frozen lobster exports to the United States exceeded the volume sent to the second major destination, South Korea (X tons), fivefold. Spain (X tons) ranked third in terms of total exports with a 7.7% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled -1.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+28.8% per year) and Spain (+20.9% per year).

In value terms, the United States ($X) remains the key foreign market for frozen lobster exports from Canada, comprising 60% of total exports. The second position in the ranking was taken by South Korea ($X), with a 7.7% share of total exports. It was followed by Spain, with a 5% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +2.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Korea (+31.9% per year) and Spain (+25.3% per year).

Export Prices by Country

In 2022, the average frozen lobster export price amounted to $X per ton, which is down by -16.1% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2021 when the average export price increased by 37% against the previous year. As a result, the export price attained the peak level of $X per ton, and then contracted rapidly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to Hong Kong SAR ($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 Singapore (+8.4%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Lobster Imports

Imports into Canada

For the third consecutive year, Canada recorded growth in overseas purchases of frozen lobster, which increased by 3.7% to X tons in 2022. Overall, imports posted a prominent increase. The growth pace was the most rapid in 2013 when imports increased by 199%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen lobster imports expanded significantly to $X in 2022. In general, imports posted a buoyant expansion. The growth pace was the most rapid in 2013 with an increase of 157%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X tons) constituted the largest frozen lobster supplier to Canada, accounting for a 68% share of total imports. Moreover, frozen lobster imports from the United States exceeded the figures recorded by the second-largest supplier, Haiti (X tons), sixfold. Honduras (X tons) ranked third in terms of total imports with a 6.7% share.

From 2012 to 2022, the average annual growth rate of volume from the United States amounted to +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Haiti (+40.6% per year) and Honduras (+72.5% per year).

In value terms, the United States ($X) constituted the largest supplier of frozen lobster to Canada, comprising 76% of total imports. The second position in the ranking was taken by Haiti ($X), with a 10% share of total imports. It was followed by Honduras, with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States amounted to +13.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Haiti (+41.4% per year) and Honduras (+73.5% per year).

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, with an increase of 10% against the previous year. Overall, import price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen lobster import price increased by +55.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 41% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to see steady growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+27.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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