Colombia: Frozen Lobster Market 2024

Frozen Lobster Market Size in Colombia

The Colombian frozen lobster market expanded notably to $X in 2022, with an increase of 9.6% against the previous year. In general, consumption posted resilient growth. Frozen lobster consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Frozen Lobster Production in Colombia

In value terms, frozen lobster production expanded significantly 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 indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 40%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Frozen Lobster Exports

Exports from Colombia

In 2022, exports of frozen lobster from Colombia declined significantly to X tons, falling by -20.7% on the previous year's figure. In general, exports recorded a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 199% against the previous year. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen lobster exports dropped to $X in 2022. Over the period under review, exports showed a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 141% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Singapore (X tons) was the main destination for frozen lobster exports from Colombia, with a 57% share of total exports. Moreover, frozen lobster exports to Singapore exceeded the volume sent to the second major destination, Aruba (X kg), threefold. The United States (X kg) ranked third in terms of total exports with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Singapore totaled -16.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (-12.9% per year) and the United States (-10.1% per year).

In value terms, Singapore ($X) remains the key foreign market for frozen lobster exports from Colombia, comprising 64% of total exports. The second position in the ranking was held by Aruba ($X), with a 15% share of total exports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual growth rate of value to Singapore totaled -16.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Aruba (+7.8% per year) and the United States (+0.3% per year).

Export Prices by Country

The average frozen lobster export price stood at $X per ton in 2022, growing by 9.8% against the previous year. Overall, export price indicated a mild expansion from 2012 to 2022: its price 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, frozen lobster export price decreased by -6.7% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 66%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices remained at a lower figure.

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 Singapore ($X per ton), while the average price for exports to Canada ($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 Brunei Darussalam (+537.3%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Lobster Imports

Imports into Colombia

In 2022, overseas purchases of frozen lobster decreased by -6.8% to X kg for the first time since 2016, thus ending a five-year rising trend. Overall, imports, however, showed buoyant growth. The pace of growth appeared the most rapid in 2014 when imports increased by 537%. Imports peaked at X kg in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, frozen lobster imports expanded remarkably to $X in 2022. Over the period under review, imports, however, posted a prominent expansion. The growth pace was the most rapid in 2015 when imports increased by 962% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, the United States (X kg) constituted the largest supplier of frozen lobster to Colombia, accounting for a 86% share of total imports. Moreover, frozen lobster imports from the United States exceeded the figures recorded by the second-largest supplier, Germany (X kg), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +10.4%.

In value terms, the United States ($X) constituted the largest supplier of frozen lobster to Colombia, comprising 78% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +12.0%.

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, surging by 17% against the previous year. In general, the import price posted a mild expansion. The pace of growth appeared the most rapid in 2015 an increase of 102%. The import price peaked at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

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 Germany ($X per ton), while the price for the United States stood at $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.5%).

Source: IndexBox Platform

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