Eastern Asia: Frozen Lobster Market 2024

Frozen Lobster Market Size in Eastern Asia

The East Asian frozen lobster market skyrocketed to $X in 2022, growing by 18% against the previous year. Overall, consumption continues to indicate buoyant growth. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Frozen Lobster Production in Eastern Asia

In value terms, frozen lobster production totaled $X in 2022 estimated in export price. Overall, production continues to indicate a prominent expansion. The pace of growth appeared the most rapid in 2017 with an increase of 39,232,850%. As a result, production attained the peak level of $X. From 2018 to 2022, production growth remained at a somewhat lower figure.

Frozen Lobster Exports

Exports in Eastern Asia

After three years of decline, shipments abroad of frozen lobster increased by 36% to X tons in 2022. In general, exports, however, continue to indicate a abrupt decrease. The pace of growth was the most pronounced in 2018 when exports increased by 73%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, frozen lobster exports skyrocketed to $X in 2022. Overall, exports, however, saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2018 when exports increased by 72% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X tons) and China (X tons) dominates exports structure, together comprising 90% of total exports. It was distantly followed by South Korea (X tons), creating an 8.4% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by South Korea (with a CAGR of +2.2%), while the other leaders experienced a decline in the exports figures.

In value terms, the largest frozen lobster supplying countries in Eastern Asia were Hong Kong SAR ($X), China ($X) and South Korea ($X), with a combined 98% share of total exports.

Among the main exporting countries, South Korea, with a CAGR of +8.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2022, approximately mirroring the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The pace of growth appeared the most rapid in 2013 when the export price increased by 35%. Over the period under review, the export prices attained the maximum at $X per ton in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+6.6%), while the other leaders experienced mixed trends in the export price figures.

Frozen Lobster Imports

Imports in Eastern Asia

In 2022, overseas purchases of frozen lobster were finally on the rise to reach X tons after two years of decline. In general, imports showed a tangible expansion. The pace of growth appeared the most rapid in 2018 when imports increased by 31% against the previous year. The volume of import peaked at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, frozen lobster imports soared to $X in 2022. Overall, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2016 with an increase of 31%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons), South Korea (X tons) and Japan (X tons) was the main importer of frozen lobster in Eastern Asia, achieving 81% of total import. Hong Kong SAR (X tons) ranks next in terms of the total imports with a 12% share, followed by Taiwan (Chinese) (6.4%).

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by South Korea (with a CAGR of +18.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X), China ($X) and Japan ($X) were the countries with the highest levels of imports in 2022, together comprising 80% of total imports. Hong Kong SAR and Taiwan (Chinese) lagged somewhat behind, together comprising a further 19%.

Among the main importing countries, Taiwan (Chinese), with a CAGR of +23.9%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per ton, rising by 7.9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.7%. The pace of growth appeared the most rapid in 2021 an increase of 19% against the previous year. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

Average prices varied somewhat amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Japan ($X per ton) and Hong Kong SAR ($X per ton), while Taiwan (Chinese) ($X per ton) and China ($X per ton) were 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 leaders experienced more modest paces of growth.

Source: IndexBox Platform

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