GCC: Frozen Lobster Market 2024

Frozen Lobster Market Size in GCC

In 2022, the GCC frozen lobster market increased by 13% to $X, rising for the fifth year in a row after two years of decline. The total consumption indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +149.2% against 2017 indices. Over the period under review, the market attained the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Frozen Lobster Production in GCC

In value terms, frozen lobster production totaled $X in 2022 estimated in export price. Over the period under review, production enjoyed significant growth. The most prominent rate of growth was recorded in 2013 when the production volume increased by 143% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Frozen Lobster Exports

Exports in GCC

In 2022, the amount of frozen lobster exported in GCC shrank to X tons, which is down by -10% on 2021. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when exports increased by 87% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen lobster exports declined to $X in 2022. Overall, exports, however, enjoyed prominent growth. The most prominent rate of growth was recorded in 2019 with an increase of 56% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates represented the key exporting country with an export of about X tons, which recorded 61% of total exports. Oman (X tons) took the second position in the ranking, distantly followed by Bahrain (X tons). All these countries together took near 39% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to frozen lobster exports from the United Arab Emirates stood at -2.7%. At the same time, Oman (+31.9%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +31.9% from 2012-2022. Bahrain experienced a relatively flat trend pattern. From 2012 to 2022, the share of Oman increased by +27 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest frozen lobster supplier in GCC, comprising 70% of total exports. The second position in the ranking was taken by Oman ($X), with a 22% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled +5.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (+42.2% per year) and Bahrain (+18.3% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per ton, reducing by -5% against the previous year. In general, the export price, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2016 when the export price increased by 49%. Over the period under review, the export prices reached the maximum at $X per ton in 2021, and then shrank slightly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+18.7%), while the other leaders experienced more modest paces of growth.

Frozen Lobster Imports

Imports in GCC

In 2022, approx. X tons of frozen lobster were imported in GCC; remaining stable against the previous year. Overall, imports recorded a abrupt decline. The pace of growth was the most pronounced in 2021 with an increase of 16%. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2022, imports remained at a lower figure.

In value terms, frozen lobster imports rose rapidly to $X in 2022. In general, imports saw a slight downturn. The growth pace was the most rapid in 2021 when imports increased by 34%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Qatar was the major importer of frozen lobster in GCC, with the volume of imports finishing at X tons, which was near 43% of total imports in 2022. The United Arab Emirates (X tons) took the second position in the ranking, distantly followed by Oman (X tons), Kuwait (X tons) and Bahrain (X tons). All these countries together took near 57% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Oman (with a CAGR of +15.8%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest frozen lobster importing markets in GCC were Qatar ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 84% share of total imports.

Oman, with a CAGR of +20.8%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in GCC stood at $X per ton in 2022, surging by 15% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.8% 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 +51.8% against 2019 indices. The most prominent rate of growth was recorded in 2016 an increase of 46% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+12.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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