MENA: Frozen Lobster Market 2024

Frozen Lobster Market Size in MENA

In 2022, the MENA's frozen lobster market decreased by -51.6% to $X for the first time since 2017, thus ending a four-year rising trend. Over the period under review, consumption, however, saw a prominent expansion. As a result, consumption attained the peak level of $X, and then contracted significantly in the following year.

Frozen Lobster Production in MENA

In value terms, frozen lobster production shrank notably to $X in 2022 estimated in export price. In general, production, however, saw a significant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 333% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Frozen Lobster Exports

Exports in MENA

In 2022, after two years of decline, there was significant growth in shipments abroad of frozen lobster, when their volume increased by 45% to X tons. Overall, exports saw a resilient expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 285% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen lobster exports skyrocketed to $X in 2022. In general, exports posted a prominent expansion. The growth pace was the most rapid in 2019 when exports increased by 137% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Egypt was the key exporting country with an export of around X tons, which finished at 53% of total exports. The United Arab Emirates (X tons) ranks second in terms of the total exports with a 27% share, followed by Oman (13%). Bahrain (X tons) and Yemen (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Egypt (with a CAGR of +155.2%), while the other leaders experienced mixed trends in the exports figures.

In value terms, Egypt ($X) emerged as the largest frozen lobster supplier in MENA, comprising 60% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a 27% share of total exports. It was followed by Oman, with an 8.7% share.

From 2012 to 2022, the average annual growth rate of value in Egypt totaled +161.8%. In the other countries, the average annual rates were as follows: the United Arab Emirates (+5.5% per year) and Oman (+42.2% per year).

Export Prices by Country

The export price in MENA stood at $X per ton in 2022, rising by 7.7% against the previous year. In general, the export price saw a buoyant increase. The growth pace was the most rapid in 2020 when the export price increased by 190%. The level of export peaked in 2022 and is expected to retain growth in years to come.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per ton), while Yemen ($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 MENA

In 2022, approx. X tons of frozen lobster were imported in MENA; with a decrease of -2.7% on the previous year's figure. Overall, imports saw a abrupt slump. The most prominent rate of growth was recorded in 2018 with an increase of 53%. The volume of import peaked at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, frozen lobster imports reached $X in 2022. Over the period under review, imports recorded a slight decrease. The pace of growth appeared the most rapid in 2021 with an increase of 39%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Qatar was the major importer of frozen lobster in MENA, with the volume of imports reaching X tons, which was approx. 39% of total imports in 2022. The United Arab Emirates (X tons) ranks second in terms of the total imports with a 20% share, followed by Oman (14%), Kuwait (9.3%), Bahrain (7%) and Egypt (6.5%). Turkey (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Turkey (with a CAGR of +40.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen lobster importing markets in MENA were Qatar ($X), the United Arab Emirates ($X) and Oman ($X), with a combined 74% share of total imports. Egypt, Bahrain, Kuwait and Turkey lagged somewhat behind, together comprising a further 24%.

Turkey, with a CAGR of +39.1%, saw the highest rates of growth with regard to 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

In 2022, the import price in MENA amounted to $X per ton, picking up by 13% against the previous year. In general, the import price recorded notable growth. The growth pace was the most rapid in 2016 when the import price increased by 92%. Over the period under review, import prices hit record highs in 2022 and is expected to retain growth in years to come.

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 Egypt ($X per ton), while Turkey ($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

Frequently Asked Questions (FAQ) :