Portugal: Frozen Lobster Market 2024

Frozen Lobster Market Size in Portugal

In 2022, the Portuguese frozen lobster market increased by 203% to $X, rising for the third consecutive year after two years of decline. Overall, consumption showed significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Frozen Lobster Production in Portugal

In value terms, frozen lobster production fell slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2015 with an increase of 22% against the previous year. Frozen lobster production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Frozen Lobster Exports

Exports from Portugal

In 2022, approx. X tons of frozen lobster were exported from Portugal; with an increase of 6.3% compared with the previous year's figure. In general, exports, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 12,804%. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen lobster exports rose markedly to $X in 2022. Overall, exports enjoyed a notable expansion. The pace of growth appeared the most rapid in 2020 with an increase of 11,018% against the previous year. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Spain (X tons) was the main destination for frozen lobster exports from Portugal, with a 86% share of total exports. Moreover, frozen lobster exports to Spain exceeded the volume sent to the second major destination, Estonia (X kg), sevenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain stood at +2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (-6.5% per year) and Italy (-95.9% per year).

In value terms, Spain ($X) remains the key foreign market for frozen lobster exports from Portugal, comprising 85% of total exports. The second position in the ranking was taken by Estonia ($X), with a 13% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain amounted to +10.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Estonia (+14.4% per year) and Italy (-93.4% per year).

Export Prices by Country

The average frozen lobster export price stood at $X per ton in 2022, growing by 2.1% against the previous year. In general, the export price enjoyed strong growth. The pace of growth appeared the most rapid in 2015 when the average export price increased by 148% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per ton), while the average price for exports to Estonia ($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 Italy (+62.2%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Lobster Imports

Imports into Portugal

In 2022, overseas purchases of frozen lobster increased by 290% to X tons, rising for the third year in a row after two years of decline. Overall, imports recorded a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, frozen lobster imports skyrocketed to $X in 2022. Over the period under review, imports recorded a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of frozen lobster to Portugal, with a 73% share of total imports. Moreover, frozen lobster imports from Canada exceeded the figures recorded by the second-largest supplier, Spain (X tons), threefold. The third position in this ranking was taken by the Netherlands (X tons), with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume from Canada amounted to +392.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+13.0% per year) and the Netherlands (+53.7% per year).

In value terms, Canada ($X) constituted the largest supplier of frozen lobster to Portugal, comprising 74% of total imports. The second position in the ranking was taken by Spain ($X), with a 22% share of total imports. It was followed by Germany, with a 1.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada totaled +369.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+13.7% per year) and Germany (-2.5% per year).

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, which is down by -18.1% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 72%. Over the period under review, average import prices attained the peak figure at $X per ton in 2021, and then declined rapidly in the following year.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Germany ($X per ton) and Canada ($X per ton), while the price for the Netherlands ($X per ton) and Spain ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+0.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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