Singapore: Frozen Norway Lobster Market 2024

Frozen Norway Lobster Market Size in Singapore

The Singaporean frozen norway lobster market soared to $X in 2022, with an increase of X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption posted a significant increase. Frozen norway lobster consumption peaked in 2022 and is expected to retain growth in years to come.

Frozen Norway Lobster Exports

Exports from Singapore

Frozen norway lobster exports from Singapore surged to X kg in 2022, with an increase of X% against 2021. Over the period under review, exports posted a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. As a result, the exports attained the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, frozen norway lobster exports skyrocketed to $X in 2022. Overall, exports saw a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by X%. 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

Maldives (X kg) was the main destination for frozen norway lobster exports from Singapore, accounting for a X% share of total exports. Moreover, frozen norway lobster exports to Maldives exceeded the volume sent to the second major destination, Bhutan (X kg), more than tenfold.

From 2015 to 2022, the average annual rate of growth in terms of volume to Maldives stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bhutan (X% per year) and Indonesia (X% per year).

In value terms, Maldives ($X) remains the key foreign market for frozen norway lobsters exports from Singapore, comprising X% of total exports. The second position in the ranking was taken by Bhutan ($X), with a X% share of total exports.

From 2015 to 2022, the average annual rate of growth in terms of value to Maldives amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bhutan (X% per year) and Indonesia (X% per year).

Export Prices by Country

The average frozen norway lobster export price stood at $X per ton in 2022, jumping by X% against the previous year. In general, the export price saw a slight increase. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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 Maldives ($X per ton), while the average price for exports to Indonesia ($X per ton) was amongst the lowest.

From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Maldives (X%), while the prices for the other major destinations experienced mixed trend patterns.

Frozen Norway Lobster Imports

Imports into Singapore

In 2022, after two years of decline, there was significant growth in overseas purchases of frozen norway lobsters, when their volume increased by X% to X tons. Overall, imports posted a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen norway lobster imports soared to $X in 2022. Over the period under review, imports saw a significant increase. The most prominent rate of growth was recorded in 2013 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the near future.

Imports by Country

South Africa (X tons), India (X tons) and Malaysia (X tons) were the main suppliers of frozen norway lobster imports to Singapore, together comprising X% of total imports. Denmark, New Zealand and France lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, South Africa ($X) constituted the largest supplier of frozen norway lobsters to Singapore, comprising X% of total imports. The second position in the ranking was taken by Denmark ($X), with a X% share of total imports. It was followed by New Zealand, with an X% share.

From 2012 to 2022, the average annual growth rate of value from South Africa totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (X% per year) and New Zealand (X% per year).

Import Prices by Country

In 2022, the average frozen norway lobster import price amounted to $X per ton, shrinking by X% against the previous year. In general, import price indicated a moderate increase from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, frozen norway lobster import price increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the average import price increased by X%. The import price peaked at $X per ton in 2021, and then dropped sharply in the following year.

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 South Africa ($X per ton), while the price for Malaysia ($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 Africa (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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