South-Eastern Asia: Frozen Lobster Market 2024

Frozen Lobster Market Size in South-Eastern Asia

In 2022, the Southeast Asian frozen lobster market increased by 51% to $X, rising for the second consecutive year after four years of decline. Over the period under review, consumption, however, saw a slight slump. Over the period under review, the market hit record highs at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Frozen Lobster Production in South-Eastern Asia

In value terms, frozen lobster production dropped slightly to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2018 when the production volume increased by 63% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Frozen Lobster Exports

Exports in South-Eastern Asia

In 2022, overseas shipments of frozen lobster increased by 21% to X tons for the first time since 2016, thus ending a five-year declining trend. In general, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when exports increased by 60%. As a result, the exports reached the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen lobster exports soared to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 49% against the previous year. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Indonesia (X tons), distantly followed by Malaysia (X tons), Singapore (X tons) and Myanmar (X tons) represented the key exporters of frozen lobster, together comprising 99% of total exports.

From 2012 to 2022, the biggest increases were recorded for Myanmar (with a CAGR of +17.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest frozen lobster supplying countries in South-Eastern Asia were Singapore ($X), Indonesia ($X) and Malaysia ($X), together comprising 90% of total exports.

Among the main exporting countries, Malaysia, with a CAGR of +20.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2022, almost unchanged from the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 44% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2015; however, from 2016 to 2022, the export prices stood at a somewhat lower figure.

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 Singapore ($X per ton), while Myanmar ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+4.5%), while the other leaders experienced more modest paces of growth.

Frozen Lobster Imports

Imports in South-Eastern Asia

In 2022, after five years of decline, there was significant growth in supplies from abroad of frozen lobster, when their volume increased by 109% to X tons. Overall, imports, however, continue to indicate a mild slump. The most prominent rate of growth was recorded in 2013 when imports increased by 184%. The volume of import peaked at X tons in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen lobster imports soared to $X in 2022. In general, imports enjoyed a temperate expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 208%. The level of import peaked at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Singapore (X tons) was the major importer of frozen lobster, generating 58% of total imports. Malaysia (X tons) ranks second in terms of the total imports with a 19% share, followed by Thailand (16%) and Vietnam (5.3%). The Philippines (X tons) followed a long way behind the leaders.

Imports into Singapore increased at an average annual rate of +12.3% from 2012 to 2022. At the same time, the Philippines (+24.1%), Thailand (+14.7%) and Malaysia (+4.3%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +24.1% from 2012-2022. By contrast, Vietnam (-23.7%) illustrated a downward trend over the same period. While the share of Singapore (+42 p.p.), Thailand (+12 p.p.), Malaysia (+8 p.p.) and the Philippines (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Vietnam (-63.3 p.p.) displayed negative dynamics.

In value terms, Singapore ($X) constitutes the largest market for imported frozen lobster in South-Eastern Asia, comprising 64% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by Malaysia, with an 8.5% share.

In Singapore, frozen lobster imports expanded at an average annual rate of +16.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+12.5% per year) and Malaysia (+1.3% per year).

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per ton, with an increase of 19% against the previous year. Import price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of +5.5% 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 +80.7% against 2014 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+13.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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