Southern Asia: Frozen Lobster Market 2024

Frozen Lobster Market Size in Southern Asia

The South Asian frozen lobster market amounted to $X in 2022, flattening at the previous year. In general, consumption posted a noticeable increase. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Frozen Lobster Production in Southern Asia

In value terms, frozen lobster production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.1% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2014 with an increase of 17% against the previous year. The level of production peaked at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Frozen Lobster Exports

Exports in Southern Asia

In 2022, approx. X tons of frozen lobster were exported in Southern Asia; standing approx. at 2021 figures. In general, exports faced a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 564% against the previous year. As a result, the exports attained the peak of X tons. From 2014 to 2022, the growth of the exports failed to regain momentum.

In value terms, frozen lobster exports stood at $X in 2022. Overall, exports saw a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 545%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

In 2022, Pakistan (X tons) was the key exporter of frozen lobster, constituting 75% of total exports. India (X tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by Sri Lanka (5.1%).

Pakistan experienced a relatively flat trend pattern with regard to volume of exports of frozen lobster. At the same time, Sri Lanka (+1.4%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +1.4% from 2012-2022. By contrast, India (-25.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Pakistan and Sri Lanka increased by +60 and +4.1 percentage points, respectively.

In value terms, Pakistan ($X) remains the largest frozen lobster supplier in Southern Asia, comprising 74% of total exports. The second position in the ranking was taken by India ($X), with a 21% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Pakistan amounted to +8.6%. In the other countries, the average annual rates were as follows: India (-26.1% per year) and Sri Lanka (-5.9% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per ton, with an increase of 6.4% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the export price increased by 41%. As a result, the export price attained the peak level of $X per ton. From 2015 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was India ($X per ton), while Sri Lanka ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+7.6%), while the other leaders experienced a decline in the export price figures.

Frozen Lobster Imports

Imports in Southern Asia

In 2022, overseas purchases of frozen lobster increased by 4.3% to X tons for the first time since 2019, thus ending a two-year declining trend. Total imports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -11.9% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 79%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, frozen lobster imports stood at $X in 2022. Over the period under review, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when imports increased by 90%. Over the period under review, imports reached the peak figure at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Maldives prevails in imports structure, finishing at X tons, which was near 89% of total imports in 2022. It was distantly followed by India (X tons), committing a 5.4% share of total imports. The following importers - Pakistan (X tons) and Nepal (X tons) - together made up 4.6% of total imports.

From 2012 to 2022, average annual rates of growth with regard to frozen lobster imports into Maldives stood at +1.9%. At the same time, Pakistan (+39.1%), Nepal (+34.4%) and India (+14.2%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +39.1% from 2012-2022. While the share of India (+3.5 p.p.), Pakistan (+2.8 p.p.) and Nepal (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Maldives (-5.8 p.p.) displayed negative dynamics.

In value terms, Maldives ($X) constitutes the largest market for imported frozen lobster in Southern Asia, comprising 86% of total imports. The second position in the ranking was held by India ($X), with a 5.8% share of total imports. It was followed by Pakistan, with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Maldives was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: India (+17.6% per year) and Pakistan (+33.3% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per ton, picking up by 6.3% against the previous year. Over the period under review, the import price, however, continues to indicate a perceptible setback. The most prominent rate of growth was recorded in 2015 when the import price increased by 10% against the previous year. Over the period under review, import prices reached the peak figure at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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