Turkey: Frozen Lobster Market 2024

Frozen Lobster Market Size in Turkey

The Turkish frozen lobster market surged to $X in 2022, growing by 69% against the previous year. Over the period under review, consumption posted a significant expansion. Over the period under review, the market reached the peak level in 2022 and is likely to continue growth in years to come.

Frozen Lobster Production in Turkey

In value terms, frozen lobster production shrank to $X in 2022 estimated in export price. In general, production posted a buoyant expansion. The most prominent rate of growth was recorded in 2019 with an increase of 41% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Frozen Lobster Exports

Exports from Turkey

For the third consecutive year, Turkey recorded decline in shipments abroad of frozen lobster, which decreased by -51.1% to X kg in 2022. Overall, exports saw a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when exports increased by 287%. As a result, the exports attained the peak of X kg. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen lobster exports declined notably to $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 154% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Belize (X kg), the Philippines (X kg) and Liberia (X kg) were the main destinations of frozen lobster exports from Turkey, with a combined 40% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belize (with a CAGR of +70.0%), while the other leaders experienced more modest paces of growth.

In value terms, Belize ($X), the Philippines ($X) and Liberia ($X) appeared to be the largest markets for frozen lobster exported from Turkey worldwide, with a combined 34% share of total exports.

In terms of the main countries of destination, Belize, with a CAGR of +66.8%, saw 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 average frozen lobster export price stood at $X per ton in 2022, picking up by 39% against the previous year. Over the period under review, the export price showed a strong expansion. The most prominent rate of growth was recorded in 2021 an increase of 79%. The export price peaked at $X per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to Liberia ($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 Cyprus (+5.0%), while the prices for the other major destinations experienced a decline.

Frozen Lobster Imports

Imports into Turkey

Frozen lobster imports into Turkey soared to X tons in 2022, rising by 62% against the previous year. In general, imports saw significant growth. The pace of growth was the most pronounced in 2021 with an increase of 1,243%. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

In value terms, frozen lobster imports soared to $X in 2022. Over the period under review, imports showed a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 998%. Over the period under review, imports attained the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

In 2022, Canada (X tons) constituted the largest supplier of frozen lobster to Turkey, accounting for a 71% share of total imports. Moreover, frozen lobster imports from Canada exceeded the figures recorded by the second-largest supplier, the United States (X tons), threefold. Iceland (X kg) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada stood at +30.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+21.1% per year) and Iceland (0.0% per year).

In value terms, Canada ($X) constituted the largest supplier of frozen lobster to Turkey, comprising 66% of total imports. The second position in the ranking was held by the United States ($X), with a 29% share of total imports. It was followed by Iceland, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada stood at +28.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+22.8% per year) and Iceland (0.0% per year).

Import Prices by Country

In 2022, the average frozen lobster import price amounted to $X per ton, picking up by 9.7% against the previous year. Over the period under review, the import price, however, showed a mild downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 108%. As a result, import price attained the peak level of $X per ton. From 2016 to 2022, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the United States ($X per ton) and Canada ($X per ton), while the price for Oman ($X per ton) and Iceland ($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 United States (+1.3%).

Source: IndexBox Platform

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