U.S.: Frozen Lobster Market 2024

Frozen Lobster Market Size in the U.S.

The U.S. frozen lobster market fell sharply to $X in 2022, which is down by -44.1% 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). In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X, and then fell remarkably in the following year.

Frozen Lobster Exports

Exports from the U.S.

In 2022, overseas shipments of frozen lobster increased by 10% to X tons, rising for the second consecutive year after six years of decline. Overall, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 79% against the previous year. Over the period under review, the exports hit record highs at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, frozen lobster exports soared to $X in 2022. In general, exports recorded a temperate increase. The pace of growth appeared the most rapid in 2013 when exports increased by 85% against the previous year. 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

Canada (X tons) was the main destination for frozen lobster exports from the United States, accounting for a 42% share of total exports. Moreover, frozen lobster exports to Canada exceeded the volume sent to the second major destination, China (X tons), fourfold. The third position in this ranking was taken by France (X tons), with a 4.5% share.

From 2012 to 2022, the average annual growth rate of volume to Canada stood at +9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-6.8% per year) and France (+3.9% per year).

In value terms, Canada ($X) remains the key foreign market for frozen lobster exports from the United States, comprising 46% of total exports. The second position in the ranking was taken by China ($X), with an 11% share of total exports. It was followed by France, with a 4.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada amounted to +11.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-2.3% per year) and France (+12.1% per year).

Export Prices by Country

In 2022, the average frozen lobster export price amounted to $X per ton, with an increase of 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +3.4%. The pace of growth was the most pronounced in 2019 an increase of 17% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per ton), while the average price for exports to Japan ($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 Vietnam (+11.8%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Lobster Imports

Imports into the U.S.

Frozen lobster imports into the United States shrank rapidly to X tons in 2022, falling by -35.3% compared with 2021. Over the period under review, imports continue to indicate a mild shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 52% against the previous year. As a result, imports attained the peak of X tons, and then dropped markedly in the following year.

In value terms, frozen lobster imports shrank dramatically to $X in 2022. In general, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of +2.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +11.4% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 92% against the previous year. As a result, imports reached the peak of $X, and then shrank dramatically in the following year.

Imports by Country

In 2022, Canada (X tons) was the main supplier of frozen lobster to the United States, accounting for a approx. 99% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from Canada totaled -1.6%.

In value terms, Canada ($X) constituted the largest supplier of frozen lobster to the United States.

From 2012 to 2022, the average annual rate of growth in terms of value from Canada totaled +2.4%.

Import Prices by Country

The average frozen lobster import price stood at $X per ton in 2022, reducing by -10.6% against the previous year. Overall, import price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +4.2% 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 +13.5% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the average import price increased by 27% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

As there is only one major supplying country, the average price level is determined by prices for Canada.

From 2012 to 2022, the rate of growth in terms of prices for Canada amounted to +4.2% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :