Vietnam: Frozen Lobster Market 2024

Frozen Lobster Market Size in Vietnam

The Vietnamese frozen lobster market expanded markedly to $X in 2022, surging by 7.4% against the previous year. Over the period under review, consumption, however, recorded a drastic downturn. Frozen lobster consumption peaked at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Frozen Lobster Production in Vietnam

In value terms, frozen lobster production declined to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the production volume increased by 6.1%. Frozen lobster production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Frozen Lobster Exports

Exports from Vietnam

For the third year in a row, Vietnam recorded decline in shipments abroad of frozen lobster, which decreased by -0.8% to X tons in 2022. Over the period under review, exports recorded a precipitous descent. The most prominent rate of growth was recorded in 2019 with an increase of 140% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, frozen lobster exports expanded significantly to $X in 2022. Overall, exports saw a dramatic shrinkage. The pace of growth was the most pronounced in 2019 when exports increased by 131%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X kg) was the main destination for frozen lobster exports from Vietnam, with a 29% share of total exports. Moreover, frozen lobster exports to the United Arab Emirates exceeded the volume sent to the second major destination, Hong Kong SAR (X kg), twofold. The third position in this ranking was taken by Canada (X kg), with a 12% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates amounted to -24.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (-23.6% per year) and Canada (+10.5% per year).

In value terms, the largest markets for frozen lobster exported from Vietnam were Hong Kong SAR ($X), Australia ($X) and Canada ($X), with a combined 44% share of total exports.

Among the main countries of destination, Canada, with a CAGR of +9.6%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average frozen lobster export price amounted to $X per ton, picking up by 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.2%. As a result, the export 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 suppliers, the country with the highest price was the United States ($X per ton), while the average price for exports to the United Arab Emirates ($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 Hong Kong SAR (+10.8%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Lobster Imports

Imports into Vietnam

In 2022, the amount of frozen lobster imported into Vietnam surged to X tons, jumping by 161% on 2021. Over the period under review, imports, however, recorded a dramatic setback. The most prominent rate of growth was recorded in 2013 when imports increased by 222%. Over the period under review, imports reached the maximum at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, frozen lobster imports soared to $X in 2022. Overall, imports, however, continue to indicate a drastic downturn. The growth pace was the most rapid in 2013 when imports increased by 309% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

India (X tons), Egypt (X tons) and Belize (X tons) were the main suppliers of frozen lobster imports to Vietnam, together accounting for 59% of total imports. Singapore, Canada, Australia, Hong Kong SAR and the United Arab Emirates lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +12.2%), while purchases for the other leaders experienced a decline.

In value terms, Australia ($X), Singapore ($X) and Egypt ($X) appeared to be the largest frozen lobster suppliers to Vietnam, with a combined 59% share of total imports.

In terms of the main suppliers, Australia, with a CAGR of +7.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average frozen lobster import price stood at $X per ton in 2022, reducing by -19.6% against the previous year. Overall, the import price, however, saw strong growth. The pace of growth was the most pronounced in 2016 an increase of 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2021, and then declined 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 Australia ($X per ton), while the price for India ($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 United Arab Emirates (+25.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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