Frozen Norway Lobster Market

The article provides a detailed analysis of the global frozen norway lobster market, highlighting the projected growth in consumption and market value over the next eight years. Key findings include the leading consuming and producing countries, import and export trends, and price fluctuations. Italy emerges as the largest consumer and importer, while the UK leads in production and exports. The data showcases fluctuating trends in consumption, production volumes, and prices, indicating steady growth in the market for frozen norway lobster worldwide.

Market Forecast

Driven by rising demand for frozen norway lobster worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.3% for the period from 2022 to 2030, which is projected to bring the market volume to 21K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $345M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Frozen Norway Lobsters

In 2022, the amount of frozen norway lobsters consumed worldwide contracted to 20K tons, shrinking by -6.4% against the previous year's figure. Over the period under review, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak volume of 24K tons. From 2015 to 2022, the growth of the global consumption failed to regain momentum.

The global frozen norway lobster market revenue expanded sharply to $266M in 2022, with an increase of 13% 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). The market value increased at an average annual rate of +1.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

Italy (10K tons) remains the largest frozen norway lobster consuming country worldwide, accounting for 49% of total volume. Moreover, frozen norway lobster consumption in Italy exceeded the figures recorded by the second-largest consumer, Spain (2.6K tons), fourfold. The third position in this ranking was held by France (2.4K tons), with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Italy totaled +3.2%. In the other countries, the average annual rates were as follows: Spain (-5.8% per year) and France (-2.4% per year).

In value terms, Italy ($138M) led the market, alone. The second position in the ranking was held by Spain ($33M). It was followed by France.

In Italy, the frozen norway lobster market increased at an average annual rate of +4.8% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of market growth: Spain (-4.7% per year) and France (-1.2% per year).

The countries with the highest levels of frozen norway lobster per capita consumption in 2022 were Italy (170 kg per 1000 persons), Croatia (145 kg per 1000 persons) and Ireland (141 kg per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by the Netherlands (with a CAGR of +37.4%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Frozen Norway Lobsters

In 2022, approx. 21K tons of frozen norway lobsters were produced worldwide; waning by -3.6% compared with 2021. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 7.4% against the previous year. Over the period under review, global production attained the maximum volume at 22K tons in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

In value terms, frozen norway lobster production fell modestly to $225M in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by 17%. As a result, production attained the peak level of $244M. From 2017 to 2022, global production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were the UK (7.9K tons), Ireland (4.9K tons) and Denmark (3.4K tons), with a combined 77% share of global production. The Netherlands and Vietnam lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +8.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Frozen Norway Lobsters

In 2022, global frozen norway lobster imports stood at 27K tons, stabilizing at the previous year. The total import volume increased at an average annual rate of +1.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 57% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, frozen norway lobster imports surged to $336M in 2022. Over the period under review, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% 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 +97.7% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 66% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports By Country

Italy (10K tons) and France (7.5K tons) represented roughly 67% of total imports in 2022. It was distantly followed by Spain (3.6K tons), constituting a 14% share of total imports. The UK (766 tons), Croatia (602 tons), Ireland (568 tons) and the Netherlands (551 tons) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for France (with a CAGR of +9.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen norway lobster importing markets worldwide were Italy ($141M), France ($88M) and Spain ($45M), with a combined 82% share of global imports.

Among the main importing countries, France, with a CAGR of +10.4%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average frozen norway lobster import price amounted to $12,640 per ton, with an increase of 18% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. 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 Italy ($13,714 per ton), while the UK ($2,994 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ireland (+1.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Frozen Norway Lobsters

In 2022, approx. 27K tons of frozen norway lobsters were exported worldwide; picking up by 2.9% on the year before. The total export volume increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 52%. The global exports peaked in 2022 and are likely to continue growth in years to come.

In value terms, frozen norway lobster exports expanded sharply to $361M in 2022. Over the period under review, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +101.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 76% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

The shipments of the five major exporters of frozen norway lobsters, namely the UK, France, Ireland, Denmark and the Netherlands, represented more than two-thirds of total export. The following exporters - Spain (957 tons) and Vietnam (441 tons) - together made up 5.2% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by France (with a CAGR of +66.4%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest frozen norway lobster supplying countries worldwide were the UK ($92M), Ireland ($71M) and France ($67M), together accounting for 64% of global exports.

In terms of the main exporting countries, France, with a CAGR of +61.5%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average frozen norway lobster export price amounted to $13,339 per ton, picking up by 11% against the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The growth pace was the most rapid in 2021 an increase of 15% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Spain ($18,128 per ton), while Vietnam ($2,834 per ton) was amongst the lowest.

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

Source: IndexBox Market Intelligence Platform