Download - Rock Lobster
Rock Lobster Vietnam, Korea and Taiwan
Ask a question
slido.com#lobster1
David JamiesonSenior Global Engagement Manager
Ask a question
slido.com#lobster1
Agribusiness Expansion Initiative
Suite of services to help
clients expand and
diversify
Comprehensive
sector/market info
online 24/7, self serve
Events and activities
specifically for the agri-
food sector
Boots on the ground to
work with you in
multiple markets
Working with peak bodies and government agencies on agreed priorities and for seamless service
Vietnam
Rebecca BallSenior Trade Commissioner
Market Overview
2018 import increased to 1,556.8 TNS, A$114.32m (live, fresh and chilled)
Live trade reopened Jan-Feb21
Exports Feb-April ~ A$10m
Indonesia A$57.7mCanada A$6.3m
US. A$4.3mSingapore A$1.m
Market access contingent on
importer initiated requests
Coastal tourism COVID down
Cool chain improving
More importers, retailers, home
delivery, HORECA
2021 prices for Australian product
relatively high
• 0% tariff applied to imported Australianlive and frozen lobster
Meeting market expectations
Consumer demands Distribution channels Product specs
• Seafood consumption ~40kg• Food safety paramount (82%)
over price (16%)• Perceived as healthy,
nutritious• Urbanites pay a premium for
quality / safe products.• Preference for larger sized
lobsters.
• ‘Reds’ popular as ‘lucky’.
• Growing demand for live over frozen product for high end consumers and 4* HORECA ~ prestige and popular for weddings and celebrations.
• Growing demand for ready meals for home delivery
• Limited number of live seafood importers in the market ~ 10 but growing due to increased domestic demand.
• Few traders direct to retail ~ majority selling through wholesale and HORECA channels.
• Seafood importers moving online ~ same day delivery
• Importers focus on 1-2 NEW live seafood species per annum
• Distribution through importers to wholesalers, and then on to hypermarkets, department stores, hotels, food service and online platforms.
WRL live ~ market price per kg• 0.6 – 0.85kg ~A$68• 0.86 – 1kg ~ A$75• 1.01 – 1.3kg ~ A$85• 1.31 – 1.8kg ~ A$95• >1.8kg ~ A$100
SRL live ~ market price per kg• 0.6 – 0.8kg ~A$68• 1kg – 1.5kg ~ A$77• 1.5 - 2kg ~ A$83• > 2kg ~ A$85
• Market price set by US & Canadian lobsters
• Domestic supply of Tropical RL
Examples In-market
In February and March 2021, the Western Rock Lobster (WRL) and Southern Rock Lobster (SRL) were
approved for live import to Vietnam - creating new market potential for these two species.
Retailer: Hai San Hoang Gia (Western Rock Lobster)
Retailer: DaoHaisan.vn (Southern Rock Lobster)
E-commerce: Tiki.vn(Southern Rock Lobster)
To remember
Top 3 takeaways Drivers of success
~ 10+ Vietnamese importers currently sourcing live lobsters from Australia
Australian seafood products ‘trusted’ and growing in demand ~ especially at peak periods.
Growing number of live seafood specialty retailers and dedicated space in supermarkets.
Invest in branding ~ don’t simply trade as a commodity
Need to educate Vietnamese importers and consumers of differentiation from US / Canadian product (value).
Consider partnering with an established seafood retailer with an end-to-end supply chain.
KoreaHelen OhTrade Commissioner Seoul
Ask a question
slido.com#lobster1
Market Overview
4,222 TNS (2020 total import volume
of lobsters)
Proactive approaches by
Australian exporters
12 TNS of spiny lobster imports in
2020
3-4 Korean importers testing
marketability
Higher price points compared to
Northern American Lobsters
Significant sales growth in 2020-21
for both live and frozen
99% of imported supplies are
Homarus species
Increasing sales in retail stores
Meeting market expectations
Consumer demands Distribution channels Product specs
• Luxury hospitality food service outlets prefer frozen lobster tails over live lobsters for value-for-money – used for wedding banquets and buffet menu.
• Japanese restaurants use small volume of live lobsters.
• Market price set by Canadian lobsters.
• Live Australian lobsters online selling at KRW 58,000 (AUD$57) per 900g-1kg.
• Small size lobsters: <1kg per single serving or jumbo size (>5kg)
• Frozen cooked lobsters: 450g-500g or 600g-700g
• Live lobsters: 800g-900g or 900g-1kg
• Lobster importers shifting focus to online channels during COVID – digital and TV home shopping
• Next day delivery
• 30-40 lobster importers in Korea.
• 12-15 small/specialized seafood importers can handle complex transport and customs requirements.
• General traders/importers only import frozen cooked products at low price points.
• Distribution through importers to wholesalers, and then on to hypermarkets, department stores, hotels, food service and online platforms.
Examples In-market
Emart (the largest
retail store chains)
and Hyundai
Department stores
(premium stores) buy
live lobsters from
specialised
importers, instead
of importing directly
TROPICAL
FROZEN
KRW
44,000500-600gapprox AUD
$51
KRW 286,000
5kgapprox AUD
$331
KRW 58,000
900-1kgapprox AUD
$67
TROPICAL
LIVE
KRW
64,500800-900gapprox AUD
$74
To remember
Top 3 takeaways Drivers of success
4-5 Korean importers currently sourcing Australian live lobsters
More competitive pricing to appeal to Korean importers.
Positive consumer feedback on unique shape and brand story – mostly served as sashimi or steamed.
Show long-term commitment to Korea.
Need to educate Korean importers on how to minimize mortality rates.
Need to educate Korean consumers on the quality of Australian rock lobsters – use TV home shopping platforms.
TaiwanBrent MooreSenior Trade Commissioner
Ask a question
slido.com#lobster1
Market Overview
60:40Rock Lobster vsBoston Lobster
37%of Rock Lobster
imports are frozen
107%increase in YTD live rock lobster imports
#2Market for final
consumption - YTD
84%AUS mkt share YTD:
live rock lobster
$A37.6average $/kg in 2021:
Live Rock Lobster
$23.4average $/kg in 2021:Frozen Rock Lobster
A$94mtotal market size
Meeting market expectations
Consumer demands Distribution channels Product specs
• Lobster consumption up 10% Y-O-Y
• Current COVID outbreak to dampen sales
• Consumption driven by special occasion eating
• Businesses and chefs prefer frozen lobster
• Australia seen as preferred choice of rock lobster
• Demand increases sharply at lower price points
• 550 – 650g small• 800 – 1000g medium• $25-40 per kg• Live or frozen raw or cooked
• e-Commerce and home TV shopping suitable to off-premise consumption
• Majority of trade through specialty importers (30-50)
• Imports focused on port of Kaohsiung
• Banquet halls and hotels
• Teppanyaki
Examples In-market
To remember
Top 3 takeaways Drivers of success
Australian lobsters can continue to increase share at right price
Taiwanese are brand, status and relationship conscious buyers
Co-invest in promotion and marketing – avoid transactional relationships
Consider long-term strategy to supply @ <$40
Rock lobster understood to be a premium product over ‘boston’
Support of executive chefs is vital
Q&A
Slido.com #Lobster1
What’s next?
Reach out to your Tradestart or Global Engagement Manager
• 13 28 78New to Austrade? Get in touch to see how we can help and ask specific questions about grants, programs and services
• export.business.gov.auTry the Guide to Exporting tool to identify, understand and prioritise markets
• agriculture.gov.au
• austrade.gov.auRead more about the $72m Agribusiness Expansion Initiative
• austrade.gov.au/news/newsletters
Keep informed about the latest agribusiness news
Thank you for attending
Sorry if we didn’t answer
your specific question
We’ll follow up on
outstanding issues
Please complete the
survey that will be emailed to you –
helps us develop
what you need
Recording available –
we’ll send out a link