Asia: Market for Frozen Scallops, Including Queen Scallop 2023

Market Size for Frozen Scallops, Including Queen Scallop in Asia

In 2021, after two years of decline, there was growth in the Asian market for frozen scallops, including queen scallop, when its value increased by 4.5% to $X. The total consumption indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market remained at a lower figure.

Production of Frozen Scallops, Including Queen Scallop in Asia

In value terms, frozen scallops, including queen scallop production shrank to $X in 2021 estimated in export price. The total production indicated a perceptible expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by +0.3% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 43%. As a result, production attained the peak level of $X. From 2016 to 2021, production growth failed to regain momentum.

Exports of Frozen Scallops, Including Queen Scallop

Exports in Asia

After two years of decline, overseas shipments of frozen scallops, including queen scallop increased by 43% to X tons in 2021. Total exports indicated a noticeable increase from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, frozen scallops, including queen scallop exports skyrocketed to $X in 2021. In general, exports posted a tangible expansion. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China dominates exports structure, amounting to X tons, which was near 89% of total exports in 2021. The following exporters - Japan (X tons), Vietnam (X tons), Hong Kong SAR (X tons) and the Philippines (X tons) - each amounted to an 8.7% share of total exports.

China was also the fastest-growing in terms of the frozen scallops, including queen scallop exports, with a CAGR of +5.8% from 2012 to 2021. The Philippines (-5.7%), Japan (-6.1%), Hong Kong SAR (-10.1%) and Vietnam (-12.3%) illustrated a downward trend over the same period. While the share of China (+23 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the Philippines (-2 p.p.), Japan (-2.9 p.p.), Hong Kong SAR (-4.8 p.p.) and Vietnam (-6.6 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest frozen scallops, including queen scallop supplier in Asia, comprising 83% of total exports. The second position in the ranking was taken by Japan ($X), with a 5.2% share of total exports. It was followed by Hong Kong SAR, with a 4.7% share.

In China, frozen scallops, including queen scallop exports expanded at an average annual rate of +4.5% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Japan (-4.1% per year) and Hong Kong SAR (-4.8% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, rising by 8.9% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when the export price increased by 18% against the previous year. The level of export peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+14.7%), while the other leaders experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports in Asia

Frozen scallops, including queen scallop imports skyrocketed to X tons in 2021, jumping by 51% against the year before. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 56%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, frozen scallops, including queen scallop imports surged to $X in 2021. The total import value increased at an average annual rate of +4.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of import peaked at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

China dominates imports structure, finishing at X tons, which was approx. 82% of total imports in 2021. It was distantly followed by Hong Kong SAR (X tons), generating a 6.2% share of total imports. The following importers - Vietnam (X tons), Taiwan (Chinese) (X tons) and Singapore (X tons) - together made up 7.6% of total imports.

China was also the fastest-growing in terms of the frozen scallops, including queen scallop imports, with a CAGR of +23.7% from 2012 to 2021. At the same time, Singapore (+8.4%) and Taiwan (Chinese) (+2.4%) displayed positive paces of growth. Vietnam experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-1.0%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +43 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest frozen scallops, including queen scallop importing markets in Asia were China ($X), Hong Kong SAR ($X) and Taiwan (Chinese) ($X), together comprising 83% of total imports.

In terms of the main importing countries, China, with a CAGR of +18.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, reducing by -13% against the previous year. Over the period under review, the import price continues to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2016 when the import price increased by 28%. The level of import peaked at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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