Singapore: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in Singapore

The Singaporean market for frozen scallops, including queen scallop soared to $X in 2022, growing by X% 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). Over the period under review, consumption saw a remarkable increase. Frozen scallops, including queen scallop consumption peaked in 2022 and is expected to retain growth in years to come.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Singapore

In 2022, shipments abroad of frozen scallops, including queen scallop increased by X% to X tons, rising for the second consecutive year after three years of decline. In general, exports recorded a moderate increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, frozen scallops, including queen scallop exports soared to $X in 2022. Overall, exports enjoyed a modest increase. The most prominent rate of growth was recorded in 2015 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X tons), Indonesia (X tons) and Thailand (X tons) were the main destinations of frozen scallops, including queen scallop exports from Singapore, together comprising X% of total exports. The Philippines, Qatar, Brunei Darussalam, Cambodia and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Qatar (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Thailand ($X) and Indonesia ($X) appeared to be the largest markets for frozen scallops, including queen scallop exported from Singapore worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Thailand, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for frozen scallops, including queen scallop stood at $X per ton in 2022, with an increase of X% against the previous year. In general, the export price, however, recorded a mild decline. The pace of growth was the most pronounced in 2014 when the average export price increased by X%. The export price peaked at $X per ton in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

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

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Imports of Frozen Scallops, Including Queen Scallop

Imports into Singapore

In 2022, approx. X tons of frozen scallops, including queen scallop were imported into Singapore; growing by X% against the previous year's figure. In general, imports recorded buoyant growth. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

In value terms, frozen scallops, including queen scallop imports skyrocketed to $X in 2022. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of frozen scallops, including queen scallop to Singapore, with a X% share of total imports. Moreover, frozen scallops, including queen scallop imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), fourfold. Malaysia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and Malaysia (X% per year).

In value terms, the largest frozen scallops, including queen scallop suppliers to Singapore were China ($X), Japan ($X) and Australia ($X), with a combined X% share of total imports. Malaysia and the United States lagged somewhat behind, together accounting for a further X%.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average import price for frozen scallops, including queen scallop amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, recorded a pronounced reduction. The pace of growth appeared the most rapid in 2015 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2016; however, from 2017 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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