China: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in China

In 2021, the Chinese market for frozen scallops, including queen scallop was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption enjoyed a prominent expansion. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Production of Frozen Scallops, Including Queen Scallop in China

In value terms, frozen scallops, including queen scallop production amounted to $X in 2021 estimated in export price. Over the period under review, production recorded a slight descent. The pace of growth was the most pronounced in 2017 when the production volume increased by 73% against the previous year. As a result, production attained the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Exports of Frozen Scallops, Including Queen Scallop

Exports from China

After two years of decline, overseas shipments of frozen scallops, including queen scallop increased by 48% to X tons in 2021. Overall, total exports indicated a buoyant expansion from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, frozen scallops, including queen scallop exports skyrocketed to $X in 2021. Over the period under review, exports saw noticeable growth. The most prominent rate of growth was recorded in 2013 with an increase of 64%. The exports peaked at $X in 2016; however, from 2017 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for frozen scallops, including queen scallop exports from China, accounting for a 34% share of total exports. Moreover, frozen scallops, including queen scallop exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), fourfold. The third position in this ranking was held by Singapore (X tons), with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States stood at +8.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+3.9% per year) and Singapore (+8.5% per year).

In value terms, the United States ($X) remains the key foreign market for frozen scallops, including queen scallop exports from China, comprising 36% of total exports. The second position in the ranking was held by Canada ($X), with a 7.9% share of total exports. It was followed by Singapore, with a 6.1% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +8.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+2.9% per year) and Singapore (+4.9% per year).

Export Prices by Country

The average export price for frozen scallops, including queen scallop stood at $X per ton in 2021, rising by 7.9% against the previous year. Over the period under review, the export price, however, continues to indicate a mild slump. The pace of growth appeared the most rapid in 2013 when the average export price increased by 21% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2016; however, from 2017 to 2021, 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 Australia ($X per ton), while the average price for exports to Thailand ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+3.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into China

In 2021, the amount of frozen scallops, including queen scallop imported into China skyrocketed to X tons, growing by 67% against 2020 figures. Over the period under review, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2015 with an increase of 97%. Over the period under review, imports attained the peak figure in 2021 and are likely to continue growth in the near future.

In value terms, frozen scallops, including queen scallop imports surged to $X in 2021. Overall, imports enjoyed a remarkable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X tons) was the main frozen scallops, including queen scallop supplier to China, with a 96% share of total imports. Moreover, frozen scallops, including queen scallop imports from Japan exceeded the figures recorded by the second-largest supplier, Russia (X tons), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at +25.6%.

In value terms, Japan ($X) constituted the largest supplier of frozen scallops, including queen scallop to China, comprising 96% of total imports. The second position in the ranking was held by Russia ($X), with a 2.2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan amounted to +19.4%.

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2021, growing by 19% against the previous year. Over the period under review, the import price, however, recorded a pronounced reduction. The pace of growth was the most pronounced in 2016 an increase of 50%. The import price peaked at $X per ton in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for Russia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+5.1%).

Source: IndexBox Platform

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