Hong Kong SAR, China: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in Hong Kong SAR, China

After two years of decline, the Hong Kong market for frozen scallops, including queen scallop increased by 10% to $X in 2021. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Hong Kong SAR, China

In 2021, shipments abroad of frozen scallops, including queen scallop increased by 13% to X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a abrupt downturn. The most prominent rate of growth was recorded in 2013 with an increase of 36%. Over the period under review, the exports reached the peak figure 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 soared to $X in 2021. Overall, exports, however, recorded a perceptible shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of 88% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for frozen scallops, including queen scallop exports from Hong Kong SAR, with a 53% share of total exports. Moreover, frozen scallops, including queen scallop exports to Macao SAR exceeded the volume sent to the second major destination, the United States (X tons), twofold. The third position in this ranking was taken by Canada (X tons), with a 7.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Macao SAR stood at +6.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.4% per year) and Canada (+2.8% per year).

In value terms, the United States ($X), Macao SAR ($X) and Canada ($X) appeared to be the largest markets for frozen scallops, including queen scallop exported from Hong Kong SAR worldwide, with a combined 80% share of total exports.

Canada, with a CAGR of +6.1%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average export price for frozen scallops, including queen scallop amounted to $X per ton, jumping by 17% against the previous year. Overall, export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen scallops, including queen scallop export price increased by +23.6% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the average export price increased by 50%. Over the period under review, the average export prices reached the maximum at $X per ton in 2015; however, from 2016 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 the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Vietnam (+16.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into Hong Kong SAR, China

In 2021, purchases abroad of frozen scallops, including queen scallop was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, showed a slight decrease. The pace of growth was the most pronounced in 2018 with an increase of 43% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, frozen scallops, including queen scallop imports rose remarkably to $X in 2021. In general, imports, however, saw a pronounced contraction. The most prominent rate of growth was recorded in 2013 when imports increased by 12% against the previous year. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports failed to regain momentum.

Imports by Country

China (X tons), Japan (X tons) and Canada (X tons) were the main suppliers of frozen scallops, including queen scallop imports to Hong Kong SAR, together accounting for 97% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +6.5%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X) constituted the largest supplier of frozen scallops, including queen scallop to Hong Kong SAR, comprising 64% of total imports. The second position in the ranking was taken by China ($X), with a 31% share of total imports. It was followed by Canada, with a 1.6% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.4% per year) and Canada (-19.8% per year).

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2021, reducing by -3.8% against the previous year. Overall, the import price recorded a mild descent. The most prominent rate of growth was recorded in 2019 when the average import price increased by 28% against the previous year. The import price peaked at $X per ton in 2016; however, from 2017 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+7.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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