Malaysia: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in Malaysia

In 2021, after three years of decline, there was significant growth in the Malaysian market for frozen scallops, including queen scallop, when its value increased by 37% to $X. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Malaysia

Frozen scallops, including queen scallop exports from Malaysia contracted to X tons in 2021, with a decrease of -9.5% on the previous year's figure. In general, exports recorded a deep reduction. The most prominent rate of growth was recorded in 2020 when exports increased by 170%. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen scallops, including queen scallop exports reached $X in 2021. Over the period under review, exports continue to indicate a perceptible setback. The growth pace was the most rapid in 2016 when exports increased by 144% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Singapore (X tons) was the main destination for frozen scallops, including queen scallop exports from Malaysia, with a 50% share of total exports. Moreover, frozen scallops, including queen scallop exports to Singapore exceeded the volume sent to the second major destination, Hong Kong SAR (X tons), twofold. Thailand (X tons) ranked third in terms of total exports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore totaled +16.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+1.2% per year) and Thailand (+38.6% per year).

In value terms, Singapore ($X) remains the key foreign market for frozen scallops, including queen scallop exports from Malaysia, comprising 53% of total exports. The second position in the ranking was taken by Thailand ($X), with a 22% share of total exports. It was followed by Hong Kong SAR, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Singapore totaled +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+43.3% per year) and Hong Kong SAR (-1.4% per year).

Export Prices by Country

In 2021, the average export price for frozen scallops, including queen scallop amounted to $X per ton, increasing by 27% against the previous year. Overall, the export price posted a tangible expansion. The pace of growth was the most pronounced in 2018 an increase of 101%. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Indonesia ($X per ton), while the average price for exports to France ($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 (+17.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into Malaysia

In 2021, overseas purchases of frozen scallops, including queen scallop were finally on the rise to reach X tons after two years of decline. Over the period under review, imports continue to indicate a slight expansion. The growth pace was the most rapid in 2017 with an increase of 101%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, frozen scallops, including queen scallop imports soared to $X in 2021. Overall, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 57% against the previous year. As a result, imports reached the peak of $X. From 2018 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of frozen scallops, including queen scallop to Malaysia, with a 63% share of total imports. Moreover, frozen scallops, including queen scallop imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +13.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+40.1% per year) and Japan (+5.4% per year).

In value terms, China ($X), Japan ($X) and Singapore ($X) constituted the largest frozen scallops, including queen scallop suppliers to Malaysia, together accounting for 91% of total imports.

Singapore, with a CAGR of +38.1%, saw the highest rates of growth with regard to 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 2021, the average import price for frozen scallops, including queen scallop amounted to $X per ton, standing approx. at the previous year. Over the period under review, the import price continues to indicate a pronounced descent. The most prominent rate of growth was recorded in 2016 when the average import price increased by 31% against the previous year. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a somewhat 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 Hong Kong SAR ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+1.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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