Philippines: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in the Philippines

In 2021, the Philippine market for frozen scallops, including queen scallop decreased by -25% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption, however, continues to indicate a prominent increase. Frozen scallops, including queen scallop consumption peaked at $X in 2020, and then reduced notably in the following year.

Production of Frozen Scallops, Including Queen Scallop in the Philippines

In value terms, frozen scallops, including queen scallop production dropped to $X in 2021 estimated in export price. Overall, the total production indicated strong growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +58.4% against 2014 indices. The pace of growth appeared the most rapid in 2019 when the production volume increased by 51%. Frozen scallops, including queen scallop production peaked at $X in 2020, and then reduced in the following year.

Exports of Frozen Scallops, Including Queen Scallop

Exports from the Philippines

In 2021, overseas shipments of frozen scallops, including queen scallop were finally on the rise to reach X tons for the first time since 2016, thus ending a four-year declining trend. Over the period under review, exports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2016 with an increase of 176%. As a result, the exports attained the peak of X tons. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen scallops, including queen scallop exports surged to $X in 2021. In general, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2016 with an increase of 166%. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for frozen scallops, including queen scallop exports from the Philippines, accounting for a 81% share of total exports. Moreover, frozen scallops, including queen scallop exports to the United States exceeded the volume sent to the second major destination, Taiwan (Chinese) (X tons), tenfold. The third position in this ranking was held by Vietnam (X tons), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to -6.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+14.9% per year) and Vietnam (-3.9% per year).

In value terms, the United States ($X) remains the key foreign market for frozen scallops, including queen scallop exports from the Philippines, comprising 80% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with an 8% share of total exports. It was followed by Vietnam, with a 3.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States totaled +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+35.2% per year) and Vietnam (+12.3% per year).

Export Prices by Country

In 2021, the average export price for frozen scallops, including queen scallop amounted to $X per ton, declining by -31% against the previous year. Overall, the export price, however, posted a strong increase. The pace of growth was the most pronounced in 2019 an increase of 133%. The export price peaked at $X per ton in 2020, and then fell remarkably in the following year.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($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 Taiwan (Chinese) (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into the Philippines

For the third year in a row, the Philippines recorded decline in purchases abroad of frozen scallops, including queen scallop, which decreased by -21.4% to X tons in 2021. Overall, imports faced a drastic downturn. The pace of growth was the most pronounced in 2015 when imports increased by 121% against the previous year. As a result, imports attained the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, frozen scallops, including queen scallop imports shrank sharply to $X in 2021. Over the period under review, imports, however, enjoyed strong growth. The pace of growth appeared the most rapid in 2015 when imports increased by 268%. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest frozen scallops, including queen scallop supplier to the Philippines, accounting for a 67% 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), threefold. Japan (X tons) ranked third in terms of total imports with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (-13.1% per year) and Japan (-5.9% per year).

In value terms, China ($X) constituted the largest supplier of frozen scallops, including queen scallop to the Philippines, comprising 67% of total imports. The second position in the ranking was held by Singapore ($X), with a 26% share of total imports. It was followed by Japan, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +34.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+4.2% per year) and Japan (+25.0% per year).

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2021, growing by 4.9% against the previous year. Overall, the import price saw strong growth. The most prominent rate of growth was recorded in 2015 when the average import price increased by 67%. The import price peaked in 2021 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were Japan ($X per ton) and China ($X per ton), while the price for the United States ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+55.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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