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 skyrocketed to $X in 2021, rising by 40% 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 continues to indicate a strong increase. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in years to come.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Singapore

In 2021, overseas shipments of frozen scallops, including queen scallop were finally on the rise to reach X tons after three years of decline. In general, exports, however, recorded a mild decrease. The pace of growth was the most pronounced in 2015 when exports increased by 85%. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, frozen scallops, including queen scallop exports soared to $X in 2021. Over the period under review, exports, however, showed a perceptible contraction. The pace of growth appeared the most rapid in 2015 with an increase of 70%. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Malaysia (X tons), Thailand (X tons) and Qatar (X tons) were the main destinations of frozen scallops, including queen scallop exports from Singapore, together accounting for 67% of total exports.

From 2012 to 2021, the biggest increases were recorded for Qatar (with a CAGR of +75.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X) remains the key foreign market for frozen scallops, including queen scallop exports from Singapore, comprising 43% of total exports. The second position in the ranking was held by Thailand ($X), with an 18% share of total exports. It was followed by Qatar, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Malaysia stood at -4.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+54.3% per year) and Qatar (+77.7% 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 16% against the previous year. Overall, the export price, however, continues to indicate a perceptible contraction. The pace of growth was the most pronounced in 2014 an increase of 39% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, the export prices stood at a somewhat 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 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+3.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into Singapore

Frozen scallops, including queen scallop imports into Singapore surged to X tons in 2021, jumping by 29% against 2020. Overall, imports saw prominent growth. The most prominent rate of growth was recorded in 2019 when imports increased by 65% against the previous year. Over the period under review, imports attained the maximum in 2021 and are likely to continue growth in years to come.

In value terms, frozen scallops, including queen scallop imports surged to $X in 2021. In general, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -5.5% against 2019 indices. Imports peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest frozen scallops, including queen scallop supplier to Singapore, accounting for a 81% 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), sevenfold. Australia (X tons) ranked third in terms of total imports with a 2.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+4.8% per year) and Australia (+20.5% per year).

In value terms, China ($X) constituted the largest supplier of frozen scallops, including queen scallop to Singapore, comprising 62% of total imports. The second position in the ranking was taken by Japan ($X), with a 30% share of total imports. It was followed by Australia, with a 4.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-1.1% per year) and Australia (+14.5% per year).

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2021, rising by 9% against the previous year. Over the period under review, the import price, however, recorded a pronounced setback. The pace of growth appeared the most rapid in 2015 when the average import price increased by 25%. The import price peaked at $X per ton in 2016; however, from 2017 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 ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (-2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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