Thailand: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in Thailand

In 2021, the Thai market for frozen scallops, including queen scallop decreased by -12.1% to $X, falling for the second consecutive year after four years of growth. In general, consumption, however, showed a buoyant expansion. Frozen scallops, including queen scallop consumption peaked at $X in 2019; however, from 2020 to 2021, consumption remained at a lower figure.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Thailand

In 2021, frozen scallops, including queen scallop exports from Thailand fell dramatically to X tons, waning by -25.2% on the previous year. Over the period under review, exports recorded a dramatic decline. The most prominent rate of growth was recorded in 2014 with an increase of 762% against the previous year. As a result, the exports reached the peak of X tons. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, frozen scallops, including queen scallop exports declined rapidly to $X in 2021. In general, exports recorded a precipitous shrinkage. The pace of growth was the most pronounced in 2013 when exports increased by 374%. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

New Caledonia (X tons), Cambodia (X tons) and Bangladesh (X kg) were the main destinations of frozen scallops, including queen scallop exports from Thailand, together comprising 84% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Bangladesh (with a CAGR of +437.4%), while the other leaders experienced more modest paces of growth.

In value terms, New Caledonia ($X) emerged as the key foreign market for frozen scallops, including queen scallop exports from Thailand, comprising 52% of total exports. The second position in the ranking was taken by Cambodia ($X), with a 23% share of total exports. It was followed by Russia, with a 7.9% share.

From 2012 to 2021, the average annual growth rate of value to New Caledonia amounted to -4.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cambodia (+34.2% per year) and Russia (-19.9% per year).

Export Prices by Country

In 2021, the average export price for frozen scallops, including queen scallop amounted to $X per ton, with an increase of 4.7% against the previous year. Over the period under review, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2013 an increase of 492% against the previous year. The export price peaked at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was New Caledonia ($X per ton), while the average price for exports to Bangladesh ($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 Cambodia (+23.6%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into Thailand

In 2021, after three years of growth, there was significant decline in supplies from abroad of frozen scallops, including queen scallop, when their volume decreased by -26.4% to X tons. In general, imports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2019 with an increase of 64% against the previous year. Imports peaked at X tons in 2020, and then contracted sharply in the following year.

In value terms, frozen scallops, including queen scallop imports contracted modestly to $X in 2021. Overall, imports, however, recorded a resilient increase. The growth pace was the most rapid in 2019 when imports increased by 50%. As a result, imports reached the peak of $X. From 2020 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 Thailand, accounting for a 72% 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), threefold.

From 2012 to 2021, the average annual growth rate of volume from China stood at +20.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+9.6% per year) and the United States (-10.1% per year).

In value terms, Japan ($X), China ($X) and the United States ($X) appeared to be the largest frozen scallops, including queen scallop suppliers to Thailand, together comprising 100% of total imports.

Among the main suppliers, Japan, with a CAGR of +13.9%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2021, growing by 35% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the average import price increased by 61%. 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.

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 Japan (+3.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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