Vietnam: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in Vietnam

In 2021, the Vietnamese market for frozen scallops, including queen scallop increased by 84% to $X, rising for the third consecutive year after four years of decline. Overall, consumption showed strong growth. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Exports of Frozen Scallops, Including Queen Scallop

Exports from Vietnam

In 2021, approx. X tons of frozen scallops, including queen scallop were exported from Vietnam; with a decrease of -25.6% compared with 2020 figures. Overall, exports recorded a abrupt setback. The most prominent rate of growth was recorded in 2020 with an increase of 16%. Over the period under review, the exports hit record highs at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, frozen scallops, including queen scallop exports totaled $X in 2021. In general, exports continue to indicate a deep contraction. The growth pace was the most rapid in 2018 when exports increased by 33%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Denmark (X tons), France (X tons) and the United States (X tons) were the main destinations of frozen scallops, including queen scallop exports from Vietnam, with a combined 60% share 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 the United States (with a CAGR of +8.9%), while the other leaders experienced a decline.

In value terms, Denmark ($X) remains the key foreign market for frozen scallops, including queen scallop exports from Vietnam, comprising 34% of total exports. The second position in the ranking was taken by the United States ($X), with a 7.9% share of total exports. It was followed by France, with a 7.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Denmark amounted to -2.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+5.1% per year) and France (-22.9% per year).

Export Prices by Country

The average export price for frozen scallops, including queen scallop stood at $X per ton in 2021, surging by 35% against the previous year. In general, the export price enjoyed a buoyant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Denmark ($X per ton), while the average price for exports to Taiwan (Chinese) ($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 Indonesia (+151.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into Vietnam

In 2021, overseas purchases of frozen scallops, including queen scallop increased by 42% to X tons, rising for the third year in a row after two years of decline. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 1,011%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, frozen scallops, including queen scallop imports surged to $X in 2021. Overall, imports, however, recorded a abrupt setback. The most prominent rate of growth was recorded in 2016 with an increase of 1,072%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Denmark (X tons) constituted the largest supplier of frozen scallops, including queen scallop to Vietnam, accounting for a 34% share of total imports. Moreover, frozen scallops, including queen scallop imports from Denmark exceeded the figures recorded by the second-largest supplier, France (X tons), twofold. The third position in this ranking was held by China (X tons), with a 2.6% share.

From 2012 to 2021, the average annual growth rate of volume from Denmark totaled -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+38.4% per year) and China (-17.5% per year).

In value terms, Denmark ($X) constituted the largest supplier of frozen scallops, including queen scallop to Vietnam, comprising 36% of total imports. The second position in the ranking was taken by France ($X), with an 8.2% share of total imports. It was followed by China, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value from Denmark stood at -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+12.9% per year) and China (-19.9% per year).

Import Prices by Country

In 2021, the average import price for frozen scallops, including queen scallop amounted to $X per ton, approximately reflecting the previous year. Overall, the import price recorded a pronounced contraction. The most prominent rate of growth was recorded in 2014 when the average import price increased by 75% 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.

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 ($X per ton), while the price for France ($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 Philippines (+23.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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