Overview of the Global Market for Frozen Scallops, Including Queen Scallop

Market Size for Frozen Scallops, Including Queen Scallop

In 2021, the global market for frozen scallops, including queen scallop increased by 6.6% to $X for the first time since 2018, thus ending a two-year declining trend. The market value increased at an average annual rate of +3.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the global market remained at a somewhat lower figure.

Production of Frozen Scallops, Including Queen Scallop

In value terms, frozen scallops, including queen scallop production reached $X in 2021 estimated in export price. Over the period under review, the total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +2.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -25.5% against 2016 indices. The most prominent rate of growth was recorded in 2015 when the production volume increased by 33%. Global production peaked at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Exports of Frozen Scallops, Including Queen Scallop

Exports

In 2021, global frozen scallops, including queen scallop exports surged to X tons, growing by 31% compared with the previous year's figure. The total export volume increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The global exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, frozen scallops, including queen scallop exports surged to $X in 2021. In general, total exports indicated slight growth from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The global exports peaked at $X in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X tons) represented the major exporter of frozen scallops, including queen scallop, mixing up 33% of total exports. Peru (X tons) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Argentina (13%), France (6.2%), the United States (5.6%), Russia (4.8%) and Canada (4.6%).

From 2012 to 2021, average annual rates of growth with regard to frozen scallops, including queen scallop exports from China stood at +5.8%. At the same time, Russia (+37.3%), France (+12.4%), Peru (+7.5%) and Argentina (+5.9%) displayed positive paces of growth. Moreover, Russia emerged as the fastest-growing exporter exported in the world, with a CAGR of +37.3% from 2012-2021. Canada experienced a relatively flat trend pattern. By contrast, the United States (-8.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China, Peru, Russia, Argentina and France increased by +11, +5.7, +4.5, +4.2 and +3.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest frozen scallops, including queen scallop supplier worldwide, comprising 32% of global exports. The second position in the ranking was held by Peru ($X), with a 12% share of global exports. It was followed by Argentina, with a 10% share.

In China, frozen scallops, including queen scallop exports expanded at an average annual rate of +4.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Peru (+5.3% per year) and Argentina (+3.9% 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 9.3% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The global export price peaked at $X per ton in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Canada ($X per ton), while Russia ($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 (+2.2%), while the other global leaders experienced mixed trends in the export price figures.

Imports of Frozen Scallops, Including Queen Scallop

Imports

In 2021, the amount of frozen scallops, including queen scallop imported worldwide skyrocketed to X tons, rising by 41% compared with the previous year. Overall, total imports indicated a remarkable increase from 2012 to 2021: its volume increased at an average annual rate of +7.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, frozen scallops, including queen scallop imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, global imports attained the peak figure at $X in 2016; however, from 2017 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) represented the largest importer of frozen scallops, including queen scallop, generating 55% of total imports. The United States (X tons) held a 12% share (based on physical terms) of total imports, which put it in second place, followed by France (6.9%). The following importers - Hong Kong SAR (X tons), Canada (X tons), Vietnam (X tons), Denmark (X tons), Taiwan (Chinese) (X tons), Spain (X tons) and Italy (X tons) - together made up 15% of total imports.

China was also the fastest-growing in terms of the frozen scallops, including queen scallop imports, with a CAGR of +23.7% from 2012 to 2021. At the same time, the United States (+5.0%), Taiwan (Chinese) (+2.4%), Denmark (+1.5%) and Canada (+1.3%) displayed positive paces of growth. Vietnam experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-1.0%), Spain (-1.2%), Italy (-2.2%) and France (-2.9%) illustrated a downward trend over the same period. China (+40 p.p.) significantly strengthened its position in terms of the global imports, while Canada, Spain, Vietnam, Italy, the United States, Hong Kong SAR and France saw its share reduced by -1.7%, -1.8%, -1.8%, -2.1%, -2.4%, -4.3% and -9.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), China ($X) and Hong Kong SAR ($X) were the countries with the highest levels of imports in 2021, together comprising 51% of global imports.

In terms of the main importing countries, China, with a CAGR of +18.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2021, dropping by -5.6% against the previous year. Overall, the import price recorded a abrupt shrinkage. The growth pace was the most rapid in 2016 when the average import price increased by 15% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+7.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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