Scallop Update：Global Market Faces High Prices and Mixed Trends

The global scallop market is currently grappling with soaring raw material prices and evolving supply-demand dynamics, creating significant challenges for producers and exporters.

Price Surge in Raw Materials

In recent weeks, the price of scallop raw materials has skyrocketed, with some suppliers reporting a jump from $18.50 to $35 per kilogram. This sharp increase has stalled imports by factories, complicating production schedules and timely deliveries, particularly in a high-demand market.

Overview of 2024 Scallop Prices

Price Trends: In the first three quarters of 2024, the average market price of scallops in China reached 49.23 yuan per kilogram, marking a 13.9% year-on-year increase. After a significant dip in June, prices rebounded, hitting 52.01 yuan per kilogram in September—a new peak for the year. Supply and Demand: China’s shellfish supply is projected to remain stable, while demand is expected to grow modestly towards the end of the year.

Japan’s Scallop Industry Updates

Hakodate Area Catch Stability: The Hakodate area in Hokkaido has maintained a stable scallop catch of approximately 8,000 tons annually for the past four years. The 2025 target is set at 8,100 tons, a modest 2% increase from the previous season. The fishing season spans from October 2024 to May 2025.

Iburi Area Production Growth: In Funka Bay’s Iburi area, Muroran City’s government announced plans to boost scallop production in several districts. For example, Date District expects a 38% increase in yield, while Yushou and Awuta predict growth of 8% and 3%, respectively.

Market Prices and Trends: The initial shipping price of scallops from the Date District has surged, reaching 380 yen per kilogram—double the price from the same period last year—and later climbed above 500 yen per kilogram. This increase is attributed to strong demand for high-end products like oysters. However, a shift toward frozen products may result in reduced production of cooked scallops.

Market Recovery Post-Ban

Japan’s scallop market has shown resilience following China’s import ban on Japanese seafood. Domestic consumption has increased, and new export destinations, such as the United States, Canada, Thailand, and Vietnam, have provided critical outlets.

• Price Recovery: After an initial 20-30% drop, prices have rebounded. For instance, frozen scallop prices at Tokyo’s Toyosu Market reached 3,200–3,300 yen per kilogram in mid-August 2024, a 30% year-on-year increase.
• Export Diversification: While the absence of the Chinese market continues to impact the industry, expanding exports to other regions has mitigated the damage.

Uncertain Outlook

Looking ahead, the global scallop market remains uncertain, particularly in light of ongoing geopolitical and regulatory challenges. Experts suggest that prices may stabilize if current trends persist, but much will depend on policy developments, including the potential lifting of Chinese sanctions.

To navigate these complexities, stakeholders must stay informed and agile, adapting to rapidly shifting market conditions while exploring new opportunities in untapped markets.

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