Molluscs Market

The global market for molluscs, including scallops, mussels, cuttle fish, squid, and octopus, is anticipated to grow over the next eight years. Consumption trends show an upward trajectory, with market volume projected to reach 8.6M tons and market value expected to increase to $54.6B by 2030. China leads in consumption, with Spain and India following closely behind. Production, imports, and exports of molluscs also show promising growth rates, highlighting a positive outlook for the industry in the coming years.

Market Forecast

Driven by increasing demand for molluscs (scallops, mussels, cuttle fish, squid and octopus) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.0% for the period from 2022 to 2030, which is projected to bring the market volume to 8.6M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market value to $54.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Molluscs (Scallops, Mussels, Cuttle Fish, Squid And Octopus)

In 2022, consumption of molluscs (scallops, mussels, cuttle fish, squid and octopus) decreased by -0.3% to 6.8M tons, falling for the second year in a row after three years of growth. The total consumption volume increased at an average annual rate of +3.3% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. Over the period under review, global consumption attained the maximum volume at 6.9M tons in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

The global molluscs market revenue fell modestly to $38.1B in 2022, approximately mirroring 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). The market value increased at an average annual rate of +3.4% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Global consumption peaked at $38.4B in 2021, and then fell in the following year.

Consumption By Country

China (967K tons) remains the largest molluscs consuming country worldwide, comprising approx. 14% of total volume. Moreover, molluscs consumption in China exceeded the figures recorded by the second-largest consumer, India (389K tons), twofold. The United States (361K tons) ranked third in terms of total consumption with a 5.3% share.

In China, molluscs consumption increased at an average annual rate of +3.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: India (+3.7% per year) and the United States (+4.6% per year).

In value terms, China ($6.2B) led the market, alone. The second position in the ranking was taken by Spain ($2.1B). It was followed by India.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +4.3%. In the other countries, the average annual rates were as follows: Spain (+6.8% per year) and India (+5.7% per year).

In 2022, the highest levels of molluscs per capita consumption was registered in Spain (7.4 kg per person), followed by Italy (3 kg per person), South Korea (3 kg per person) and Thailand (2.1 kg per person), while the world average per capita consumption of molluscs was estimated at 0.9 kg per person.

From 2012 to 2022, the average annual growth rate of the molluscs per capita consumption in Spain stood at +2.6%. In the other countries, the average annual rates were as follows: Italy (-0.8% per year) and South Korea (-1.8% per year).

Production

World Production of Molluscs (Scallops, Mussels, Cuttle Fish, Squid And Octopus)

In 2022, approx. 6.8M tons of molluscs (scallops, mussels, cuttle fish, squid and octopus) were produced worldwide; standing approx. at 2021 figures. The total output volume increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 8.8% against the previous year. Over the period under review, global production reached the maximum volume at 6.9M tons in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

In value terms, molluscs production shrank to $35.9B in 2022 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 with an increase of 13% against the previous year. Global production peaked at $36.1B in 2021, and then fell slightly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were China (944K tons), India (555K tons) and the United States (318K tons), with a combined 27% share of global production. Indonesia, Peru, Pakistan, Russia, Argentina, Spain, Brazil, Nigeria, Bangladesh and Japan lagged somewhat behind, together comprising a further 29%.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +14.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Molluscs (Scallops, Mussels, Cuttle Fish, Squid And Octopus)

In 2022, approx. 2.3M tons of molluscs (scallops, mussels, cuttle fish, squid and octopus) were imported worldwide; almost unchanged from the previous year. In general, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 21%. Over the period under review, global imports reached the maximum at 2.4M tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, molluscs imports surged to $12.1B in 2022. The total import value increased at an average annual rate of +2.9% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 when imports increased by 27% against the previous year. Global imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports By Country

China (450K tons) and Spain (348K tons) were the major importers of molluscs (scallops, mussels, cuttle fish, squid and octopus) in 2022, resulting at near 20% and 15% of total imports, respectively. It was distantly followed by Thailand (183K tons), Italy (176K tons), South Korea (173K tons), Japan (154K tons) and the United States (127K tons), together creating a 36% share of total imports. Vietnam (72K tons), Malaysia (57K tons), Taiwan (Chinese) (55K tons), Portugal (53K tons) and France (47K tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +11.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Spain ($2.2B), China ($1.3B) and Italy ($1.3B) constituted the countries with the highest levels of imports in 2022, with a combined 40% share of global imports. The United States, Japan, South Korea, Thailand, France, Vietnam, Portugal, Taiwan (Chinese) and Malaysia lagged somewhat behind, together comprising a further 41%.

Among the main importing countries, Malaysia, with a CAGR of +14.3%, recorded 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 molluscs import price stood at $5,295 per ton in 2022, increasing by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The pace of growth appeared the most rapid in 2016 when the average import price increased by 17% against the previous year. Over the period under review, average import prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($8,342 per ton), while China ($2,977 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (+7.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Molluscs (Scallops, Mussels, Cuttle Fish, Squid And Octopus)

In 2022, the amount of molluscs (scallops, mussels, cuttle fish, squid and octopus) exported worldwide expanded to 2.3M tons, picking up by 4.8% on the previous year's figure. In general, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 16% against the previous year. Over the period under review, the global exports attained the maximum at 2.5M tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, molluscs exports soared to $12.6B in 2022. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 22%. The global exports peaked in 2022 and are expected to retain growth in the near future.

Exports By Country

In 2022, China (426K tons), distantly followed by Peru (219K tons), India (167K tons), Spain (159K tons), Indonesia (156K tons), Argentina (146K tons), Japan (114K tons) and Vietnam (104K tons) were the key exporters of molluscs (scallops, mussels, cuttle fish, squid and octopus), together mixing up 66% of total exports. Mauritania (100K tons), Morocco (89K tons), the United States (83K tons), Chile (60K tons) and New Zealand (53K tons) held a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +8.1%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, China ($2.9B) remains the largest molluscs supplier worldwide, comprising 23% of global exports. The second position in the ranking was taken by Spain ($1.1B), with an 8.4% share of global exports. It was followed by Mauritania, with an 8.3% share.

In China, molluscs exports increased at an average annual rate of +5.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Spain (+7.8% per year) and Mauritania (+2.6% per year).

Export Prices By Country

The average molluscs export price stood at $5,545 per ton in 2022, with an increase of 10% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.9%. The pace of growth appeared the most rapid in 2018 an increase of 11% against the previous year. As a result, the export price reached the peak level of $5,589 per ton. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Mauritania ($10,516 per ton), while Chile ($2,121 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+5.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform