Philippines: Market for Frozen Scallops, Including Queen Scallop 2024

Market Size for Frozen Scallops, Including Queen Scallop in the Philippines

The Philippine market for frozen scallops, including queen scallop expanded sharply to $X in 2022, growing by X% against the previous year. Over the period under review, consumption saw a resilient expansion. Frozen scallops, including queen scallop consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Frozen Scallops, Including Queen Scallop in the Philippines

In value terms, frozen scallops, including queen scallop production reached $X in 2022 estimated in export price. In general, production continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of X% against the previous year. Frozen scallops, including queen scallop production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Exports of Frozen Scallops, Including Queen Scallop

Exports from the Philippines

In 2022, the amount of frozen scallops, including queen scallop exported from the Philippines fell to X tons, shrinking by X% on the previous year. In general, exports continue to indicate a deep setback. The pace of growth appeared the most rapid in 2016 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, frozen scallops, including queen scallop exports contracted modestly to $X in 2022. Over the period under review, exports, however, saw a resilient expansion. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X tons) was the main destination for frozen scallops, including queen scallop exports from the Philippines, accounting for a X% share of total exports. Moreover, frozen scallops, including queen scallop exports to the United States exceeded the volume sent to the second major destination, Vietnam (X tons), sevenfold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and Japan (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (X% per year) and China (X% per year).

Export Prices by Country

The average export price for frozen scallops, including queen scallop stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price enjoyed significant growth. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per ton), while the average price for exports to Japan ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Frozen Scallops, Including Queen Scallop

Imports into the Philippines

After three years of decline, purchases abroad of frozen scallops, including queen scallop increased by X% to X tons in 2022. In general, imports, however, showed a perceptible descent. The growth pace was the most rapid in 2015 with an increase of X%. As a result, imports reached the peak of X tons. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, frozen scallops, including queen scallop imports surged to $X in 2022. Over the period under review, imports continue to indicate a strong increase. The growth pace was the most rapid in 2015 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of frozen scallops, including queen scallop to the Philippines, with a X% share of total imports. Moreover, frozen scallops, including queen scallop imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X tons), fivefold. The third position in this ranking was taken by the United States (X tons), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and the United States (X% per year).

In value terms, China ($X) constituted the largest supplier of frozen scallops, including queen scallop to the Philippines, comprising X% of total imports. The second position in the ranking was taken by Singapore ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (X% per year) and the United States (X% per year).

Import Prices by Country

The average import price for frozen scallops, including queen scallop stood at $X per ton in 2022, surging by X% against the previous year. In general, the import price continues to indicate resilient growth. The growth pace was the most rapid in 2015 an increase of X%. The import price peaked in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Thailand ($X per ton) and Japan ($X per ton), while the price for the United States ($X per ton) and Singapore ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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