Dry-packaged Scallops Market - Forecasts from 2024 to 2029

Dry-packaged Scallops Market - Forecasts from 2024 to 2029

The global dry-packaged scallops market is expected to grow at a CAGR of 4.59% from a market size of US$18.65 billion in 2022 to reach US$25.53 billion in 2029.

The dry-packed scallops sector has seen significant technological advancements, facilitating efficient manufacturing, an expanded product variety, sophisticated design and packaging, efficient operational maintenance, and effective sales monitoring.

The development of shellfish, which includes bivalves, mollusks, cockles, shellfish, mussels, clams, pipis, and scallops intended for human use, has also increased. Administrative experts may provide, store, or handle shellfish for a fee.

This includes growing, harvesting, or gathering shellfish, depurating and storing shellfish in water, developing altercation, or turning on young bivalve mollusks. As scallop production progresses, such variables influence the global dry-pressed scallop market.

Cultivating shellfish for human food, such as mollusks, bivalves, clams, mussels, pipis, cockles, and scallops, is becoming more common. Since scallops are seasonal food, more must be cultivated to guarantee their availability during the off-season.

The second-largest market for scallops in dry packaging is in North America. One of the biggest marketplaces in North America is the United States, controlled by both on- and off-trade shops. Rising online sales are seen as a new trend taking off in the marketplace. Seafood and scallop sales online are constantly increasing, especially during the holidays.

Market Drivers:

Increasing demand for aquaculture of Molluscan Shellfish

Molluscan shellfish aquaculture produces exceptional-quality and high-value seafood for human consumption. Oysters, mussels, scallops, abalones, and clams are some of the common molluscan groupings raised for food in aquaculture worldwide.

Scallop production has expanded due to its nutritional advantages, including zinc, vitamin B12, and omega-3 fatty acids that support a healthy brain and immune system. Furthermore, shellfish aquaculture is the most ecologically friendly culture and will keep growing as new technology and better production methods are developed.
The rapidly expanding e-commerce channels

Online sales of seafood, particularly scallops, have increased. These sales are known to increase throughout the Christmas season. Manufacturers concentrate on growing their sales in light of this trend.

Manufacturers offer discounts on a variety of goods to boost sales. During the festive seasons, demand for premium goods remains strong. Customers are increasingly purchasing seafood online as they become more comfortable doing so. This tendency is more pronounced for high-end fish items.
Increasing aquaculture

To address growing demand, aquaculture, also known as fish farming, is assuming a more significant role in seafood production. This encompasses scallop farming, which contributes to ensuring a consistent supply and availability of scallops for drying and packaging.

Fish and seafood hold considerable importance in the Taiwanese diet. According to the Taiwan Ministry of Agriculture, domestic fishery and seafood production reached US $2.61 billion in 2022, with Taiwan maintaining its status as a net seafood exporter. The top five seafood imports included shrimp, salmon, halibut, abalone, and scallops.

Likewise, France's Consumer Oriented Best Prospects Imports from the U.S. in 2022 amounted to $217.5 million for Fish and Seafood. With increasing wages and rising family income, consumption trends in various parts of the world are expected to experience growth.
Growing Disposable Income

Rising disposable incomes in the APAC region are driving an uptick in spending on premium food items such as seafood, resulting in a growing consumer demographic inclined towards purchasing dry-packaged scallops.

In 2023, the per capita disposable income of Chinese residents witnessed a notable increase of 6.1 percent, with rural areas experiencing an even higher growth rate of 8.4 percent. This indicates a reduction in the income disparity between urban and rural inhabitants, according to government data.

Additionally, data from the Indian government reveals that the Per Capita Net National Income for the fiscal years 2020-21 and 2021-22 stood at Rs 1,27,065 and Rs 1,48,524, respectively, underscoring a positive trend in income growth.

Market Restraint:

Concern over regulations and standards

Trade in bivalve species and other marine items has not fully grown between underdeveloped nations and important markets. Concerns over public health are the primary factor for this many nations that export live, dried, or fresh bivalves/mollusks cannot comply with the severe standards that importing countries impose.

The dry-packaged scallops market can be segmented by type:

The dry-packaged scallops market can be segmented by type into various categories of shellfish, including bivalves, mollusks, cockles, clams, mussels, oysters, pipis, and of course, scallops. Each type offers unique characteristics and flavors, contributing to the diverse range of options available to consumers in the market.

APAC is anticipated to hold a significant share of the global dry-packaged scallops market-

APAC is poised to claim a significant portion of the global dry-packaged scallops market. Key scallop production hubs include China, Japan, the United States, and Korea. Moreover, countries like Thailand and Singapore exhibit substantial consumption of mollusks, with scallops constituting a notable portion.

The burgeoning disposable incomes across APAC are driving heightened expenditure on premium food items such as seafood, fostering a growing consumer base interested in dry-packaged scallops. With aquaculture thriving in the APAC region, there's a consistent supply of scallops for processing into dried variants.

The region also experiences a surge in modern retail, with supermarkets and online platforms offering extensive seafood selections, including dry-packaged scallops, thereby enhancing market accessibility. Anticipated growth in scallop aquaculture and the expanding population in the Asia-Pacific region are expected to fuel the demand for dry-packaged scallops throughout the forecasted period.

Market Developments:

December 2023- The Fisheries Management Plan (FMP) for king scallops in English and Welsh waters was developed by the Scallop Industry Consultation Group Working Group (SICGWG) on behalf of Defra and the Welsh Government. Feedback from the broader Scallop Industry Consultation Group (SICG), stakeholder engagement events, and evidence collected in this plan demonstrated the necessity for improved management of king scallop (Pecten maximus) fisheries.
February 2023- The former Francis Dawn was added to Blue Harvest Fisheries' groundfish fleet as part of the company's ambition to build a new, contemporary fleet.
January 2023- Lund’s Fisheries invested $2 million in new scallop processing by acquiring a new tunnel freezer at its plant in Cape May, N.J. This investment allowed the company to continue growing its scallop sales and demonstrated its commitment to the future of the scallop fishery.

Market Segmentation:

By Type
Bivalve
Mollusks
Cockles
Clams
Mussels
Oysters
Pipis
Scallops
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
UK
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Indonesia
Thailand
Others