[email protected]

Chinese Squid

 Import of Chinese Squid Decreases in November, Export Growth Boosts Market Recovery!

Industry information

Based on the latest data released by the General Administration of Customs, the import volume and value of Chinese squid and squid products saw a continuous decline in November 2024. However, on the bright side, the export performance remained strong, with both export volume and value showing positive month-on-month growth. Despite the global squid supply remaining tight, China’s export growth to key markets has brought a much-needed boost to the industry.

In November, China imported a total of 32,400 tons of squid and squid products, worth 105 million US dollars, marking a 16.01% and 25.75% year-on-year decrease, respectively. Although the import figures are lower compared to the same period last year, they have shown significant improvement, with a 19.80% increase in volume and a 21.89% increase in value compared to October. From January to November, China imported a total of 344,300 tons of squid and squid products, a 19.02% decrease from the previous year. The cumulative import value stood at 111 million US dollars, down by 11.09% year-on-year. The primary reasons for the decline in imports are attributed to the slow recovery of global squid resources and the ongoing tight supply in the market.

On the flip side, the export performance continues to shine brightly. In the month of November, China successfully exported a whopping 54,700 tons of squid and squid products, marking a remarkable 23.78% increase compared to the previous year. The total export value also saw a positive growth, reaching 295 million US dollars, a 6.43% rise year-on-year. What’s even more impressive is the month-on-month increase of 5.91% in export volume and 7.63% in export value when compared to October’s figures. Throughout the first 11 months of the year, China managed to export a total of 494,000 tons of squid and squid products, representing an 8.63% increase from the previous year. However, despite the surge in export volume, the total export revenue took a hit, dropping by 11.41% to 2.806 billion US dollars. This suggests that while more products are being exported, the overall revenue is still facing challenges due to pricing factors.

In terms of imports, Indonesia continues to lead the pack with 14,127.83 tons imported, totaling 49.2905 million US dollars and making up 46.89% of the total imports. Notably, Malaysia saw a significant spike in imports, reaching 3,068.77 tons valued at 11.3134 million US dollars, marking a staggering 108% increase from the previous month. The United States secured the third spot in the ranking, importing 2,442.88 tons valued at 7.6043 million US dollars. However, it’s worth mentioning the drop in Peru’s position from second place in October to eighth place, signaling a substantial decline in its supply to the Chinese market.

Haidong Seafood is the go-to destination for top-notch seafood in China, specializing in a diverse range of premium scallops. Whether you’re in the market for top-quality bay, sea, or pen shell scallops, delectable clam meat, or top-notch frozen octopus, we have you covered. 

Japanese food import

China May Set to Resume Import of Japanese Seafood in First Half of 2025

Industry information

According to recent reports from Nikkei News, China is expected to lift its ban on importing Japanese seafood in the first half of 2025, with a potential announcement in May or June. Japanese media sources indicate that Premier Li Qiang may attend a trilateral summit involving Japan, China, and South Korea next year, providing a platform for the resumption of seafood trade.

Diplomatic efforts between China and Japan regarding the issue of wastewater from the Fukushima nuclear power plant

The ban on Japanese seafood imports was initiated by the Chinese government in August 2023 due to concerns over wastewater discharge from the Fukushima nuclear power plant. However, recent developments have shown progress towards resolving this issue. The International Atomic Energy Agency and the Japanese government have expanded testing measures for nuclear wastewater, allowing countries like China to conduct independent sampling.

Diplomatic efforts between China and Japan have been ongoing, with discussions held during the Lima Conference in Peru in November. It was emphasized that Japan must fulfill its commitments and allow for international monitoring and independent sampling to continue. China has shown a positive attitude towards addressing the seafood import issue and intends to strengthen its economic partnership with Japan.

After reaching a consensus in September 2024, both countries agreed to gradually resume importing Japanese seafood that meets standards following China’s participation in monitoring activities near Fukushima. This signifies a step towards resolving the trade tensions and resuming the import of safe and compliant Japanese seafood products.

Haidong Seafood is the go-to destination for top-notch seafood in China, specializing in a diverse range of premium scallops. Whether you’re in the market for top-quality bay, sea, or pen shell scallops, delectable clam meat, or top-notch frozen octopus, we have you covered. 

Japanese scallops

Japanese scallops are exported to Bangladesh for processing, Expanding Global Market Reach

Industry information

In response to the recent import ban on Japanese seafood by China, Japan Delica Co ., a leading seafood import and process company, is strategically expanding its operations to Bangladesh. The company is set to begin processing Japanese scallops in Bangladesh this October, specifically focusing on scallops sourced from Hokkaido and Aomori prefecture. This move aims to diversify export destinations, with the processed scallops being shipped to Europe, the United States, and other key markets.

Japanese scallops Strategic Expansion to Bangladesh

Japanese Delica, headquartered in Nishinomiya, Hyogo prefecture, is a subsidiary of Japanese Food service company. The decision to shift part of its processing operations to Bangladesh is a strategic response to the closure of the Chinese market, which was previously a significant destination for Japanese scallops. This marks the first instance of a Japanese company exporting scallops to Bangladesh for processing.

The company’s new facility, located in Cox’s Bazar, will begin operations in October with an initial workforce of 500 employees. This expansion builds on Japan Delica’s earlier venture into crab processing in Bangladesh, which began in 2018. The company aims to leverage Bangladesh’s growing seafood processing industry to maintain and grow its global market presence.

Hokkaido Scallops: A Premium Product in the Global Market

Hokkaido scallops are renowned for their premium quality and are a staple of Japan’s seafood exports. By expanding processing operations to Bangladesh, Japan Delica aims to maintain the high standards associated with Hokkaido scallops while accessing more cost-effective processing solutions. The processed scallops will be exported to high-demand markets such as Europe, the United States, Hong Kong, Taiwan, and Singapore.

The company plans to achieve an annual sales target of 8 billion yen within three years. With a monthly processing capacity of up to 1,000 tons of scallop shells, about 200 tons of scallop meat will be exported to these international markets.

Diversifying Export Destinations: Reducing Reliance on the Chinese Market

In the past, Japanese scallops were primarily exported to China, where they were shelled and consumed locally or further exported to the United States. However, with the loss of access to the Chinese market, Japan Delica and other Japanese companies are seeking to reduce their reliance on this single market. The Japanese government is actively supporting these efforts by encouraging companies to establish new processing plants in other countries, such as Vietnam and Mexico.

This strategic shift is not only a response to current market challenges but also an effort to secure the future of Japanese scallops in the global seafood market. By diversifying processing locations and export destinations, Japan Delica is positioning itself to better withstand market fluctuations and geopolitical risks.

The Future of Japanese Scallops in the Global Market

The expansion into Bangladesh is expected to significantly boost the global reach of Japanese scallops. With the new processing plant set to become fully operational in October, Japan Delica is poised to meet the growing international demand for high-quality scallops, particularly those from Hokkaido. This move also reflects broader industry trends as Japanese seafood companies adapt to changing market dynamics and explore new growth opportunities.

Japan Delica’s experience in Bangladesh, particularly in crab processing, provides a solid foundation for this new venture. The company is confident that the strategic location of the new plant and its capacity to process large volumes of scallops will play a crucial role in meeting its ambitious sales targets.

Strengthening Japan’s Seafood Export Industry

As Japan Delica embarks on this new chapter, the company’s efforts to process Japanese scallops in Bangladesh represent a significant milestone in the global seafood industry. This initiative not only addresses the immediate challenges posed by the Chinese import ban but also lays the groundwork for a more resilient and diversified export strategy. By tapping into the processing capabilities of Bangladesh and targeting high-demand markets in Europe, the United States, and beyond, Japan Delica is setting a new standard for the international seafood trade.

Ichimasa Kamaboko Co. Launches Innovative Artificial Cod Seeds

haidong blog introduction

Ichimasa Kamaboko Co. Introduces Artificial Cod Seeds to Market

Ichimasa Kamaboko Co., a prominent fish mince producer in Japan, has recently launched an innovative product, “Next Seafood Mentaiko Flavor,” into the catering industry market. This groundbreaking product, designed to mimic the taste and texture of spicy marinated cod seeds, showcases the company’s commitment to technological innovation and culinary excellence.

Innovation in Seafood Flavors

The “Next Seafood Mentaiko Flavor” is a testament to Ichimasa Kamaboko Co.’s ingenuity, utilizing seaweed-derived ingredients to accurately replicate the classic flavor and unique texture of cod seeds. This product is enhanced with a seasoning blend of chili and grapefruit juice, achieving a perfect balance of moderate spiciness and refreshing taste. This innovative approach not only captures the essence of traditional mentaiko but also introduces a modern twist that appeals to contemporary palates.

Product Features and Culinary Applications

One of the standout features of “Next Seafood Mentaiko Flavor” is its ability to retain the transparent texture and vibrant color of raw cod seeds, even during cooking. This makes it a versatile ingredient that can enhance a variety of dishes, from sushi and sashimi to pasta and salads. The product’s ability to maintain its integrity under heat opens up new culinary possibilities for chefs and home cooks alike.

The “Next Seafood” series, which includes previous flavors like Eel, Squid, and Sea Urchin, highlights Ichimasa Kamaboko Co.’s dedication to diversifying seafood flavors and pushing the boundaries of traditional fish mince products. Each product in the series is designed to provide a unique culinary experience, making them popular choices in both domestic and international markets.

Ichimasa Kamaboko Co.’s Industry Leadership

Ichimasa Kamaboko Co. has a rich history of innovation in the seafood industry. Since pioneering the crab meat stick in 1974, the company has continuously advanced its technological capabilities and product offerings. The company’s president, Shi Zheng, emphasized their commitment to innovation, stating, “Since pioneering the crab-flavored fish cake in 1974, we have always been committed to technological innovation and breakthroughs in fish roe sauce products.”

This latest product launch further solidifies Ichimasa Kamaboko Co.’s reputation as a leader in the fish mince processing industry. By continually introducing new and exciting flavors, the company remains at the forefront of seafood innovation.

Environmental and Safety Certifications

Ichimasa Kamaboko Co. is not only dedicated to product innovation but also to sustainability and safety. The company’s second factory recently obtained ISO 14001 environmental management system certification. With this achievement, all eight of the company’s production bases have now received dual certifications of ISO 14001 and ISO 45001, reflecting their commitment to environmental protection and occupational health and safety. These certifications demonstrate the company’s proactive approach to maintaining high standards in both environmental sustainability and worker safety.

Future Expansion and Market Goals

Looking to the future, Ichimasa Kamaboko Co. has ambitious plans to expand its presence in overseas markets. The company aims to make “Next Seafood Sea Urchin Flavor” a flagship product internationally, leveraging the growing global demand for innovative seafood products. They project a 120% year-on-year increase in overseas sales, positioning themselves as a dominant player in the global seafood processing industry.

Conclusion

Ichimasa Kamaboko Co.’s introduction of “Next Seafood Mentaiko Flavor” marks a significant milestone in their continuous journey of innovation and market expansion. This product not only showcases their ability to replicate traditional seafood flavors with modern twists but also highlights their strategic focus on environmental sustainability and global market growth. As the company moves forward, its commitment to innovation, quality, and sustainability will undoubtedly drive its success in the global seafood industry, offering consumers new and exciting culinary experiences.

octopus fishing

Octopus Fishing Decline in Morocco and Mauritania Triggers Price Surge in EU

Industry information

Decline in Octopus Fishing Volumes in Morocco and Mauritania

In recent months, the European Union market has seen a significant surge in octopus prices due to a notable decline in fishing volumes in Morocco and Mauritania. These regions, crucial suppliers of octopus to the EU, have experienced reduced catches, impacting the availability and price dynamics of this sought-after seafood. This article explores the factors contributing to this decline, the subsequent market response, and future price stability predictions.

Impact on Octopus Prices in the EU

The decrease in octopus fishing volumes has led to a sharp increase in prices across the European Union, particularly for Moroccan octopus imported to Spain. Current pricing data reveals that the ex-factory price of T3 grade octopus has reached 12.95 euros ($14.14) per kilogram. Other grades have also seen substantial price hikes:

  • T4 octopus: 11.95 euros/kg
  • T5 octopus: 11.50 euros/kg
  • T6 octopus: 9.50 euros/kg
  • T7 octopus: 9.00 euros/kg
  • T8 octopus: 8.00 euros/kg

This upward trend highlights the market’s response to the diminished supply, with prices climbing to meet the strong demand.

Factors Contributing to the Decline in Fishing Volume

Several factors have contributed to the decline in octopus fishing volumes in Morocco and Mauritania:

  • Adverse Weather Conditions: Severe weather and strong winds have significantly hindered fishing activities. Fishermen have struggled to meet market demands due to these challenging conditions.
  • Environmental Impact: Market sources indicate that these environmental factors have directly impacted the availability of octopus, reducing the overall catch and contributing to the scarcity in the market.

Market Response and Price Predictions

The market has responded predictably to the decreased supply, with prices rising as demand remains robust. Industry insiders are optimistic that prices may stabilize as weather conditions improve and fishing activities can resume more effectively. The seasonal nature of octopus sales, particularly the peak demand during summer and the traditionally low inventory levels in markets like Italy, further exacerbates the current price surge.

As weather conditions improve, it is expected that fishing volumes will increase, potentially stabilizing prices. However, the current low inventory levels, especially in high-demand markets, will continue to drive prices upward in the short term.

Future Outlook for Octopus Fishing and Prices

Looking ahead, several factors will influence the future prices and availability of octopus in the EU market:

  • Weather Conditions: Continued improvement in weather conditions is critical for increasing fishing volumes and stabilizing prices.
  • Fishing Activities: The intensity and efficiency of future fishing activities will play a significant role in determining supply levels.
  • Market Demand: The consistent demand, particularly during peak seasons, will continue to pressure supply and influence pricing dynamics.

Seafood suppliers and buyers will need to adapt to these market dynamics, monitoring environmental conditions and market trends closely to navigate potential price fluctuations. Strategic planning and diversification of supply sources may be necessary to ensure a stable supply chain and mitigate the impact of such market disruptions.

Conclusion

The decline in octopus fishing volumes in Morocco and Mauritania has significantly impacted the EU market, leading to a surge in prices. As the industry navigates these challenges, understanding the interplay of environmental conditions and market demand will be crucial for stakeholders. Moving forward, strategic monitoring and adaptation will be essential to maintaining stability and profitability in the octopus fishing industry.

Haidong Seafood is the leading provider of high-quality seafood in China, offering a wide selection of the best scallops on the market. From top-tier bay, sea, and pen shell scallops to tender clam meat and superior frozen octopus, our carefully curated range has something for everyone. Stay ahead of the curve in the seafood industry by making Haidong Seafood your go-to source for the latest trends, updates, and expert advice. Keep yourself informed and connected by following, subscribing, and engaging with us to ensure you get top-notch quality and value in premium scallops.

illex squid

Massive influx of illex squid into China! Unprecedented import levels and plummeting prices are causing a market frenzy!

Industry information

Record Surge in Illex Squid Imports to China

The Chinese seafood market has experienced a remarkable surge in illex squid imports from Argentina. According to recent data from Chinese customs, in May 2024 alone, China imported a record-breaking 12,542 tons of frozen squid from Argentina, valued at an impressive $42.5 million. This surge is not only reflective of Argentina’s extensive fishing activities but also underscores the robust demand for squid in China, making it a pivotal player in the international seafood supplier industry.

Data and Figures on Illex Squid Imports

The latest import data highlights a significant increase in the volume and value of illex squid coming into China. In May 2024, China imported 12,542 tons of frozen squid from Argentina, a figure that surpasses previous records, including the one set in April 2019. The total import value of $42.5 million underscores the economic impact of this trade. Over the first five months of 2024, China’s total illex squid imports from Argentina reached 18,215 tons, more than doubling the quantity from the same period in the previous year, with a total value soaring to $60.9 million. This represents a 54% year-on-year increase in Argentine squid catch, demonstrating Argentina’s growing role as a key seafood supplier.

Impact on the Chinese Market

The influx of illex squid has led to significant changes in the Chinese market, particularly in pricing dynamics. The large-scale imports have caused a noticeable decrease in prices. Specifically, the price of large whole frozen Argentine squid (over 600 grams) dropped by 13% over the past two weeks, settling at 33,000 yuan (approximately $4,940) per ton. Prices for smaller and medium-sized squid have also declined by 3-4%, returning to levels seen last year. For instance, 300-400 gram squid now costs 31,000 yuan per ton, 200-300 gram squid is priced at 29,750 yuan per ton, and 150-200 gram squid stands at 32,250 yuan per ton.

Factors Driving the Market Dynamics

Several factors contribute to the current market dynamics:

  • Argentine Fishing Activities: Extensive fishing by Argentine vessels has significantly boosted the supply of illex squid. With a catch of 153,000 tons in the first half of 2024, the year-on-year increase of 54% is a testament to the heightened fishing efforts and improved yields.
  • Chinese Fishing Efforts: Chinese fishing vessels are also active, targeting large flying squid in the waters near Peru, a season expected to last until early December. Following this, efforts will shift to the southwest Atlantic for Argentine squid, further influencing market supply and price stability.

Comparative Analysis with Other Seafood Suppliers

The surge in Argentine squid imports contrasts sharply with the declining figures from other regions. Notably, China’s squid imports from Peru have plummeted by 90% in both quantity and value compared to the previous year. This decline highlights the shifting dynamics within the international seafood market, as suppliers adjust to changing conditions and demand patterns.

Future Outlook for Illex Squid and Seafood Supply

Looking ahead, the continued fishing activities by both Argentine and Chinese vessels are expected to maintain a robust supply of illex squid. However, the market will need to navigate various challenges, including fluctuating demand and potential environmental impacts on fishing yields. Seafood suppliers and importers will need to remain vigilant, employing strategies to ensure a stable supply chain. This may involve diversifying supply sources and enhancing sustainable fishing practices to meet the growing demand.

Conclusion

The surge in illex squid imports from Argentina to China underscores significant changes in the global seafood market. With a record-breaking volume and substantial impact on prices, this trend highlights the dynamic nature of international trade in seafood. As the industry continues to adapt to these shifts, understanding market trends and implementing strategic measures will be crucial for maintaining stability and profitability in the face of evolving market dynamics.

Haidong Seafood is the leading provider of high-quality seafood in China, offering a wide selection of the best scallops on the market. From top-tier bay, sea, and pen shell scallops to tender clam meat and superior frozen octopus, our carefully curated range has something for everyone. Stay ahead of the curve in the seafood industry by making Haidong Seafood your go-to source for the latest trends, updates, and expert advice. Keep yourself informed and connected by following, subscribing, and engaging with us to ensure you get top-notch quality and value in premium scallops.

Japanese scallop

Japanese Scallops Dominate the US Market as the Leading Seafood Supplier

Industry information

Surge in Japanese Scallop Exports to the United States

In a significant shift within the seafood industry, Japanese scallop exports to the United States have seen a dramatic increase, with import volumes nearly doubling in the first four months of 2024 compared to the same period in 2023. This surge has solidified Japan’s position as the top seafood supplier to the US, particularly in the scallop sector, highlighting a notable change in market dynamics.

Data Highlights: Import Volumes and Values

According to the latest data from the National Oceanic and Atmospheric Administration (NOAA), the US imported 3,006 tons of scallops from Japan from January to April 2024, nearly double the 1,782 tons imported during the same period in 2023. Japanese scallops now account for 35% of total US scallop imports, making Japan the largest supplier.

In terms of value, Japanese scallop imports reached $50.8 million, a 28% increase from the $39.6 million recorded in the first four months of 2023. Despite the increased volume, the average price per kilogram dropped by 24%, from $22.21 in 2023 to $16.91 in 2024.

Similarly, Canadian scallop imports to the US also grew, with volumes increasing by 51% to 2,379 tons and values rising by 54% to $67.4 million. In April 2024 alone, the US imported 995 tons of scallops from Japan, worth $15.5 million—an increase of 280% in volume and 19% in value compared to April 2023. However, the price per kilogram decreased by 21%, from $19 in 2023 to $15.52 in 2024.

Price Trends and Market Impact

The price trends reveal a complex interplay of supply and demand. While the volume of Japanese scallop imports has surged, the average price has declined, indicating robust competition and a potentially oversupplied market. This price drop, however, has made Japanese scallops more competitive in the US market, boosting their appeal despite the overall increase in import volumes.

Factors Driving the Surge in Japanese Scallop Imports

Several factors have contributed to this substantial increase in Japanese scallop imports:

  • Decline in US Atlantic Scallop Harvests: The US commercial fleet’s catch of Atlantic scallops dropped significantly in the early months of the 2024-2025 fishing season. The fleet caught approximately 5 million pounds of scallops, compared to 8.1 million pounds during the same period in the previous season. This shortfall has driven US buyers to seek alternative sources, with Japan emerging as a key supplier.
  • China’s Ban on Japanese Seafood: China’s ban on Japanese seafood imports, prompted by concerns over the discharge of treated water from the Fukushima nuclear power plant, has forced Japan to find new markets for its scallops. The US, with its high demand for seafood, has become a primary target for Japanese exporters.

Production Insights from Japan

Japan’s scallop production, particularly from the Sea of Okhotsk, has remained strong, with forecasts predicting over 300,000 tons for the sixth consecutive year. The Sea of Okhotsk, along with Windward Bay, serves as a major scallop supply area in Hokkaido, ensuring a steady flow of high-quality scallops for export.

Future Outlook for Japanese Scallop Exports

Given the current market dynamics, Japanese scallop exports to the US are expected to continue growing. The combination of high production volumes in Japan and ongoing supply constraints in the US Atlantic scallop fishery suggests that the US will remain a key market for Japanese scallops. This trend is likely to impact the US seafood supply chain, potentially leading to adjustments in market prices and availability.

Conclusion

The doubling of Japanese scallop exports to the US underscores the significant impact of shifting international market dynamics on the seafood supply chain. As Japan capitalizes on opportunities presented by China’s import ban and US supply constraints, it has solidified its position as the leading scallop supplier to the US. Moving forward, the industry must navigate these changes, balancing supply and demand to maintain sustainability and profitability in the global seafood market.

Haidong Seafood is China’s pinnacle of premium seafood offerings, including the finest scallops available. Our carefully selected range boasts top-tier bay, sea, and pen shell scallops, complemented by tender clam meat and superior frozen octopus. Position yourself at the cutting edge of the seafood market by choosing Haidong Seafood as your primary resource for the most recent trends, updates, and professional advice. Ensure you’re always in the loop – follow, subscribe, and engage with us to secure unparalleled quality and value in premium scallops. Explore more by clicking here.

sea scallops

Scallop Prices Surge in the US: A Look at the Current Market Dynamics 2024/6

Industry information

Current Scallop Market in the US

The 2024 scallop fishing season in the United States has witnessed significant price increases for Atlantic scallops, particularly for the largest U-10 specification, Placopecten magellanicus. These scallops, known for their size and quality, have seen a substantial rise in market value, reflecting a combination of slow supply and robust demand. This article delves into the dynamics of this surge, providing insights into how these trends are shaping the industry and the broader economic implications.

Price Trends for Different Scallop Sizes

Throughout the 2024 season, the scallop market has experienced notable price fluctuations across various sizes:

  • U-10 scallops have reached an average price of $25.32 per pound by the 23rd week, marking a dramatic increase from $17.54 per pound at the beginning of the season—a rise of over 47%.
  • U-12 scallops saw their prices climb to $22.98 per pound, reflecting a 27% increase within the same timeframe.
  • Common 10-20 size scallops were priced at $14.51 per pound, with the premium for larger U-10 scallops widening to $10.81 per pound, highlighting the premium value placed on larger scallops due to their scarcity and high demand.

These trends illustrate a sharp increase in scallop prices across different specifications compared to the previous year, driven by various market factors.

Factors Influencing Scallop Prices

Several key factors have contributed to the surging prices of scallops:

  • Supply Constraints: The supply of large U-10 scallops has been limited, accounting for only 2% of the catch this season. This scarcity has been a primary driver of the price increase.
  • Strong Market Demand: Despite the limited supply, demand for scallops remains high. This demand is particularly strong in high-end markets where the quality and size of scallops are highly valued, pushing prices upward.

Market Share and Pricing of Medium and Smockr Sized Scallops

While large scallops have seen the most significant price increases, medium-sized (10-20 pieces) and smaller (20-30 pieces) scallops have also experienced price adjustments:

  • Medium-Sized Scallop Pricing: Holding the largest market share, medium-sized scallops have seen steady price growth, indicative of a solid demand base.
  • Smaller Scallop Pricing Trends: Smaller scallops priced at $13.17 per pound have shown a slight increase, demonstrating a balanced market even for less premium sizes.

Implications of Price Trends on the Seafood Industry

The rising prices of scallops are impacting various segments of the seafood industry:

  • Consumers are facing higher retail prices, which may affect purchasing decisions and potentially lead to a shift towards more affordable seafood alternatives.
  • Seafood Distributors and Restaurants are adjusting their buying and menu pricing strategies to cope with the increased costs, affecting profitability and menu offerings.

Outlook and Predictions for the Scallop Market

Based on the current data and market dynamics, predictions for the future of the scallop market include:

  • Market Trends: The prices for scallops are expected to remain high if the supply constraints continue.
  • Strategic Industry Responses: Stakeholders may need to explore diversifying supply sources or investing in aquaculture to meet ongoing demand and mitigate supply risks.

Conclusion

The US scallop market is currently experiencing significant challenges due to the interplay of restricted supply and strong demand, particularly for larger scallop sizes. As the industry navigates these complexities, strategic planning and market adaptation will be crucial for maintaining sustainability and profitability. The continued demand for high-quality scallops, despite rising prices, underscores the importance of this seafood segment in the culinary and economic landscapes.

Data of japanese seafood

Japanese Seafood Consumption Hits Historic Low Amid Rising Prices

Industry information

Declining Seafood Consumption in Japan

In 2022, Japan witnessed a historic low in per capita seafood consumption, with an average intake of only 22 kilograms per person, marking a 45% decline since 2001. This significant decrease represents a profound shift in dietary habits and poses substantial implications for the nation’s seafood industry. The Japan Fisheries Agency has highlighted this downturn as part of a troubling long-term trend that contrasts starkly with rising meat consumption rates.

Factors Contributing to Reduced Seafood Consumption

Several key factors have contributed to the declining popularity of seafood among Japanese consumers. The primary issues include the higher prices of seafood compared to other proteins and the additional time and effort required to prepare seafood dishes. These economic and convenience factors have significantly influenced dietary choices, leading many to opt for quicker, more affordable protein sources. Moreover, the per capita meat consumption in Japan has risen steadily, reaching over 30 kilograms in 2022, further underscoring the shift away from traditional seafood.

Japanese seafood

Statistical Insights on Seafood Supply and Demand

The total domestic supply of seafood in Japan has also seen a marked decrease, dropping by 23% over the past decade to 6.43 million tons in 2022. This reduction in supply coincides with changes in import and export volumes, which have varied significantly since 2012. Import volumes in 2022 were up by 20% from 2012, while exports had increased by 46%, indicating a shifting dynamic in how seafood is traded and consumed within Japan.

Economic and Market Challenges for Japanese Seafood

The self-sufficiency rate of Japanese seafood, which peaked in 1964, has steadily declined to about 56% in 2022. This drop is attributed to various factors, including food inflation, global economic slowdown, the depreciation of the yen, and declines in domestic production. These economic pressures have led to increased seafood prices, making it less accessible to the average consumer and further compounding the challenges faced by the industry.

Consumer Response to Rising Seafood Prices

A 2023 consumer survey highlighted the direct impact of rising seafood prices on consumer behavior. Approximately 6% of respondents reported switching to cheaper alternatives, while 18% reduced their seafood consumption either in frequency or quantity. This trend reflects a broader sensitivity to price increases, which can dramatically influence dietary choices and demand for seafood.

Future Outlook and Strategic Considerations

Looking ahead, the Japanese seafood industry faces significant challenges in reversing the trend of declining consumption. Strategies to rejuvenate interest and demand might include marketing campaigns focused on the health benefits of seafood, efforts to reduce prices, and initiatives to simplify seafood preparation. Emphasizing sustainability and the cultural importance of seafood in the Japanese diet may also play crucial roles in revitalizing this vital industry.

The record low consumption of seafood in Japan in 2022 highlights a critical juncture for the nation’s seafood industry. With escalating prices and evolving dietary preferences posing substantial barriers, stakeholders must adopt innovative strategies to encourage seafood consumption and ensure the sustainability of this important sector. Balancing economic viability with cultural and health considerations will be essential for the future resilience and growth of the Japanese seafood industry.

geoduck price

Geoduck Price Concerns Amid Expanding Marine Protected Areas in British Columbia

Industry information

the Geoduck Industry Crisis

The geoduck industry in British Columbia, a crucial part of Canada’s seafood export economy, is facing a potential crisis due to the government’s plans to expand marine protected areas along the Pacific coast. This industry, which significantly contributes to the international market, particularly in Asia, fears that increased marine protection could severely impact its operations and the livelihoods of local fishermen.

Geoduck Fishing Quotas and Marine Protection Plans

For the 2024/25 fishing season, British Columbia has set a geoduck quota of 907.1 tons, underscoring the industry’s importance. However, the proposed expansion of marine protected areas threatens to exclude many profitable fishing zones, posing a serious threat to the economic stability of local communities dependent on this industry. These areas, crucial for geoduck harvesting, are at risk of being off-limits, which could drastically reduce the volume of geoducks entering the market.

Economic Impact of Geoduck Fishing

Last year, the geoduck industry in British Columbia generated an impressive export value of C$78.6 million (US$57.69 million), ranking only behind Atlantic salmon and shrimp. This industry has become increasingly valuable due to its high demand, especially in Asian markets where geoduck is prized for its unique flavor and texture. The potential reduction in accessible fishing areas could, therefore, have significant economic repercussions, not just locally but also in terms of global seafood supply chains.

Challenges Faced by the Geoduck Industry

James Austin, president of the Underwater Hunters Association of British Columbia, highlights the ongoing challenges brought by government environmental policies. Despite the industry’s success, these policies could introduce unpredictable hurdles, potentially stalling the progress made in enhancing the value of geoducks on the global stage. Austin emphasizes that the geoduck, once undervalued, has only recently gained proper recognition for its culinary qualities, likened to scallops in sweetness and squid in texture.

The Geoduck Market Dynamics

The wholesale price of geoduck has seen incremental annual increases of C$1.00 to C$2.00 per pound, a trend driven by soaring demand in the Asian market—this market accounts for about 95% of British Columbia’s geoduck exports. Transitioning from freezing to fresh export practices has significantly boosted the value of geoducks, with retail prices reaching as high as C$60 per pound compared to salmon at about C$18 per pound.

Future Outlook for the Geoduck Industry

As marine protected areas continue to expand, the geoduck industry faces the need to adapt swiftly. Strategies may include diversifying market approaches or enhancing sustainable fishing practices to align with environmental conservation goals while ensuring economic viability. The future of the industry will likely hinge on finding a balance that supports both ecological sustainability and the economic needs of the fishing communities.

The looming expansion of marine protected areas in British Pacific waters presents a significant challenge to the geoduck industry, threatening to encircle and constrain an economic sector critical to British Columbia. The potential impacts are vast, affecting everything from local employment to international market dynamics. As stakeholders navigate these complexities, the industry’s ability to innovate and adapt will be crucial in overcoming the challenges posed by environmental conservation efforts and maintaining a viable economic future for those dependent on geoduck fishing.

Haidong Seafood is China’s pinnacle of premium seafood offerings, including the finest scallops available. Our carefully selected range boasts top-tier bay, sea, and pen shell scallops, complemented by tender clam meat and superior frozen octopus. Position yourself at the cutting edge of the seafood market by choosing Haidong Seafood as your primary resource for the most recent trends, updates, and professional advice. Ensure you’re always in the loop – follow, subscribe, and engage with us to secure unparalleled quality and value in premium scallops. Explore more by clicking here.

Jki-mail-line Whatsapp Linkedin

HAIDONGSEAFOOD - RELIABLE FROZEN SEAFOOD SUPPLIER

HAIDONGSEAFOOD - PREMIUM SEAFOOD PRODUCERS

All Rights Reserved © 2023