The US scallop market is experiencing significant changes! A notable decrease in scallop landings has been observed, leading to an adjustment in the “scallops price per pound”. Recent data from the National Oceanic and Atmospheric Administration (NOAA) highlights a substantial decrease in scallop catch and shortened fishing days.
In November 2023, the catch by the US scallop fleet reached an all-time low for the year, amounting to only 153,720 pounds, in stark contrast to the 3.8 million pounds caught in the peak month of July. This downward trend has been consistent since the summer.
As per NOAA’s report, the total catch as of late November was around 19.3 million pounds, which is just under 89% of the anticipated 21.6 million pounds for this season. This reduction in catch volume has significantly impacted the sea scallops price per pound, affecting both the industry and the market.
Industry expert John comments on the situation, noting that scallop landing volumes have not met pre-closure expectations. The daily catch rate has been around 1,650 to 2,000 pounds, with the most common sizes being 16-17. The shortage has led to a lack of scallops at recent seafood auctions in New Bedford.
Shifts in Scallops Price Per Pound
Over the last six months, the price of scallops has seen notable fluctuations. From a high of $20.30, prices dropped to as low as $11.69 per pound. More recently, however, there has been an uptick, especially in the smaller size categories.
In week 49 of 2023, U-10 scallops were priced at an average of $15.48 per pound, 9% higher than the $14.14 average in week 41. The price for U-12 scallops also increased to $15.39 per pound, up by 10% from $13.98 in week 41. The most commonly traded size (10/20) saw its average price rise to $14.75 per pound in week 49, marking a 3% increase from week 41.
Click to learn about the latest quotes for various specifications of scallops
An anonymous expert in scallop wholesaling points out the market’s unpredictability and suggests potential sustained increases in scallops price per pound. With key holidays like Valentine’s Day on the horizon, demand could rise despite a generally weak economy.
