Dried Scallop Market Research, 2031
The global dried scallop market size was valued at $264.5 million in 2021, and is projected to reach $374.6 million by 2031, growing at a CAGR of 3.6% from 2022 to 2031.
Dried scallop product is made from the adductor muscle of scallops. Its taste is rich in umami due to its high content of various free amino acids, such as glycine, alanine, and glutamic acid. It is also rich in nucleic acids such as inosinic acid, amino acid byproducts such as taurine, and minerals, such as calcium and zinc.
The dried scallop market is segmented into Packaging Type and Application.
Awareness of seafood benefits is significantly increase the consumption of dried scallop. Furthermore, seafood is a rich source of phosphorus, iron, potassium, selenium, vitamin b12, and omega-3 fatty acids which is known as EPA and DHA that is helpful for reducing the risk of cardiovascular diseases and supporting nervous system function. Moreover, Improvements in economic conditions and a surge in disposable income are the key factors that propel the Dried Scallop Market Growth.
Moreover, habit taste and health are the key drivers for the consumption of seafood which increase the demand of dried scallops. The United States Department of Agriculture recommends that Americans eat about eight ounces of seafood per week to benefit from seafood’s omega-3 fatty acid and protein content, along with lower total fat, saturated fat, sodium, and calories compared with other foods. Furthermore, the market growth for seafood in the region is attributed to the high consumption of fish and fish products. Moreover, the increase in consumption of fish products and fulfill the nutritional need of the individual propelled the Dried Scallop Market Demand.
Pescetarianism is becoming increasingly popular among non-vegetarian consumers, who are gradually modifying their lifestyles. Pescetarianism refers to a diet that includes vegetarian foods and shellfish but excludes animal meats including beef, hog, and chicken. Due to customers' inclination for a healthy diet, this movement has been noticed. Additionally, eating meat and animal products raises cholesterol, increases cancer risk, and increases the prevalence of obesity and related disorders. As a result, people look for additional nutritious options, which considerably aids in the expansion of the global dried scallop market. The primary driver boosting the growth of the global market is consumers' growing knowledge of the problematic living conditions of cattle in cattle farms, together with the rise in the usage of steroids to increase feed efficiency and stimulate rapid growth in cattle.
In particular, in the viscera, it has been discovered that scallops can accumulate heavy elements like arsenic, cadmium, lead, and mercury, which can restrain the growth of the dried scallop market. Moreover, the high number of elements can lead to health problems including cancer. Additionally, the Centre for Food Safety has been routinely monitoring food for the presence of heavy metals. To reduce the risk of exposure to heavy metals, consumers are still advised to buy dried scallops from reputable sources and to maintain a balanced diet.
The market for dried scallops has been negatively impacted by the depletion of sea species; nevertheless, sustainable fishing practices may enhance the seafood supply to satisfy the growing demand. Collaboration of fishermen and fish farmers with processors, distributors, retailers, restaurants, and food service providers is expected to provide a solution to resolve the environmental issues and further help in making the seafood market environmentally, economically, and socially sustainable. Currently, many seafood establishments, like Miya's in the US and Fisheries Innovation in Scotland, have concentrated on providing only sustainable seafood selections. These restaurants and seafood suppliers provide a strong emphasis on environmentally friendly seafood selections including catfish and scallops. Therefore, all of these elements work together to increase the size of the worldwide market.
According to the Dried Scallop Market Analysis, the market is segmented into packaging type, application, and region. On the basis of packaging type, the market is categorized into plastic and jar. By application, it is fragmented into retail, institutions, and food service. The retail segment is further bifurcated into online and offline. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Russia, Spain, Italy, France, Netherlands, Belgium, Germany, the UK, and the rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, India, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, Chile, UAE, Saudi Arabia, South Africa, Algeria, and rest of LAMEA.
Based on the packaging type, the plastic segment held the major Dried Scallop Market Share in the market in 2021. Plastic bottles were once regarded as the most popular and widely used form of packaging. They tend to be one the most environmentally friendly and reusable options. There are numerous ways to keep plastic bottles around and reuse them; thereby, making them a beneficial choice for the environment.
Based on the application, The retail segment led the market and accounted for 68.3% of the dried scallop market in 2021, and is expected to maintain its dominance throughout the Dried Scallop Market Forecast period. The growth of the retail segment is driven by improvement in the infrastructure of supply channels along with an increase in the affordability of seafood products through various retail channels, including both online and offline channels.
By region, Asia-Pacific region dominates the market. Asia-Pacific is an emerging region, and is the one of the largest consumers of seafood across the world. The growth of Asia-Pacific dried scallop market is attributed to surge in disposable income, increase in trend of dining out, and rise in the number of fast-food restaurants that serve seafood.
The players operating in the Dried Scallop Industry have adopted product launch and business expansion as their key developmental strategies to expand their market share, increase profitability, and remain competitive in the market. The key players profiled in this report include Blue Harvest Fisheries, Fruge Seafood Company, Grand Gift, Gyoren Hokko, Hannaford Bros. Co., LLC., HK JEBN, Lund's Fisheries, Seacore Seafood Inc, Seng Hong Company (Private) Limited, and WHOLEY'S.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Dried Scallop Market Size from 2021 to 2031 to identify the prevailing Dried Scallop Market Opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the dried scallop market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the Dried Scallop Industry.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global dried scallop market trends, key players, market segments, application areas, and market growth strategies.
Dried Scallop Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 374.6 million |
 Growth Rate | CAGR of 3.6% |
 Forecast period | 2021 - 2031 |
 Report Pages | 278 |
 By Packaging Type |
|
 By Application |
|
 By Region |
|
 Key Market Players | WHOLEY'S, Grand Gift, HK JEBN, Fruge Seafood Company, Seng Hong Company Private Limited, Blue Harvest Fisheries, Gyoren Hokko, Hannaford Bros. Co., LLC., Seacore Seafood Inc, Lund's Fisheries |
Analyst Review
According to the insights of the CXOs, dried scallop is gaining high traction in the developing countries such as India and Belgium. This is attributed to the fact that dried scallop contains iron, phosphorus, potassium, vitamin B12, selenium, and other nutrients. Moreover, seafood is a rich source of essential micro and macro nutrients, thereby increasing the consumption of seafood among health-conscious individuals. The dried scallop market has witnessed a steady growth even under major challenges such as global uncertainty, falling fish stocks, and environmental issues. The growth of this sector is attributed to increase in awareness of health benefits associated with dried scallop and changes in lifestyle of consumers.
In 2021, Asia-Pacific dominated the global dried scallop market. This is attributed to the fact that the market in this region is undergoing a transition in terms of consumer preferences and buying patterns, with higher preference seen for healthy food options that are rich in proteins, vitamins, and other nutrients over the previously widely preferred fast foods. However, Latin America region is anticipated to grow at the highest rate during the forecast period, owing to increase in consumer trend towards cross-culture cuisines.
Existing challenges such as availability of close substitutes and lack of awareness regarding dried scallop benefits are expected to hamper the growth of the dried scallop market during the forecast period.
increasing trend in health convenience foods that have high levels of proteins, vitamins, omega-3 fatty acids, and functional fibers and Changes in lifestyle of consumers are the upcoming trends of Dried Scallop Market in the world.
Retail is the the leading application of Dried Scallop Market.
Asia-Pacific is the largest regional market for Dried Scallop.
The dried scallop market was valued at $264.5 million in 2021, and is projected to reach $374.6 million by 2031, registering a CAGR of 3.6% during the forecast period.
The key players profiled in this report include Blue Harvest Fisheries, Fruge Seafood Company, Grand Gift, Gyoren Hokko, Hannaford Bros. Co., LLC., HK JEBN, Lund's Fisheries, Seacore Seafood Inc, Seng Hong Company (Private) Limited, and WHOLEY'S.
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