Scallop Market Update

Since 2019, the Atlantic sea scallop industry has faced a series of challenges impacting the supply of larger sea scallops (U-10 and U-12 sizes). Allegations of overfishing resulted in quota reductions, causing landings to drop from 62.5 million pounds in 2019 to a projected 26.5 million pounds in 2023 – a significant 60% decrease. This supply shortage has led to fluctuating prices for all scallop sizes, reducing demand.
Although quotas were recently raised for the 2024 season, providing some relief, new challenges have arisen. Landings have been lower than anticipated, and experts suggest that the availability of larger scallops may continue to decline. Factors such as warmer waters and environmental changes are thought to be decreasing the survival rate of these prized larger scallops. Consequently, U-10 scallops now make up only 2% of landings, down from 14% the previous year.
Looking forward, the market is preparing for ongoing supply difficulties with U-10 and U-12 scallops, likely resulting in consistently high prices. On the other hand, 10-20 size scallops are expected to have more stable pricing and supply for the rest of the season. This is why we recommend the #8209 – Black Pearl Seafoods 10-20 Dry, Fresh Sea Scallops as a viable alternative to the larger U-10 and U-12 sizes in the foreseeable future. The sea scallop industry must navigate these intricate, evolving dynamics to meet consumer demands amidst increasing environmental and regulatory pressures. Count on us guide you through these challenges and provide the support you need.