Our US wholesale market wrap-up stories and prices platform will remain open to registered users until Monday, Feb. 10, after which they will be part of our Pro plan. Get in touch here for more details  

Peruvian scallop exports to the United States surged in the final quarter of 2024 following minimal shipments during the first nine months.

The uptick has turned Peru into a key supplier for US buyers grappling with lower domestic landings and higher wholesale prices, easing availability concerns in a tight market.

However, a tsunami-like event that hit Peru's northern coastline in late December, affecting Lobitos, Máncora and Cabo Blanco, may jeopardize the country's scallop export momentum.

The full extent of damage to scallop beds and port infrastructure is still uncertain, but could compound problems caused by a Dec. 21 oil spill attributed to a vessel belonging to state-owned firm Petroperu. The company has not said how much crude was spilled into the sea, but Peru’s government declared an environmental emergency in response to the spill damaging local beaches and harming wildlife, according to Reuters.

Production of Peruvian scallops (Argopecten purpuratus) has historically been subject to boom-or-bust cycles tied to environmental factors, and the tsunami damage and oil spill could be factors that severely disrupt harvesting or logistics.

Despite these concerns, US buyers have shown moderate interest in Peruvian scallops, particularly from cost-conscious buyers. Peruvian scallops, often in 20/30–50/60 size counts, fill a middle ground in pricing and availability, offering a viable alternative to the premium levels commanded by both Canadian and Japanese products. Still, many US importers remain cautious due to how quickly circumstances can shift in the Peruvian fishery.

Peru's dramatic growth

Peruvian product has shown the most dramatic growth in US frozen scallop imports, leaping from under $6 million in value in 2023 to more than $40 million in 2024, while volumes surged from roughly 700,000 lbs to nearly 4.8m lbs. This momentum now ranks Peru as the second-largest supplier to the US by value, behind only Japan. Monthly data further underscores this trend, with particularly strong shipments recorded in November and December.

Japan remains the leading scallop exporter to the US, posting $158.6m in exports and close to 19.6m lbs in 2024, a notable increase from the previous year. Argentina and Canada each saw lower totals compared to 2023, dropping to $29.3m and $35.0m, respectively. By contrast, China edged upward, from $27.1m to $28.7m in value.

Domestic market challenges buyer tolerance

Overall, the US scallop market remains tight and price-sensitive. With domestic landings continuing to lag and strong global demand for larger sizes, many in the industry anticipate an ongoing tug-of-war between rising costs and uncertain availability in the months ahead.

Current US domestic scallop market sentiment is broadly cautious. While pricing remains elevated, adjustments vary depending on size and moisture content. Where shore prices have moderated, some discounts have emerged.

Longstanding premiums have cooled demand and exposed the fragility in buyer sentiment, as industry players contend with adverse weather conditions, seasonal slowdowns and the compounding effect of multiple supply sources. Many stakeholders are also closely watching potential policy shifts under the new administration of US president Donald Trump -- factors that could sway supply chain logistics and pricing in the weeks ahead.

Meanwhile, other top suppliers to the US remain in flux. Limited Canadian stocks are tightly committed to existing contracts, leaving little volume for the spot market. With Trump threatening a 25% tariff on all Canadian goods -- though he recently postponed the decision 30 days until early March -- has prompted concerns that Canadian suppliers may redirect to the EU if duties become too burdensome.

Japan, already the largest scallop supplier to the US, continues to gain traction among cost-sensitive buyers seeking smaller or more affordable product, despite its own price increases for in-country inventory.

China's market is relatively steady for now, though an additional 10% US tariff in place since Feb. 4, 2025 may eventually push wholesale prices higher, particularly for reprocessed scallops heading back to the US.