Tridge summary
The article highlights a significant surge in the price of frozen scallops in Tokyo's Toyosu market, with a 30% increase compared to the previous year, driving up the costs of sashimi products across Japan. This price hike is attributed to increased domestic demand, fueled by promotional efforts and the expansion of conveyor belt sushi restaurants. Despite the ongoing impact of the Chinese ban, Japanese scallops have found new markets, with substantial growth in exports to the United States, Canada, Thailand, and Vietnam, benefiting from the depreciation of the yen. However, the market faces a potential supply-demand contradiction, which could lead to further price increases. To ensure sustained growth, the Japan External Trade Organization (JETRO) is adopting a strategy to integrate scallops with local cuisines in target markets. Japan aims to reach 1.2 trillion yen in aquatic product exports by 2030, with scallops playing a crucial role in this goal.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
In Tokyo's Toyosu market, the wholesale price of frozen scallops rose to 3,200 to 3,300 yen per kilogram in mid-August, up 30% from the same period last year. This price is close to the level before the Chinese ban and is reflected in fresh fish shops across Japan. The price of sashimi products has also increased by 20% to 30% year-on-year. The rapid recovery of prices is inseparable from the supportive consumption in Japan, especially the promotional activities of the "hometown tax" website and conveyor belt sushi restaurants, which have significantly increased the consumption and expenditure of scallops per household. In the international market, although the ban on the Chinese market is still affecting, the export destinations of Japanese scallops have expanded rapidly. In the first half of 2024, exports to the United States increased by 64%, and exports to Canada, Thailand and Vietnam surged to 7.2 times, 3.5 times and 7.9 times respectively. The depreciation of the yen has ...
Source: Foodmate
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