By the end of 2025, the price of scallops in Hokkaido, Japan, remained at a historically high level. Even though overseas buyers experienced "demand fatigue", the market's upward trend remained strong. Industry insiders point out that the stockpiling for the US holiday season and the Spring Festival in Taiwan has basically come to an end, but due to the shortage of supply, prices remain at a high level. The fishing season in the Sea of Okhotsk, Hokkaido, ended in late November. According to statistics, as of the end of October, the cumulative catch was approximately 243,200 tons, a year-on-year decrease of 15%. The annual output is expected to be only 250,000 tons, falling below the 300,000-ton mark for the first time in seven years. Among them, the output in the northern Wakkanai region dropped by 5% to 119,000 tons, and that in the southern Kitami region decreased by 23% to 132,300 tons. Due to high temperatures and poor growth, the recovery rate of scallop meat has decreased by 1 to 2 percentage points. The size is relatively small, mainly at 5S grade, and in some sea areas, 6S and 7S are even the main grades. Due to production cuts, the output of frozen shellfish in Hokkaido (locally known as "Tamaru") is expected to decline by more than 30% in the fiscal year 2025 compared to the previous year. Since June, the price of 3S specification jade cold has soared from 5,000 yen per kilogram to 7,000 yen in October, nearly 90% higher than the same period last year. The prices of 4S and 5S specifications have also risen to 6,000 yen per kilogram. High prices have begun to compress domestic consumption. Japanese retailers and conveyor belt sushi chains are all reducing their scallop varieties. A wholesaler at Toyosu Market in Tokyo disclosed that the largest buyer has now turned to the local government's "Hometown Tax" gift return program. He said, "This price level cannot stimulate new demand in either the domestic or export markets." Looking ahead to 2026, the production of scallops in Hokkaido is likely to continue to decline, mainly due to the severe shortage of young scallops in 2024. Industry insiders predict that large-sized products will remain scarce, while small-sized 6S and 7S, due to competition with production areas like Peru, will mainly be consumed within Japan. The export end continued to be strong. Data from Japan's Ministry of Finance shows that the average export price of frozen shellfish columns reached a new high of 5,671 yen per kilogram in October, up 67% year-on-year. Among them, the average export price to the United States soared by 87% to 6,689 yen per kilogram, and the average export price to Taiwan rose by 64% to 6,092 yen per kilogram. In the first ten months of 2025, Japan's total export volume of frozen scallops was 12,600 tons, up 3% year-on-year, and the average export price rose by 43% to 4,091 yen per kilogram. Exports to the United States dropped by 36% and to Taiwan by 32%, but the unit prices in both cases reached new highs. On the other hand, Japan's exports of shelled raw materials for reprocessing dropped by 40% year-on-year to 23,400 tons, but the average unit price soared by 286% to 572 yen per kilogram. Exports to Vietnam dropped by 35% and to Thailand by 53%. Although China's seafood import volume has been almost zero since it imposed a ban on seafood in August 2023, the Japanese scallop industry has diversified its layout, which has had a limited impact on prices. In May this year, China relaxed some restrictions. In early November, Japan exported scallops to China for the first time in two years, but the export was suspended a few weeks later due to diplomatic frictions. Industry insiders point out that the persistently high price of Japanese scallops is closely related to the adjustment of the export structure. Even if the demand slows down, the tight supply still dominates the price trend. It is expected that in the first quarter of 2026, both the domestic and overseas markets in Japan will continue to face the dual tests of high prices and supply pressure.