The fish and seafood market - UK

The global fish and seafood market has seen significant growth, with a projected rise from US$134 billion in 2019 to $155.32 billion by 2023, reflecting a CAGR of 3.65% from 2016-2023. Asia-Pacific dominates sales, with 78% of the market share. However, the UK market is facing a decline. From 2014's 725,000 tons sold, it's expected to fall to 708,800 tons by 2024, experiencing a 0.23% decrease per year due to rising prices and shifts towards vegetarian and vegan diets. Brexit introduces uncertainties in trade, especially considering the UK's heavy dependence on the EU for exports. COVID-19 further impacts the industry, with February 2020 seeing a 22% decrease in exports from the previous month. The UK market is relatively fragmented: in fishing, the top 5 companies hold 27.8% of the market, with restaurants being the primary channel for seafood consumption. Prices for fish and seafood have risen by 35.2%, outpacing inflation. Finally, strict fishing regulations aim to mitigate overfishing. Young's Seafood Ltd stands out as a major British player with sales revenue of £545.9 million.

Trends and Dynamics in the UK Fish and Seafood Market

The UK fish and seafood market presents a fascinating blend of growth, challenges, and transformation shaped by various factors including consumer preferences, market structure, regulations, and external challenges like Brexit and the COVID-19 pandemic. The global fish and seafood market has been growing steadily, with the Asia-Pacific region leading in consumption. Nevertheless, the UK market is seeing a decline in volumes sold, driven by rising prices and shifts in consumer eating habits toward vegetarian and vegan diets. Despite the downturn, the UK still benefits from rich fishing waters, with seafood being a critical component for the economy. The country's dependence on exports rather than imports, particularly in light of Brexit, raises questions about future trade relations with the EU. In the EU, traditional favorites such as tuna, cod, and salmon dominate consumption. However, the UK has a unique palate, with cod taking the lead as the most consumed fish, followed by salmon, tuna, haddock, and shrimp. This pattern aligns with the UK's cultural gastronomy, including the popularity of fish and chips. The UK’s spending on fish also increases with the consumer’s age, with those aged 65-74 spending between £3 and £4 per week on average.

The seafood sector in the UK is highly fragmented, with many small businesses operating alongside a few larger companies. Top players like Young's Seafood Ltd. only hold a modest proportion of the market, emphasizing the scope for competition and investment in the industry. Despite the diversity of players, the total revenue for the largest British company, Young's Seafood Ltd, is in the ballpark of£500 to £600 million. Due to challenges such as Brexit and COVID-19, the UK fishing and seafood industry is facing uncertainty. The impact of Brexit on fishing rights and economic cooperation with the EU has yet to be fully determined. The UK has a trade surplus with the EU in fish and seafood, making the outcome of negotiations post-Brexit critically important. The fallout of the COVID-19 pandemic has been immediate, with significant year-on-year declines observed in exports, highlighting the industry's susceptibility to global shocks. Regulations form an integral part of the market structure, ensuring sustainable fishing practices and consumer protection in traceability and transparency. Fishermen and businesses must adhere to strict rules ranging from fishing licenses to seasonal restrictions and catch limits. The UK fish and seafood market, while experiencing downward pressure on volumes, remains a significant part of the food industry. The right blend of policy support, market.

Key Players Dominating the UK Fish and Seafood Market

The UK fish and seafood market, while relatively fragmented, includes several notable companies that hold significant positions in the industry. Among British players, Young's Seafood Ltd stands out as a prominent figure, carving out a sizeable presence and capturing the attention of consumers with their wide range of products and longstanding brand reputation.

• Young's Seafood Ltd - Established in 1805, Young's Seafood has a strong heritage and has grown to become the UK's leading fish and seafood company. With an extensive product line that includes frozen fish fillets, prepared seafood, and shellfish, Young's Seafood has secured its position by offering quality products that cater to the tastes and preferences of British consumers.
• The company's commitment to sustainable and responsible sourcing, combined with its dedication to innovation and customer satisfaction, has solidified its status as a staple in the UK seafood market. Outside of Young's Seafood, the market includes other players that contribute to the diversity and competitiveness within the sector. These companies range from local, family-run businesses to larger corporations, each bringing their unique offerings to the table and striving to meet the evolving demands of UK consumers.
• They operate through various channels, including retail, wholesale, and direct-to-consumer services, and each player brings their strategic approach to fishing, aquaculture, and seafood processing. As the UK fish and seafood market advances, issues such as sustainability and environmental impact continue to influence consumer choices and industry practices.

Companies that adapt to these expectations and remain transparent in their operations stand to gain a competitive edge in a market that is highly sensitive to ecological and ethical concerns. Whether through embracing eco-friendly fishing methods or ensuring traceability and responsible sourcing, the leading market players must navigate an intricate landscape of consumer demands, regulatory pressures, and global trade dynamics.

Inforamtion

• Number of pages : ~ 40 pages
• Format : Digital and PDF versions
• Last update : 21/12/2022

Summary and extracts

List of charts presented in this market study

• Seafood market turnover
• Fishing trend of the fish stock
• Seafood sales by region
• Seafood consumption
• Seafood market size (by volume)
• Fish market size (by volume)
• Size of the shellfish market (in volume)
• Size of the molluscs and cephalopods market (in volume)
• Size of the fish and fish products market (by value)
• Average weekly household budget for seafood by age category
• Household consumption of fish
• Google Trends for "Seafood
• Volumes of seafood products exported to the EU
• Google Trends for "fish
• Most caught fish
• Fishing market shares
• Seafood distribution (depending on where the product is consumed)
• Market share of fish and fish products
• Seafood Price Index
• Fleet of fishing boats
• Foreign trade in seafood products
• Country of destination for seafood exports
• Country of origin of seafood imports
• Value of exports for major destinations
• Value of imports from the main countries of origin