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Summary of our market study
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.
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Summary and extracts
1 Market Overview
1.1 Definition and introduction
The fish and seafood market covers the consumption and distribution of all fish and seafood products that are found in the ocean and are edible.
The global fish and seafood market is experiencing strong growth due to increasing consumption. This demand is made possible by improved production and distribution channels. Asia dominates the global demand.
In the United Kingdom, the fish and seafood market is contracting due to rising prices, reducing consumer spending. The UK is more dependent on exports than imports and has access to rich waters. Nevertheless, the Brexit raises worrisome questions about the future of trade with the EU. In Section 2.2, we will analyze potential outcomes based on different scenarios.
Finally, the UK fishing sector will be severely impacted by the COVID-19 crisis.
1.2 Fish and seafood around the world
Seafood market turnover World, ****-*****, US$ billion Source: ****
The global fish and seafood market was valued at US$ *** billion in ****. It is expected to increase to $***.** billion by ****, representing a CAGR of *.**% between **** and ****. One reason for this increase is the perceived health benefits around seafood.
Seafood sales by region World, ****, in % Source: ****
The table above shows retail sales of fish and seafood by geography. The Asia-Pacific region is the largest, with **% of sales occurring in this region. This can be explained by several factors such as the proximity to the ocean, the number of people living on the continent, and the cultural connection to seafood on the continent.
Fish stock fishing trend World, ****-****, in % Source: ****
One clear trend that is emerging globally is the overfishing of global waters. In ****, only **% of the world's fish stocks were overfished; by ****, this figure had tripled to **% Meanwhile, **% of the fish stock is operating at maximum capacity.
1.3 Focus on: the European Union
Source: ****
The table above shows which fish are most consumed in the EU; we see that tuna represents the largest share (***), the EU is dependent on other global players.
Seafood consumption Europe, ****, in kg/person/year Source: ****
Finally, the table above describes the consumption per capita in the EU. At the top is Portugal, which consumes a whopping **.* kg per person per year. The UK consumption is relatively low: the average Briton consumes **.* kg per person per year.
1.4 Fish and seafood down in the UK
Seafood Market Size (***) United Kingdom, ****-*****, in thousands of tons Source: ****
The UK fish and seafood market is declining when considering volumes sold. In ****, ***,*** tons were sold; in ****, this value is expected to be ***,***, representing a decrease of *.**% per year.
This decrease in volumes sold is primarily due to rising prices, which decreases demand. However, factors such as problems in fish farming, increased competition from foreign players (***), and finally a growing health trend in society, where fish is being excluded from meals in favor of vegetarian and vegan diets.
Fish market size (***) United Kingdom, ****-*****, in thousands of tons Source: ****
If we focus on the fish market in particular, we can see that it is also selling less in terms of volume. This decline is larger than the market as a whole and is expected to correspond to a negative CAGR of *.*% between **** and ****.
While this decline exists, fish markets remain the largest segment of the industry when measured by volumes sold. In ****, fish accounted for over **% of the overall industry.
Shellfish market size (***) United Kingdom, ****-*****, in thousands of tons Source: ****
Crustaceans are the only category of the three sub-segments of the fish and seafood market that is expected to ...
1.5 Foreign trade
In this section we use UN Comtrade data to analyze the UK's trade relations with the world. For this purpose, the code chosen was:
** - " Fish and crustaceans, mollusks and other aquatic invertebrates"
Foreign trade in seafood products United Kingdom, ****-****, in billion US$ Source: ****
The UK imports more fish and seafood than it exports. However, the coverage rate (***) was **.*% in ****, meaning that the difference is only marginal. Indeed, exports also remain important. In ****, the U.K. exported about $*.* billion worth of fish, while imports amounted to just over $* billion
Country of destination for seafood exports United Kingdom, ****, % of top * Source: ****
The chart above shows the top five export destinations for the UK fish and seafood industry. In addition, the distribution among the five is illustrated. Following this logic, it can be seen that of the five countries that receive the most British exports, France accounts for **%. Not only is this country the largest recipient, but it also has a significant share of the top five destinations, accounting for almost half of the value of exports. In second place is the United States (***). This data highlights the importance of EU countries and therefore the potential impact that the Brexit will ...
2 Analysis of the demand
2.1 Profile Analysis: The British Consumer
Seafish reports that **% of British adults who eat fish once a week or less say cost is what hinders continued consumption. In addition, British consumers eat fish primarily for dietary reasons; **% of those surveyed said fish helps them maintain a balanced diet, while **% of people pointed to health benefits.
The same source also reports that in a **** YouGov survey, it was revealed that cod is the most commonly consumed type of fish. In fact, **% of Britons claim to eat it at least once a month. After cod, salmon is the most consumed fish with **% of consumers eating it at least once a month, followed by tuna (***). This may be due to the prevalence of fried fish in the UK, where cod is the staple.
NHS recommends a weekly consumption of at least * serving (***).
Average weekly household budget for seafood by age group United Kingdom, ****/****, in £ Source: ****
There is a positive correlation between spending on fish and age; those under ** spent an average of £*.** per week on fish and fish products in ****/****, while the equivalent was £*.** for those aged **-**. An important explanation for this is that older people have higher purchasing power and are therefore more willing to buy fish products ...
2.2 The impact of Brexit on the market remains uncertain
Overview
In this section, we seek to shed light on the effects that Brexit could have on the UK fishing sector in terms of fishing rights and economic cooperation with the EU
Volumes of seafood products exported to the EU United Kingdom, ****, in thousands of tons Source: ****
First of all, the data above shows what was the most exported fish from the UK to the EU in ****, it was mackerel, with a quantity of **,*** tons. This means that mackerel will most likely be the fish that the EU will try to negotiate on the most, due to its dependence on the UK's mackerel supply. Indeed, mackerel is caught mainly in the North Sea, which implies that the UK could use this availability to its advantage.
Economic issues
Overall, the uncertainty around Brexit and its impact on fishing rights remains significant. There is no denying the importance of seafood trade between the UK and the EU; in ****, exports to the EU accounted for **% of the total value for the UK, while imports accounted for **% of the value.[***] It is therefore essential to reach an agreement.
Some sectors of the industry, such as shellfish, are particularly vulnerable and would collapse if they were ...
2.3 Fish and seafood suffer from COVID-19
The fishing industry has been hit hard by the pandemic. [***] In January ****, exports of fish and shellfish, mollusks, and other aquatic invertebrates were down **% from December ****. By February ****, this figure had decreased by another **% compared to January ****. On a larger scale, the period from February **** to February **** showed an *.**% year-on-year decline, with a whopping **% decrease in exports to China.
The Guardian reports that small boats, fish markets, and female workers were the hardest hit overall.
Google Trends for "fish" UK, ****-****, base *** Source: ****
However, according to the chart above, it appears that domestic demand for fish remains strong. We see a spike in search interest for the word "fish" during the March fishing closure period. However, at this point, it's difficult to estimate whether this increase has translated into increased sales.
3 Market structure
3.1 The seafood supply chain
The first step in the supply chain is fishing or aquaculture. For only a few years, the world has been consuming more farmed fish than caught fish (***). There is sanitary control following the harvesting of the fish. [***]
In the second stage, the fish is processed. The four basic procedures used in the final processing of fish products are heating, freezing, water activity control (***).
Finally, there is distribution. In section *.*, we explain the most common distribution channels for fish, which include retail and restaurants.
3.2 Fishing in the UK
Most caught fish United Kingdom, ****, in thousands of tons and in GBP Source: ****
British waters are rich in fish and seafood. In particular, we can see from the graph above that mackerel is the most caught fish. This confirms the abundance of this fish in British waters (***)
Finally, it is interesting to note that among the items in the chart above, which represents the most caught seafood by volume, none of the most popular fish (***) are included, except for cod. This implies that the dependence on exports for these key products is high
Fisheries market shares United Kingdom, ****, in % Source: ****
The graph above confirms that the UK fishing fleet consists mainly of small vessels and SMEs; in ****, the top * companies in the market held only **.*% of the market.
Marine Harvest has the largest single market share of **.*%, followed by Scottish Sea Farms (***). This is because the fishery is centered in Scotland.
The above data is based on MSP production sales (***)
3.3 Fish and seafood are eaten in restaurants
Distribution of seafood products (***) European Union, ****, in % Source: ****
The distribution of fish in the UK is similar to that of the EU, which is why the graph above serves as a credible indicator of UK distribution. Indeed, we can see above that restaurants are by far the most common distribution channel (***). Fish purchased and consumed at home is the second most common consumption channel, accounting for about **% of cases.
Market share of fish and fish products United Kingdom, ****, in % Source: ****
Finally, the chart above illustrates the market share of fish and fish products in the UK (***) of fish and seafood sales, namely Young's Seafood Ltd.
The following market players are insignificant in terms of market share, so the market remains quite fragmented behind the giant Young's Seafood.
4 Analysis of the offer
4.1 Product analysis
The four most consumed fish in the UK are cod, haddock, tuna and salmon. For shellfish, shrimp remains the main dish. These five ocean products account for **-**% of all fish and seafood consumed in the UK. [***]
In general, the seafood market in the UK is divided into three parts: fish, crustaceans, and shellfish. In the following section, we present a more comprehensive overview of the products with price analysis
4.2 Fish and seafood prices rise dramatically
seafood Price Index
United Kingdom, ****-****, base *** (***) Source: ****
The chart above shows the evolution of fish and seafood prices in the United Kingdom. The base year is ****, where the index value is ***. The intuition is that if the index value is ***, this implies a price increase of *% (***). Following this logic, we see that by ****, the price had increased by **.*% compared to ****. This increase is far above inflation and reflects a general increase in demand for these products.
Britishseafishing also states that demand for fish outside of the "big five" has increased, fish farming has encountered problems that affect supply, and there is a premiumization of fishery products; all of these factors together also affect price trends.
Meanwhile, as we saw in section *.*, this increase in prices in the UK has led to a decrease in volumes sold.
Here is a look at what UK fish and seafood prices may look like based on **** prices.
Source: ****
Source: ****
4.3 The British fishing fleet is shrinking
fishing vessel fleet
United Kingdom, ****-****, in units Source: ****
Between **** and ****, the number of fishing vessels in the UK decreased from *,*** to *,***, representing a decrease of *.**% over the decade. One of the reasons for this decrease may be that the sector has suffered from foreign competition and fish farms, resulting in financial starvation for fishermen.
In addition, the majority (***) is very fragmented.
5 Regulation
5.1 Current regulations
Fishing regulations remain extensive and strict. In light of overfishing and the extinction of several species, legislative frameworks are increasingly aimed at mitigating these problems through control and prohibition regulations. The data below is based on the UK Government guidelines.
To begin with, anglers in the UK require a rod and reel license to fish. This applies to fishing for salmon, trout, freshwater fish, smelt or eel with a rod. Failure to comply with this rule can result in fines of up to £*,***. Children under the age of ** do not require a permit.
In addition, there are rules regarding when and where you can fish. During closed seasons, fishing in certain types of water is prohibited. For example, coarse fishing is prohibited in all rivers in England and Wales from March ** to June **.
In addition, there are restrictions on the amount of fish that can be caught and the size of fish that can be caught. For example, no more than ** fish can be removed from freshwater per day. Some fish must be returned to the water and, depending on the area in which the angler is located, certain fish may not be allowed to be caught.
Finally, there are limitations ...
6 Positioning of the actors
6.1 Segmentation
- Young's Seafood
- Lyons Seafood
- Maruha Nichiro
- Nippon Suisan Kaisha
- Thai Union Group
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the fish and seafood market | UK
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