The shrimp market - United Kingdom

Since 2020, the global shrimp market has shown significant trends worth highlighting. In 2022, the market was valued at around $68.40 billion and is expected to grow at a CAGR of 5.5% to 2030, propelled by shrimp's reputation as a healthier, low-fat, high-protein, omega-3-rich alternative. Ecuador became a dominant exporter in 2023, on track to surpass 2022 figures with 1.5 million tonnes, an increase of 30%. This puts Ecuador ahead of India, whose production has weakened due to disease, as well as Vietnam and Indonesia, the latter having seen its exports fall by 19% in the first half of the year. In the UK, the shrimp trade has been volatile, with export values plummeting by 82.6% from $72.9 million in 2018 to $12.7 million in 2022, while imports grew by 3.9%. In addition, the Russian-Ukrainian conflict since February 2022 has had a significant impact on consumer and producer price indices for fish, driving up prices by 22.5% and 23.2%. Despite these challenges, FloGro Fresh is breaking new ground with the UK's first industrial-scale closed-loop aquaculture system, aiming to achieve the highest possible yields.despite these challenges, FloGro Fresh is pioneering the UK's first industrial-scale closed-circuit aquaculture system, aiming to produce 2,500 tonnes of shrimp a year by 2026, while global sales of aquaculture shrimp are expected to reach $64.92 billion by 2030, with a compound annual growth rate (CAGR) of 6.2%.

UK shrimp market dynamics and consumer preferences

The UK shrimp market is characterized by a variety of complex and evolving trends linked to both import-export activities and domestic consumer demands. The country has always been a net importer of shellfish and shrimps, with a large proportion of imports coming from Asian and South American countries such as India, Vietnam and Ecuador. While the value of exports shows a notable decline, of over 80% between 2018 and 2022, the value of shellfish and shrimp imports has shown an upward trend. Exploring the structure of the UK shrimp market, it's worth noting a slight decline in the number of businesses engaged in marine fishing and aquaculture, falling by around 3.5% between 2019 and 2023. Employment figures are slightly more positive, with growth of over 15% between 2018 and 2022, although this was followed by a decline coinciding with the Russian-Ukrainian conflict. The conflict has also put pressure on consumer and producer prices. For example, in the space of just 22 months between 2022 and 2023, the consumer price index for fish rose substantially, indicating a significant increase in prices for consumers. Producer prices for the processed and canned fish sector experienced similar inflationary trends.

Household spending has also fluctuated. Between 2018 and 2021, spending on fish and fish products rose by over 20%, before falling sharply between 2021 and 2022. Shrimps, though popular, have not been spared by these changes, with sales volumes declining. However, fresh shrimp continues to dominate the market in terms of sales value, accounting for over half of shrimp sales in 2023, compared with around a third for frozen shrimp. UK consumers' shrimp preferences clearly favor the warm-water variety, whose share of sales has risen from 63.0% to over 68.0% in recent years. At the same time, demand for cold-water shrimp has declined to some extent. Age and income bracket are important factors in shrimp demand, with older populations and higher-income earners spending more each year on fish and fish products. Geographically, England is the UK country where households spend on average the most money per month on these products. The most important legislative guide for the shrimp industry is contained in the UK's "Blue Book", which brings together all relevant legislation and directives.

Key players shaping the UK seafood landscape

The UK seafood market is dynamic and diverse, with a number of companies making significant contributions through imports, exports and distribution, particularly in the shrimp and seafood sector. Let's take a closer look at some of the key companies helping to satisfy the nation's seafood cravings:

• Brake Bros Limited: An established supplier to the catering industry for over six decades, Brake Bros Limited offers an impressive range of high-quality food and catering products. With a team of over 6,500 people, their range of own-brand products is notably the widest in the foodservice sector. In 2016, the acquisition by Sysco Corporation further strengthened Brake Bros Limited with new resources, keeping them one step ahead in the foodservice sector.
• Fastnet Fish Limited: Since 1980, Fastnet Fish, part of Andrew Marr International Limited, has built a global reputation as a supplier of high-quality, sustainably farmed frozen fish and seafood. Fastnet Fish is not only a market leader, but also ensures global reach for its frozen seafood products to a diverse customer base in the retail and wholesale sectors.
• Seahawk Marine Foods Limited: Seahawk began its journey in 1982 and has since been committed to providing high quality, responsibly sourced frozen seafood products. Seahawk Marine Foods Limited, one of the UK's leading independent shrimp importers, offers a wide range of frozen seafood products from trusted suppliers to the wholesale, foodservice and industrial sectors.
• Sykes Seafood Limited: With roots dating back to 1862, Sykes Seafood Limited has become a leading, award-winning seafood supplier. Its commitment to sustainability and ethical sourcing is at the forefront of its business. With multiple production sites across Europe, the company efficiently supplies the foodservice, hospitality and retail sectors in the UK and Ireland.
• Marrfish Limited: A pioneer since 1860, Marrfish Limited has been at the forefront of technological and practical advances in the trawling industry. First recognized for improving deep-sea trawling, Marrfish has been supplying top-quality fresh fish to elite restaurants and hotels in the UK since 2011. The company's expertise in high-quality seafood is centralized in its modern processing facilities in Grimsby.
• Seamark PLC: Since 1976, Seamark PLC has established itself as one of Europe's leading processors and exporters of quality seafood products.

Inforamtion

• Number of pages : 30 pages
• Format : Digital and PDF versions
• Last update : 27/11/2023

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