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to understand this market
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Inforamtion
- Number of pages : 30 pages
- Format : Digital and PDF versions
- Last update : 21/12/2022
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 $***.** billion by ****, representing a CAGR of *.**% between **** and ****. One reason for this increase is the perceived health benefits around seafood.
Seafood sales by region World, ...
1.3 Focus on: the European Union
Source: ****
The table above shows which fish are most consumed in the EU; we see that tuna represents the largest share (***), the EU is dependent on other global players.
Seafood consumption Europe, ****, in kg/person/year Source: ****
Finally, the table above describes the consumption per capita in the EU. At the ...
1.4 Fish and seafood down in the UK
Seafood Market Size (***) United Kingdom, ****-*****, in thousands of tons Source: ****
The UK fish and seafood market is declining when considering volumes sold. In ****, ***,*** tons were sold; in ****, this value is expected to be ***,***, representing a decrease of *.**% per year.
This decrease in volumes sold is primarily due to rising prices, ...
1.5 Foreign trade
In this section we use UN Comtrade data to analyze the UK's trade relations with the world. For this purpose, the code chosen was:
** - " Fish and crustaceans, mollusks and other aquatic invertebrates"
Foreign trade in seafood products United Kingdom, ****-****, in billion US$ Source: ****
The UK imports more fish ...
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 ...
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 ...
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, ...
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 ...
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 ...
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 ...
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, ...
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 ...
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 ...
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 ...
6 Positioning of the actors
6.1 Segmentation
- Young's Seafood
- Lyons Seafood
- Maruha Nichiro
- Nippon Suisan Kaisha
- Thai Union Group
List of charts
- Seafood market turnover
- Fishing trend of the fish stock
- Seafood sales by region
- Seafood consumption
- Seafood market size (by volume)
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the fish and seafood market | UK
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