The shrimp market - United Kingdom

Since 2020, the global shrimp market has exhibited significant trends worth noting. In 2022, the market was valued at approximately $68.40 billion and is poised to expand at a 5.5% CAGR through 2030, propelled by shrimp's reputation as a healthier, low-fat, high-protein alternative rich in Omega-3. Ecuador emerged as a dominant exporter in 2023, on track to surpass 2022 figures with 1.5 million tons, marking a 30% increase. This places Ecuador ahead of India, whose production faltered due to disease, as well as Vietnam and Indonesia, the latter seeing a 19% export reduction in the first half of the year. In the UK, shrimp trade experienced volatility with export values plummeting by 82.6% from $72.9 million in 2018 to $12.7 million in 2022, while imports saw a growth of 3.9%. Additionally, the Russian-Ukrainian conflict since February 2022 significantly impacted consumer and producer price indexes for fish, causing prices to surge by 22.5% and 23.2%, respectively, in 22 months. Despite these challenges, FloGro Fresh is pioneering with the UK's first industrial-scale closed recirculation aquaculture system, targeting production of 2,500 tons of shrimp per year by 2026, as global aquaculture shrimp sales are forecasted to reach $64.92 billion by 2030, growing at a CAGR of 6.2%..Title: Dynamics of the UK Shrimp Market and Consumer Preferences The UK shrimp market is characterized by a variety of complex and evolving trends related to both import-export activities and domestic consumer demands. The country has consistently been a net importer of shellfish and shrimp, with a significant portion of imports coming from Asian and South American countries such as India, Vietnam, and Ecuador. While the value of exports shows a notable decrease, falling by over 80% from 2018 to 2022, the value of crustacean and shrimp imports has exhibited a growth trend. In exploring the structure of the UK's shrimp market, it's worth noting a modest decline in the number of enterprises engaged in marine fishing and aquaculture, dropping by approximately 3.5% between 2019 and 2023. Employment figures tell a slightly more positive story, growing by over 15% from 2018 to 2022, though this was followed by a setback coinciding with the Russian-Ukrainian conflict. The conflict has also put pressure on both consumer and producer prices. For instance, within a mere 22-month period spanning between 2022 and 2023, the consumer price index for fish saw a substantial rise, indicating a significant increase in prices for consumers. Producer prices for the processed and preserved fish sector saw similar inflationary trends. Household spending patterns have similarly fluctuated. Between 2018 and 2021, spending on fish and fish products rose by over 20%, only to be followed by a steep decline between 2021 and 2022. Shrimps, while popular, have not been immune to these shifts, with sales volumes experiencing a decrease. However, fresh shrimp continues to lead the market in terms of sales value, accounting for over half of shrimp sales in 2023, compared to about a third that come from frozen shrimps. UK consumer preferences for shrimp are distinctly in favor of the warm-water variety, which has seen an increased share of sales from 63.0% to over 68.0% in recent years. Meanwhile, demand for cold-water shrimp has declined to some extent. Age and income bracket are significant demand drivers for shrimp, with older populations and individuals in higher income brackets spending more annually on fish and fish products. Geographically, England leads among UK countries with the highest average monthly household expenditure on these items. The most significant legislative guide for the shrimp industry is contained within the UK's "Blue Book," which consolidates all pertinent laws and guidelines. This.### Key Players Shaping the UK's Seafood Landscape The UK seafood market is vibrant and diverse, with several firms making significant contributions through imports, exports, and distribution, especially in the shrimp and sea products sector. Let's take a closer look at some of the pivotal enterprises that help keep the nation's seafood cravings satisfied: - **Brake Bros Limited**: An established provider to the restaurant industry for over six decades, Brake Bros Limited brings to the table an impressive array of high-quality food and catering supplies. With a team that exceeds 6,500 people, their own-brand product range is notably the broadest in the food service sector. In 2016, the acquisition by Sysco Corporation further bolstered Brake Bros Limited with new resources, enabling them to maintain a leading edge in food service. - **Fastnet Fish Limited**: Since 1980, Fastnet Fish, as part of Andrew Marr International Limited, has earned a global reputation for delivering sustainably sourced, high-quality frozen fish and seafood. Fastnet Fish not only leads the market but also ensures a global reach for its frozen seafood products catering to a diverse clientele in retail and wholesale. - **Seahawk Marine Foods Limited**: Seahawk started its journey in 1982 and ever since has been committed to supplying high quality frozen seafood sourced responsibly. Standing as one of UK's large independent importers of prawns, Seahawk Marine Foods Limited boasts a broad spectrum of frozen seafood products gleaned from trusted suppliers to serve the wholesale, foodservice, and industrial sectors. - **Sykes Seafood Limited**: With roots going back to 1862, Sykes Seafood Limited has evolved into a prominent and award-winning fish and seafood supplier. Its commitment to sustainability and ethical sourcing is at the forefront of its operations, and thanks to its multiple production sites across Europe, they efficiently cater to the catering, hospitality, and retail sectors in the UK and Ireland. - **Marrfish Limited**: A pioneer since 1860, Marrfish Limited has been at the forefront of the trawling industry's technological and practice advancements. While initially recognized for improving deep-sea trawling, Marrfish has, since 2011, supplied top-tier fresh fish to elite restaurants and hotels within the UK. The company's expertise in high-quality seafood is centralized in their modern processing facilities located in Grimsby. - **Seamark PLC**: Since 1976, Seamark PLC has carved its niche as one of the premier processors and exporters of quality seafood in Europe. Their

Inforamtion

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

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