Marine Fishing in the UK - Industry Market Research Report

Over the five years through 2023-24, industry revenue is projected to drop at a compound annual rate of 2.1% to just over £1 billion, owing to a sharp dip in revenue over 2020-21 and 2021-22 due to COVID-19-related disruptions causing seafood prices to sink along with catch volumes. In 2023-24, marine fishing revenue is expected to hike by 0.8%, supported by high seafood prices, despite the lower landed volume of most seafood products. Rising health consciousness has propped up fish consumption, driving sales for marine fishermen despite high seafood prices. However, inflationary pressures have reduced the number of consumers eating out, which is eroding sales to wholesalers and constraining revenue growth. Ongoing competition from the Aquaculture industry will also constrain fishers’ sales.

Trends and Insights

• Rising health consciousness props up fishermen’s sales.
• The government has launched a number of campaigns highlighting the health benefits of fish, like its high omega-3 content, helping to drive fish consumption up. Higher mackerel catch volumes benefit fishermen’s revenue.
• Mackerel has been on the up since 2019 - both in value and quantity - driven in part by higher quotas. Scotland dominates the Marine Fishing industry.
• It’s where most of the UK’s catches come from, so inevitably is where most fishermen are based. Fish Producer Organisations give companies bargaining power.
• Most marine fishermen are pretty small, so they can struggle to negotiate good price from buyers. FPOs bring fishermen together under one umbrella, giving them more room for negotiation.

Industry Overview

Industry revenue has declined at a CAGR of 2.5 % over the past five years, to reach an estimated £1.1bn in 2024.

Trends and Insights

Uncertain economic conditions constrain demand for fish COVID-19 lockdown restrictions decimated food-service sales, eating away at marine fishers’ revenue in 2020-21 and 2021-22. Some restaurants pivoted to delivery services, which, along with an increased demand for frozen seafood, prevented a complete drop in demand from this market.

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

• Leaving the Common Fisheries Policy supports better catches for UK fishers
• The EU fishing quota in UK waters was reduced by 15% in 2021 and will be reduced by 2.5 percentage points each year after until 2026. In 2023, the EU's fishing quota equates to 350,000 tonnes.