The seafood market size in the UK experienced significant fluctuations from 2013 to 2023. The volume saw a decrease from 603.38 million kilograms in 2013 to 535.23 million kilograms in 2023, with various up-and-down trends. Notably, there was a substantial drop in 2020 by 17.94% due to disruptions likely caused by the COVID-19 pandemic, followed by a strong recovery in 2021 with a 13.18% increase. The last two years prior to 2024 show a slight downward trend with a 1.1% decrease in 2023.
Key trends:
- 2013 to 2023 saw an overall declining trend with sharp variations, particularly in 2017 and 2020.
- The 5-year average annual reduction (CAGR) for the period leading up to 2023 was -0.87%.
- The future forecast from 2024 to 2028 indicates a continued downward trend with a 5-year CAGR of -0.94%, culminating in a total reduction of 4.59% over the forecast period.
Future trends to watch:
- Impact of sustainability concerns and regulatory changes on seafood supply and consumption patterns.
- Effects of technological advancements in aquaculture and fisheries on market dynamics.
- Consumer behavioral shifts post-pandemic influencing demand trends.
