UK seafood industry struggles amid US$1.3B decline, sees early signs of recovery in 2024

UK – The UK seafood industry, battered by a combination of Brexit and the Covid-19 pandemic, has faced significant challenges, recording a financial hit of roughly US$1.3B since 2019, according to Marcus Coleman, CEO of Seafish. 

Speaking at the Responsible Seafood Summit in St. Andrews, Scotland, Coleman highlighted the financial strain on the industry and expressed hope that recent developments in 2024 may mark the beginning of a gradual recovery.

Before Brexit, UK government officials had assured stakeholders in the seafood sector that growth would be sustained. 

However, the industry has instead encountered ongoing difficulties, prompting calls for additional government support. 

Despite these assurances, UK seafood’s total trade value—encompassing both imports and exports—has seen a sharp decline over the last four years, leaving the industry substantially behind its pre-2020 levels.

“The question that remains is whether we’ll see the industry regain this lost billion,” Coleman stated. He reported that the industry’s combined trade value has dropped by around £1 billion since the UK’s departure from the European Union and the onset of the pandemic.

In 2019, seafood trade had reached a high of just under £6.5 billion (US$8.46B). 

Consumer confidence was robust, and the economy was on an upward trajectory, according to Coleman. 

However, he noted that the pandemic and Brexit had introduced a cascade of challenges that disrupted the industry’s upward momentum.

Coleman pointed out that while recent months in 2024 have shown tentative signs of improvement, the question of whether the industry can fully rebound remains uncertain. 

Industry stakeholders continue to monitor the recovery efforts and await further support that may stabilize and strengthen UK seafood’s economic position.

Sign up to receive our email newsletters with the latest news updates and insights from Africa and the World HERE