Landed price index of seafood in the UK - Data and Analysis (2000-2033)

IBISWorld forecasts that the landed price index will increase at a compound annual rate of 0.6% to 225.8 points over the five years through 2026. The landed price index measures the average change in the price of fish landed by UK vessels into the United Kingdom at first sale. It provides a measure of domestic inflation in the price of fish landed by UK vessels. The price of landed fish at first sale is affected by catch volumes of UK vessels as well as that of foreign vessels that land their fish in the United Kingdom. Between 80% and 90% of fish landed in the UK are typically by UK-registered vessels. Both domestic and foreign demand for seafood also influences the returns fisherman get for their catch.The long-term trend in landed seafood prices has been upwards, as fishery stocks dwindle and it becomes increasingly difficult to catch and land fish. Fishermen have increasingly travelled further and face more difficult conditions which has inflated costs and therefore prices, rising by 5.4% in 2022.The total number of UK-registered fishing vessels has decreased by 8.7% between 2010 and 2019, from 6,477 to 5,911. However, aquaculture, embraced domestically to bolster fish stocks, has played a role in curtailing seafood prices. UK aquaculture has grown significantly over the past decade both in volume and revenue. Without the contribution of aquaculture, landed seafood would be much more scarce and, thus its price much higher.Prices increased by 10% in 2016 following the sharp depreciation of the pound after the electoral decision to leave the European Union. In 2017, volumes increased to reach 705 thousand tonnes with prices also rising strongly. However, this trend was reversed in 2018, as imports of fish and fish preparations fell by 31 thousand tonnes to 674 thousand tonnes, while exports also fell by 12 thousand tonnes to 448 thousand tonnes. Prices rose significantly in 2019 as a decrease in fishing quotas led to a 11.2% decline in landed fish by UK vessels over the year. Catch volumes are set to surge due to higher quotas as regulations change, which could weigh on prices. Prices are rising in 2022 because of inflationary pressure. Shellfish prices rose sharply because North Sea fishery tends to attract higher prices. Prices are set to rise by 2.1% in 2023 because of rising costs for UK vessels and inflationary pressure.