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Fish & Fish Products Market Report 2010
Key Note Publications Ltd, Aug 2010, Pages: 101
The market for fish and fish products increased in value by 25.8% between 2005 and 2009, with the value growth of the market far outpacing the volume increase. This reflects high inflation in the industry, as well as increasing demand for added-value products. However, sales fell in 2009 in both volume and value terms, suggesting that increasingly price-conscious consumers were rebelling against continuing price hikes.
There have been sharp variations in the fortunes of the individual sectors of the market. Demand for fresh and chilled seafood had been growing strongly in volume terms prior to the sharp rise in the price of fish from 2007 onwards. Although the market continued to grow in value terms in 2008, volume consumption dropped sharply, while the value of the market shrank in 2008 as volume consumption remained subdued and price inflation fell back. Consumers have turned towards frozen and canned products, and this trend has been helped by suppliers promoting the health benefits of products in these sectors.
Other factors — such as new product development (NPD) and the introduction of smaller portion sizes aimed at exploiting the growing number of one-person households in the UK — have also helped to reinvigorate the frozen sector. Suppliers have also sought to stress the health credentials of frozen fish, and this appears to have paid off. For decades, frozen food had been perceived as lacking in quality, but suppliers have been working hard to change that image. Interest in the health benefits of consuming fish has also been a key factor behind the growth of the `canned and other seafood' sector. However, this area has also benefited from the recession and consumers' search for value, since these products tend to be relatively low priced.
Large companies — such as Young's Seafood, Icelandic Group UK, Princes and Findus Group — dominate the fish market. Some are strong in certain sectors (e.g. Young's is a major player in the frozen-fish category), while John West and Princes dominate sales of canned fish.
The authors forecast that the market for fish and fish products will grow at a much slower pace over the next 5 years to 2014, compared with the review period (2005 to 2009). This reflects the fact that fish products are likely to continue to increase in price as the emerging economies continue to grow rapidly, boosting global demand for fish. Given that the economic environment in the UK is likely to remain difficult over the forecast period, the authors anticipate that consumers will remain cautious and unwilling to spend large amounts on premium-priced fish.
Spending on fresh and chilled seafood is likely to continue to suffer over much of the forecast period, given that fish prices will almost certainly continue to increase rapidly, while consumers will remain under pressure as a result of tax rises and high unemployment. However, frozen and canned seafood will continue to benefit from the harsh economic environment.
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