The Irish fishing industry faced another challenging year in 2023, according to the 2024 Business of Seafood Report released by Bord Iascaigh Mhara (BIM). The industry has been heavily affected in recent years by Brexit, the war in Ukraine, rising energy costs, and the COVID-19 pandemic. However, an unprecedented level of public investment in 2023 indicates that the Irish government is committed to the future growth of the industry. Funding from the Brexit Adjustment Reserve (BAR), in tandem with government investment, saw the GDP of the industry grow by 12% overall to EUR1,406 million. The fishing sector declined in value by 9% to EUR634 million, despite a 5% rise in volume. The sector experienced challenges relating to its top quota species—mackerel, horse mackerel, herring, haddock, and Nephrops. Quotas for all of these species (apart from Nephrops)have been decreasing each year since 2021 and are expected to be reduced again in 2025. The report notes that strategic adjustments will need to be made if the sector is to remain viable in the future.
The Irish aquaculture sector decreased in value by 14% to EUR169 million. Salmon remained the number one export by value, but the industry faced significant biological challenges. A market surplus affected oyster production at the close of 2023, and unmet high demand expectations from 2022 affected shellfish production. While the processing sector in Ireland increased turnover by 4%, this figure was affected by inflation and hid a number of significant challenges. Chief among them was the smaller size grade of blue whiting landings in 2023, which made it unsuitable for exports for human consumption. Adjustments needed to be made to process the blue whiting into fish meal domestically. The report notes that while the value of seafood consumption in Ireland rose by 9% to EUR515 million, this figure was chiefly driven by inflation. The volume of seafood sales has in fact decreased by 14% since its peak in 2020. Exports declined in value to all markets apart from the United Kingdom, decreasing in volume by 21%. The overall volume of imports fell by over 20,000 tonnes, representing a decline of 16%.
The slow trend towards recovery in 2023 gives those in the Irish fishing industry cause for optimism, indicating both resilience and a willingness to adapt. The BIM report notes that a continued focus on innovation, sustainability, and market development will be crucial if Ireland is to maintain this growth and remain competitive in the global seafood market in the years to come.
Read the report here: https://bim.ie/wp-content/uploads/2024/09/BIM-The-Business-of-Seafood-2023-WEB.pdf