Sales of salmon across the U.K. retail market are likely to total GBP 1.2 billion (USD 1.5 billion, EUR 1.4 billion) in 2022, and salmon's market share is increasing ahead of the busy Christmas period, according to new data published by producer organization Salmon Scotland.
For the 12 months ending October 2022, salmon made up 29.6 percent of total fish sales in the U.K. – up from 28.9 percent a year previously, despite lower volumes and higher prices for all food at checkouts.
“With food price rises, soaring energy bills, and rampant inflation, the fact that salmon has increased its share of the U.K. market demonstrates the popularity of our fish,” Salmon Scotland Chief Executive Tavish Scott said. “With the busy Christmas period upon us, our farmers are working hard to ensure that we can meet the demand for nutritious salmon to be served on dinner tables across the country.”
The analysis, which uses data from HMRC and NielsenIQ, found that exports of Scottish salmon remain strong, with more than GBP 500 million (USD 606.1 million, EUR 578.8 million) in fresh and smoked exports in the first three quarters of 2022. Fresh exports of salmon were higher than pre-pandemic levels, reaching GBP 165 million (USD 200 million, EUR 191 million), but that total is still down 9 percent from record-breaking 2021.
European demand has increased the proportion of salmon exports to the E.U., hitting 76 percent in the most-recent quarter, despite the extra red tape caused by Brexit, Salmon Scotland said. Scottish salmon remains the U.K.’s leading food export by value, followed by bread and pastries, chocolate, cereals, and cheese.
Salmon Scotland said with reports of turkey shortages this year and the deepening cost-of-living crisis, Scottish salmon is expected to be in high demand as families prepare their Christmas dinners.
“Our sector is not without its own challenges, and we can’t hope to repeat the record-breaking performance of 2021, but international demand remains high – particularly in France, where Scottish salmon is recognized by chefs, restaurants, and consumers as the best in the world,” Scott said.
Year-to-date sales at U.K. retailers through 8 October, 2022 reached GBP 4.1 billion (USD 5 billion, EUR 4.7 billion) worth of fish, down 4.2 percent year-on-year. Despite the market share increase, salmon’s GBP 1.2 billion (USD 1.5 billion, EUR 1.4 billion) of retail sales represented a 1.9 percent decline. In volume terms, retailers sold almost 68,500 metric tons (MT) of salmon, and Salmon Scotland said volume sales have been impacted to a greater degree across the seafood category as consumer choices have been affected by inflationary challenges. Overall fish volume purchases were down 5.3 percent to below 400,000 MT for the period.
In the first three quarters of the year, Scotland exported 55,000 MT of whole, fresh salmon, 24,000 MT less than the same period in 2021. Despite the lower volumes, this equated to almost GBP 450 million (USD 545.5 million, EUR 520.9 million) worth of overseas sales – just 8 percent lower than in 2021.
In addition to fresh sales, the U.K. exported GBP 88 million (USD 106.7 million, EUR 101.9 million) of processed salmon in the first three quarters of this year, taking the total salmon export valuation to above GBP 530 million (USD 642.4 million, EUR 613.5 million).
Photo courtesy of Salmon Scotland
