Last year, the United Kingdom imported 115,321 metric tons (MT) of cod and cod products worth GBP 440 million (USD 582.3 million, EUR 527.1 million), an increase of 7.3 percent compared with 2014, thereby achieving an average price of GBP 3.81 (USD 5.04, EUR 4.57) per kg, an increase of 8.3 percent, according to a new trade update published by Seafish.
The report finds the most common cod import format was frozen fillets, accounting for 63 percent of the overall trade, followed by frozen headed/H&G with 13 percent.
Iceland is by far the biggest supplier of cod to the United Kingdom, providing more than double the volume of its closest rival, China. Last year, Iceland exported a total of 31,079 MT of cod worth GBP 159.6 million (USD 211.3 million, EUR 191.3 million) to the market.
Over the past 10 years, frozen-at-sea cod fillets have been the principal export product from Iceland, volumes remaining stable at around 8,000 MT per year. Over the same period, the volume of chilled cod fillets supplied has halved.
However, this trend is set to change – driven by the strong demand for chilled, Icelandic fishing companies are reported to be looking to sell freezer vessels and switch to onshore processing with cheaper operating costs.
At the same time, the U.K. fleet landed 15,353 MT of cod into the domestic market, up 10 percent compared with 2014. These landings were worth GBP 29.5 million (USD 39.1 million, EUR 35.4 million), an increase of 6 percent.
U.K. vessels also landed 12,775 MT of cod in overseas markets last year, mainly the Netherlands and Germany.
Cod consumption in U.K. retail has been growing since 2013. In 2015, total cod retail sales were worth GBP 364 million (USD 482.1 million, EUR 436.2 million), an increase of 2.4 percent, with the volume up 3.6 percent to 44,887 MT, with an average price of GBP 8.10 (USD 10.73, EUR 9.71) per kg, down 1.1 percent.
It was also by far the most popular species eaten out of home last year with 145 million servings, up 15.4 percent, and nearly three times that of the next most popular species, haddock, prawns and salmon.
Seafish’s study finds that cod is most commonly eaten at dinner or lunch, while recent growth has been in snacking and dinner occasions. Most cod is eaten on a Friday and Saturday, but Sunday consumption is gaining in popularity. Furthermore, the typical foodservice cod consumer is female, over 50 and affluent.
