Ireland’s seafood economy worth €1.3 billion in 2022, despite volatile year

BIM – The Business of Seafood 2022 Dashboard
April 18, 2023

Tuesday, April 18, 2023: The value of the Irish seafood economy increased to €1.3 billion in GDP terms last year, an increase of 4% compared to 2021. This was largely driven by an increase in domestic consumption of seafood in Ireland in the foodservice sector as well higher prices, both domestically and on the main export markets. There was also a significant increase in Government investment in 2022 as funding under the Brexit Adjustment Reserve (BAR) began to come on stream.

The Bord Iascaigh Mhara (BIM) Business of Seafood report, launched by Minister for Agriculture, Food and the Marine, Charlie McConalogue T.D today reveals a 10% increase in Government investment (€255 million) in 2022. This includes the opening of several Brexit Adjustment Reserve (BAR) schemes to support the industry in the latter half of the year.

BIM – The Business of Seafood 2022 Dashboard – Ireland’s seafood economy

Speaking at the launch event today, Minister McConalogue referred to the significant challenges facing the industry in 2022 – including the conflict in Ukraine – which led to rising energy costs as well as reduced quotas and difficult trading conditions with the UK in the aftermath of Brexit:

“Following from the economic shocks in 2020 and 2021 from the global pandemic and Brexit, 2022 brought with it a new set of challenges created by the war in Ukraine. This has seen energy prices rise to unprecedented levels and created a difficult trading environment for the whole seafood sector adding to challenges brought on by Brexit. However, the industry has once again shown is resilience to such shocks and continues to be a key socio-economic driver in coastal communities, employing more than 15,000 people. I recognise the pressure those working in the industry have faced in the last year, and that is why I have delivered significant funding under the Brexit Adjustment Reserve to assist the sector.”

Strong price growth for Irish seafood

The report reveals how market inflation has resulted in strong price growth for Irish seafood, particularly wild caught fish. The value of the overall Irish seafood sector increased by 13% to &euro703 million, while the overall value of Irish aquaculture products increased by 10% to €196 million.Dublin Bay prawns surpassed mackerel as the most valuable wild caught species for the industry, having more than doubled in price (+53%) in 2022. Irish rock oysters (+8%) and rope grown mussels (+7%) all benefitted from strong price growth last year within the aquaculture sector.

Caroline Bocquel, CEO BIM, also acknowledged the enduring strength of those working in the seafood industry and noted that it played a vital role in coastal communities in Ireland:

“The strong reputation of Irish seafood is evident in the figures released in this latest Business of Seafood report. Last year saw significant market volatility and disruption, following so soon after Covid and Brexit. The dedication and resilience of those working in the industry is reflected in the increased value of the sector as a whole. BIM remains steadfast in its commitment to support industry to navigate the fast-changing global landscape.”

While the volume of seafood produced by the Irish sector didn’t match previous years , there was very strong price growth, particularly in the sea-caught fish sector, which saw prices increase by 38%. During 2022, a total of €507 million worth of seafood was landed at Irish ports, which was a 14% increase on 2021 in value terms.

Killybegs in Co Donegal was the State’s largest fishing port in 2022 by value, with landings worth €135 million, closely followed by Castletownbere in Co Cork, with €129 million worth of catch landed. The value of landings also increased significantly in the ports of Ros an Mhil, Clogherhead and Greencastle, as a result of higher prices for whitefish and prawns. The top-selling species on the Irish market during the year were salmon (€119 million) and cod (€44 million). Organic salmon was the top species produced by the aquaculture sector – accounting for 13,500 tonnes worth €124 million – while Dublin Bay prawns were the top species landed by the Irish fleet, accounting for 6,200 tonnes with a value of €82 million.

The sector employed about 15,300 people in 2022, with 1,993 registered vessels, over 10 seafood processors and just under 300 aquaculture sites. More than 8,200 people are directly employed in the sector, with a further 7,100 jobs supporting the sector indirectly.

The 2022 Business of Seafood report is available for download by visiting this site

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