Ireland’s Seafood Economy Projected at €1.24 Billion in 2024

Investments in processing technologies, robust exports, and record-high mackerel prices have fueled a 4% growth.

Overview of Growth

The value of Ireland’s seafood economy reached €1.24 billion last year, marking a 4% increase from 2023. This growth can be attributed to a significant rise in exports (+9%), an uptick in domestic sales (+3%), and an 11% increase in the volume of landings to Irish ports.

Export Highlights

In 2024, total seafood exports from Ireland surged by 9% in value. The leading export destinations included France, the UK, and Italy. Notably, France emerged as the top market with seafood valued at €141 million, representing a 2% increase. Irish organic salmon, oysters, and crab were the foremost species imported by these countries.

Investment in the Sector

The Bord Iascaigh Mhara (BIM) Business of Seafood report, presented by Minister of State for Fisheries and the Marine, Timmy Dooley TD, reveals that over €422 million has been invested in the sector during 2024. This includes both government and private investments, reflecting robust industry confidence despite quota pressures and rising costs in the global market.

Economic Importance

Minister Dooley emphasized the significance of the seafood industry to Ireland’s coastal communities, stating: “Ireland’s seafood industry provides employment for nearly 17,000 individuals. It is a crucial economic driver in our coastal areas. The pressures faced by the industry are understood, as are the vital roles they play in food security and providing sustainable, nutritious food.”

Sector Performance

The aquaculture sector saw a remarkable increase in the value of Irish organic salmon sales (+44%), contributing to an overall boost of 25%. Nonetheless, some areas, such as rope mussel and rock oyster producers, faced challenges this year.

Processing Sector Insights

Generating €947 million in turnover, the processing sector remains vital to the seafood economy, directly supporting over 3,200 jobs. Despite a slight decline in overall value for 2024, high rates of investments, bolstered by more than €45 million from the Brexit Adjustment Reserve, have been pivotal in advancing transformations in energy efficiency, automation, and product innovation.

Fishing Sector Composition

The fishing sector is notably reliant on two species: mackerel and Dublin Bay Prawns, which together accounted for nearly half of last year’s landings value. While quota cuts and rising costs have pressured the fleet, improved demersal quotas in the North West have provided some positive news.

Retail Sales Trends

Retail seafood sales in Ireland rose by 3% to €333 million in 2024, primarily driven by price increases and sales volumes. Interestingly, 93 out of every 100 Irish households purchased fresh or frozen seafood, down from a peak of 97% in 2017, indicating a shift in consumer purchasing habits.

Conclusion

BIM CEO Caroline Bocquel remarked, “BIM’s latest Business of Seafood report showcases the sector’s resilience and its adaptability to shifting markets. Ireland’s seafood sector is integral to our coastal communities and the broader food economy. We aim to drive innovation and reinforce the sector’s standing through the €258.4 million Seafood Development Programme 2021-27 alongside industry-specific initiatives administered by BIM.”

For more information, the Business of Seafood 2024 report is available at bim.ie.

Source: Ireland’s Seafood Economy Worth €1.24 Billion in 2024

Images © BIM

Main Image: Pictured from left to right: BIM CEO, Caroline Bocquel with Minister of State for Fisheries and the Marine, Timmy Dooley TD at the launch of the Business of Seafood report.