Despite inflationary pressures, there are opportunities for Scottish seafood brands to grow the market even further in the UK, particularly with regards to the younger demographic.
That’s according to research gathered by The Knowledge Bank, which reveals that younger consumers are less likely to be buying seafood products but are also more health-conscious, with a desire to eat high protein and low-calorie foods – something that seafood offers in abundance.
“Our research indicates that, while the seafood market has been suffering from the effects of inflation, there are positive signs it remains resilient despite the challenges,” said Carol Saunders, head of insights at The Knowledge Bank.
“The challenge for companies now is to engage with the younger demographic, capitalising on snacking culture to develop new seafood products that harness the potential of this growing market.”
Targeted offerings
The research shows that targeting a younger audience with inspirational recipes and new convenience products could turn the tide for the market.
Donna Fordyce, CEO of Seafood Scotland, said: “While challenges remain, it is clear there are pockets of opportunity for producers, particularly with younger consumers.”
She said the recent campaign to introduce school children to tasty seafood dishes designed to address this opportunity, inspiring young people and their families to try simple recipes at home.
“Innovation will prove key going forward, while harnessing the market potential of younger consumers could be vital in changing attitudes towards seafood products in the future,” she said.
Meanwhile across the whole demographic, the research reveals that frozen fish sales in the UK have proven resilient against the ongoing challenges of inflation.
This has been spearheaded by discounters which have seen a 15.6% and 41.7% growth in sales value and volume (in kg) sales respectively as consumers look to more affordable options.
Fresh fish sales across Britain is dominated by salmon, which accounts for nearly 50% of all sales. But with fresh salmon remaining one of the most expensive fresh fish species in Britain, there has been a negative impact on the volume sold.
Inflation has continued to have a significant impact on the entire fresh fish and shellfish market, but there have been positives signs as well.
Brands have experienced a healthy uptake in sales (11.8%) and volume (7.9%) across Britain, with this growth being marginally higher in Scotland.
