The crisis in Ukraine and resulting sanctions against Russia are likely to have a significant impact on the UK’s seafood industry with prices rising by as much as 20% to 30%, according to an analysis by Seafish.
A sector already under pressure owing to the Covid-19 pandemic and Brexit is likely to be further impacted not just by a lack of product but also because of rising fuel prices and supply delays.
The UK is heavily reliant on imported whitefish, bringing in 432,000 tonnes worth almost £800 million in 2020, compared with domestic landings for 47,200 tonnes. Russia accounts for over 40% of global whitefish production and has been a primary source of UK imports for around three decades.
Not only will the supply of whitefish be affected, but Russia and Ukraine together produce a quarter of global wheat supplies; any disruption to which will hamper the production of batter and breadcrumbs for fish and chip shops as well as frozen fish products.
Where product is available, the UK will be competing globally and prices are expected to rise significantly. Whilst it is impossible to say by how much, Seafish predict these rises will be in the region of 20% to 30% for both raw materials and the end product bought by the consumer.
