Ireland’s seafood sector generated over US$1.3B in 2024 – BIM

IRELAND – Ireland’s seafood economy is experiencing gradual expansion in 2024, with the sector’s GDP increasing by 4% to reach around US$1.35 billion (€1.24 billion), according to the latest Business of Seafood report released by Bord Iascaigh Mhara (BIM).

The report, published on May 20, outlines how the industry maintained momentum despite global financial uncertainty, aided by a 9% rise in seafood exports, a 3% uptick in local market sales, and an 11% increase in volume landed at Irish ports.

Growth has been attributed to improved processing technologies and the surge in international prices for mackerel, one of Ireland’s key wild-caught species.

The sector supports 15,673 jobs and received approximately US$452 million (€416 million) in public funding during 2023, with a large portion coming from the Brexit Adjustment Reserve, a fund designed to help offset impacts of trade barriers and reduced quotas following the UK’s departure from the EU.

This funding came after the sector contracted by 2.9% in 2023, a decline linked to Brexit-related disruptions that affected access to foreign markets and fish stocks.

Exports down for some species

Despite overall export gains, the report notes that overseas sales of some products such as organic salmon and blue whiting dropped by 10%, partly due to inflation and reduced consumer spending.

The combined value of Ireland’s seafood economy grew by 13%, bringing the total to around US$756 million (€703 million), while the aquaculture segment, which includes farmed salmon, oysters, and mussels, rose by 10% to nearly US$211 million (€196 million).

For the first time, Dublin Bay Prawns overtook mackerel as the highest-value species landed, following a dramatic 53% price rise in 2022 that pushed its market worth above that of traditional leaders.

The report also charts long-term shifts in Irish seafood consumption, revealing that per capita intake has tripled since 1961 to reach 22kg annually, reflecting wider dietary changes and increased supply.

Seafood consumption nationwide has climbed from 20,000 tonnes to 100,000 tonnes over the same period, pointing to significant growth in domestic demand.

The industry includes a wide range of players, from aquaculture businesses farming organic species to commercial vessels catching prawns and mackerel, with state agencies such as BIM and Bord Bia continuing to support production and sustainability efforts.

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