United Kingdom: Frozen Cuttlefishes Market 2024

Frozen Cuttlefishes Market Size in the UK

After four years of decline, the UK frozen cuttlefishes market increased by 36% to $X in 2021. Over the period under review, consumption, however, saw a sharp contraction. Frozen cuttlefishes consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Frozen Cuttlefishes Exports

Exports from the UK

Frozen cuttlefishes exports from the UK reduced rapidly to X tons in 2021, dropping by -62.8% compared with the previous year. In general, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 91% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports remained at a lower figure.

In value terms, frozen cuttlefishes exports fell sharply to $X in 2021. Over the period under review, exports showed a sharp setback. The growth pace was the most rapid in 2015 when exports increased by 103% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Spain (X tons) was the main destination for frozen cuttlefishes exports from the UK, accounting for a 97% share of total exports. It was followed by Greece (X kg), with a 2.5% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to Spain stood at -37.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-29.6% per year) and Ireland (-55.2% per year).

In value terms, Spain ($X) emerged as the key foreign market for frozen cuttlefishes exports from the UK, comprising 97% of total exports. The second position in the ranking was taken by Greece ($X), with a 2.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Spain amounted to -34.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Greece (-24.3% per year) and Ireland (-50.0% per year).

Export Prices by Country

The average frozen cuttlefishes export price stood at $X per ton in 2021, waning by -10.2% against the previous year. Over the period under review, export price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, frozen cuttlefishes export price decreased by -12.3% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 26% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per ton in 2019; however, from 2020 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Ireland ($X per ton), while the average price for exports to Greece ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Ireland (+11.4%), while the prices for the other major destinations experienced more modest paces of growth.

Frozen Cuttlefishes Imports

Imports into the UK

Frozen cuttlefishes imports into the UK expanded sharply to X tons in 2021, with an increase of 13% on the year before. In general, imports, however, faced a dramatic curtailment. The pace of growth was the most pronounced in 2019 when imports increased by 64%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, frozen cuttlefishes imports surged to $X in 2021. Overall, imports, however, continue to indicate a significant decline. The most prominent rate of growth was recorded in 2019 with an increase of 84%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

China (X tons), Spain (X tons) and India (X tons) were the main suppliers of frozen cuttlefishes imports to the UK, with a combined 81% share of total imports. These countries were followed by Oman, Ireland, Hong Kong SAR, Italy, Thailand and Vietnam, which together accounted for a further 11%.

From 2012 to 2021, the biggest increases were recorded for Oman (with a CAGR of 0.0%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Spain ($X) and India ($X) constituted the largest frozen cuttlefishes suppliers to the UK, together accounting for 73% of total imports. These countries were followed by Thailand, Oman, Italy, Ireland, Hong Kong SAR and Vietnam, which together accounted for a further 14%.

In terms of the main suppliers, Oman, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average frozen cuttlefishes import price amounted to $X per ton, picking up by 3% against the previous year. Over the period under review, the import price showed a resilient increase. The pace of growth appeared the most rapid in 2016 an increase of 39%. The import price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Thailand ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+17.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :