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
Investments in processing technologies, stronger exports, and record prices achieved for mackerel contributed to growth of 4%
The value of Ireland’s seafood economy increased to €1.24 billion in GDP terms last year, an increase of 4% compared to 2023. This was largely driven by increases in exports (+9%), stronger domestic sales (+3%) and an increase in landings to Irish ports (+11%).
In 2024, total exports of seafood from Ireland increased by 9% in value. The top three countries for exports were France, the UK and Italy. France was Ireland’s largest market for seafood exports last year, valued at €141 million (+2%) with Irish organic salmon, oysters and crab the top three species exported.
The Bord Iascaigh Mhara (BIM) Business of Seafood report, launched by Minister of State for Fisheries and the Marine, Timmy Dooley TD, today, reveals over €422 million in Government and private investment was made in 2024, signalling a confidence in the sector in a year when quota pressures, rising costs, and global market pressures continued to test its resilience.
Minister Dooley, acknowledged the volatility of the trading environment, and referred to the economic and social importance of the industry to Ireland’s coastal communities and the impact investments are having:
“Ireland’s seafood industry provides employment for almost 17,000 people. It is a key economic driver in our coastal communities. I understand the pressures industry are facing and the key role they play in food security and the provision of nutritious, healthy and sustainable food. The investments made under the Brexit Adjustment Reserve and the opportunities for further investments under the Seafood Development Programme 2021 – 2027 my Department launched last year are laying strong foundations for the sector so they can continue to operate to the highest standards.”
An increase in the value of Irish organic salmon sales ( +44%) last year contributed to an overall value increase for the aquaculture sector of +25%. However, certain sectors experienced a challenging year, particularly rope mussel producers in the South West and Rock oyster producers.
The processing sector remains critical to Ireland’s seafood economy, generating €947 million in turnover and supporting over 3,200 jobs. While its overall value decreased slightly in 2024, the impact of high rates of investment supported by more than €45 million in Brexit Adjustment Reserve funding, secured by Government, continued to drive its transformation in energy efficiency, automation, and product innovation.
The report shows the fishing sector’s strong dependence on two species, mackerel and Dublin Bay Prawns, together accounting for almost half of landings’ value last year. Quota cuts and rising costs continue to affect the fleet, however, improved demersal quotas in the North West were among positive changes.
Retail seafood sales in Ireland increased by 3% to €333 million in 2024, driven by price increases and volumes. 93 in every 100 Irish households bought fresh or frozen seafood last year, lower than the 2017 peak result of 97%, indicating a change in buying behaviour.
BIM CEO Caroline Bocquel said:
“BIM’s latest Business of Seafood report demonstrates the sector’s resilience and capacity to adapt as markets continue to shift. Ireland’s seafood sector is central to our coastal communities and food economy. Through targeted supports and investment in the €258.4 million Seafood Development Programme 2021-27 with industry facing schemes administered by BIM, we’re driving innovation, and strengthening the sector’s position.”
The Business of Seafood 2024 report is available at bim.ie
