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.
Photo: BIM
Ireland’s seafood economy grew to €1.24 billion in GDP terms in 2024, marking a 4% increase on the previous year, according to the newly-released Business of Seafood 2024 report by Bord Iascaigh Mhara (BIM), the country’s seafood development agency.
Exports climbed by 9% in value, with France, the UK, and Italy remaining Ireland’s top markets. France alone accounted for €141 million in seafood imports, primarily organic salmon, oysters, and crab. Meanwhile, domestic seafood sales rose 3%, and Irish ports saw an 11% boost in landings.
The report, launched today by Minister of State for Fisheries and the Marine Timmy Dooley TD, also reveals that over €422 million in investment, from both government support and private capital, flowed into the industry last year.
“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,” said Minister Dooley, in a BIM news announcement.
“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," he added.
Aquaculture emerged as one of the fastest-growing sectors, with a 25% increase in value which, BIM reports, was largely driven by a 44% surge in Irish organic salmon sales. However, shellfish producers fared less well in 2024, with rope mussel and Rock oyster producers, particularly in the South West of the country, facing production challenges.
Meanwhile, the report shows, processing remained a cornerstone of the Irish seafood economy, generating €947 million in turnover and supporting over 3,200 jobs, although the sector's overall value dipped slightly in 2024.
In support of modernization efforts, the Irish Government has channelled targeted investment into the sector, including over €45 million from the Brexit Adjustment Reserve, focused on a range of measures such as energy efficiency, automation and product innovation.
The report also reflects the continued reliance of the Irish fishing fleet on mackerel and Dublin Bay Prawns, which together contributed nearly 50% of landings value. Fleet profitability remained under pressure due to quota cuts and input cost inflation, the report notes, though improved demersal quotas in the North West were a positive development in 2024.
Turning to retail, the report shows that Ireland's seafood sales reached €333 million in 2024, up 3% year-on-year. However, this was mainly due to increases in both prices and volumes, BIM points out, with a dip in overall domestic consumption, with 93% of Irish households buying fresh or frozen seafood in 2024, compared with 97% the previous year.
“BIM’s latest Business of Seafood report demonstrates the sector’s resilience and capacity to adapt as markets continue to shift," said BIM CEO Caroline Bocquel.
"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 full Business of Seafood 2024 report is available at bim.ie
