A sharp increase in quayside prices is threatening to push up the cost of canned and smoked mackerel for British shoppers, according to processors.
UK processors are facing soaring prices for mackerel as a result of “particularly” high demand from the Far East, which means rival Norwegian processors are paying top prices to fishing boats, the Scottish Pelagic Processors Association says. The first-sale value of mackerel at quayside has increased by over 60% year on year to £1,045 per tonne.
“Mackerel prices are going through the roof at the moment and Scottish processors are embroiled in a very competitive market with the Norwegians to secure supplies,” adds chairman Ian McFadden. “Due to supply and demand, this hike in the first-sale value of the catch is unsustainable for our processing sector and prices will inevitably need to be passed down the supply chain.”
Rising prices come as British appetite for mackerel is on the rise, with the fish gaining popularity as a good source of omega-3 fatty acids. Volume sales of fresh and frozen mackerel were up 5.3% last year to 7.5 million kg, while volume sales of tinned mackerel fillets were up 1% to 6.8 million tonnes.
Supermarket own-label ambient mackerel lines are proving particularly popular, with volume sales up 11% year on year [Kantar Worldpanel 52 w/e 17 July 2016].
Wholesale prices for oily fish alternatives are also increasing. Norwegian salmon prices are up 88.9% year on year as a result of the weak pound and ongoing supply issues [Mintec], and quayside prices for North Sea herring are up 40% from £325 per tonne to £625 this year following a significant drop in the 2016 quota. Despite the rises, “mackerel is still an incredible value-for-money fish, extremely tasty to eat and very nutritious,” says McFadden.
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