Sector Trend Analysis – Fish and Seafood in Italy

Consumer profile

Italy has a population of 60.4 million, which is rapidly ageing. 21.4% of Italians are between 50 and 64, and 22.5% are 65 or older with a median age of 45.9 years (above the EU average). 30% of the population lives in rural areas, while 70% are urban dwellers; with Lombardia, Lazio and Campania being the most populated regions.

Italy's per capita consumption of fish and seafood products amounts to approximately 28.4 kg (2017). Fresh fish is the most frequently consumed product (84%), which is above the EU average (68%)^{Footnote 1}. Molluscs, cephalopods, sea bass and sea bream are commonly consumed in Italy. Italian consumers are demanding of quality products, however, since the financial crisis, the majority of consumers have re-organized their shopping habits in order to meet economic constraints as consumer confidence has been decreasing, mainly due to the country's uncertain economic prospects.

Trade

Italy imported Can$8.8 billion worth of fish and seafood products in 2019, making Italy the eleventh largest fish and seafood importer among EU countries. In 2019, Italy's top three (EU) suppliers of fish and seafood were Spain (Can$1.8 billion), Sweden (Can$545 million) and the Netherlands (Can$515 million). Top non-EU suppliers are Ecuador, Morocco, and India. Top imported products were prepared or preserved tuna, skipjack or bonito, worth Can$980.1 million, followed by frozen cuttlefish and squid, worth Can$854.4 million. Italy's fish processing industry relies heavily on imports.

Canada's performance

Canada was the thirty fifth largest supplier of fish and seafood products to Italy in 2019, with a value of Can$54.0 million. Italy's top three imports of fish and seafood from Canada were live, fresh or chilled lobster (Can$43.1 million), frozen lobster (Can$5.2 million), and dried cod (Can$2.4 million). Imports from Canada increased at a CAGR of 19.5% from 2015 to 2019. Much of this increase can be attributed to the increase in supplies of live lobster (108.3%) seaweed (41.2%), and smoked Pacific salmon (29.2%). Lobster and salmon imports from Canada are expected to continue to grow as additional tariff reductions under CETA are implemented on these products. For government of Canada information on tariff reductions on fish and seafood under CETA, please visit Opportunities and Benefits of CETA for Canada’s Fish and Seafood Exporters.

Market size

Fish and seafood are a staple of Italian and Mediterranean cuisine, with a large variety of fish and seafood dishes, including lobster based dishes being consumed. Retail sales of fish & seafood grew from US$9.5 billion in 2015 to US$10.9 billion in 2019, registering a CAGR of 2.7%. The category is forecast to reach US$12.7 billion by 2024, growing at a CAGR of 2.1% during the 2020-2024 period.

The 'frozen fish & seafood' category grew from US$ 2.4 billion in 2015 to US$ 2.7 billion in 2019, registering a CAGR of 3.6%. The category is forecast to reach US$3.0 billion by 2024, growing at a CAGR of 2.8% during 2020-2024.

Distribution channels

Hypermarkets and supermarkets are the largest distribution channel, accounting for 57.2% of the total distribution of fish and seafood in 2019. Fish shops accounted for 19.6% of total distribution.

Product examples

For more information

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Resources

• Global and Trade Tracker, 2020
• GlobalData Intelligence Center: Country Profile – Fish and Seafood in Italy 2018
• Mintel, 2020
• Eurofish - Italy
• Santander trade

Sector Trend Analysis – Fish and Seafood in Italy
Global Analysis Report

Prepared by: Kris Clipsham, Market Analyst

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