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KEY NOTE FISH AND FISH PRODUCTS : November 2002

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This report covers: Fish & Fish Products,

Companies covered include: Birds Eye Walls, Dawnfresh Seafoods, HJ Heinz, John West Foods, Lyons Seafoods, Marr Foods, Moray Seafoods, Northern Seafooods, Princes, Seafood Marketing International, Uniq, Young's Bluecrest, John West Tuna, Captain Birdseye, Seafish & Seafood Scotland, Young'uns, Princes Foods, Sea into the Future, Albert Fisher,Brake Brothers, Loch Fyne Oysters, Marine Farms, Unilever, Northern Foods,

EXECUTIVE SUMMARY

Executive Summary According to National Statistics, expenditure on fish and fish products for consumption in the home was £2.29bn in 2001, just 3.8 percent of household expenditure on all food and non-alcoholic drink. This figure includes other product categories, such as speciality fish, pickled fish and other preserved fish beyond the scope of this report. Of this, £1.78bn was accounted for by sales of fresh and chilled, frozen and canned fish, as covered in this report. This represents an increase of 6.9 percent on the previous year. As in other food sectors, consumers require products that are convenient and good value for money. The growing involvement of grocery multiples ensures a wide choice on specialist counters, in the chiller cabinet, in freezers and on the shelves. Single servings of fish in a sauce sell particularly well and even the canned sector has been able to accommodate this need for convenience, with ring-pull openings, boneless sardines and variants such as fish in mayonnaise or curry, as well as ready-to-eat fish in pouches and snack pots.

Fish is generally perceived to be a healthy food containing protein, minerals and vitamins, while oily fish provides the essential fatty acid DHA (docosahexaenoic acid), which can be beneficial to blood vessels and the brain's nervous system. Some varieties represent extremely good value for money and the UK's fish farming industry (aquaculture) is expanding rapidly in an attempt to meet demand. Nevertheless, the UK is a net importer of fish, not least because some varieties are unavailable in British waters. Leading global suppliers include HJ Heinz Company and Unilever, while a recent casualty of the domestic industry was the Albert Fisher Group PLC, forced into bankruptcy in early 2002. Parts of the Albert Fisher operation were subsequently acquired by Young's Bluecrest Seafoods Ltd and Coldwater Seafood (UK) Ltd.

The fish industry has some unique problems. The supply of fish, and therefore the price, can fluctuate for reasons beyond control, such as extreme weather conditions or a pollution incident. Global fish stocks are diminishing as fishing has become too efficient. Fleets with sophisticated equipment and the increase of deepwater trawling are depleting stocks and it is generally recognised that urgent measures are required. Management of the Common Fisheries Policy (CFP), which is intended to maintain a sustainable yield, has been heavily criticised and it is currently under review. Changes to the management of the CFP will inevitably be at the cost of thousands more jobs in an industry that has recently suffered the decimation of around a fifth of the UK fleet in a £25m decommissioning scheme. Furthermore, 189 nations at the 2002 Earth Summit in Johannesburg agreed a rescue deal to restore seriously depleted stocks by 2015 through further limitations on permissible fishing. Some environmentalists feel that the need for this is far more urgent if some species are to be saved.

There is every indication that UK per capita consumption of fish is increasing and there is potential for it to do so, with the Germans, Dutch and Austrians being the only European counterparts consuming less fish per capita than the British. Key Note anticipates the value of the overall market to show slow but steady growth in the future, with some sectors, including shellfish and chilled ready meals, far outperforming others.

TABLE OF CONTENTS

Executive Summary	1
1. Market Definition	2
Report Coverage	2
Market Sectors	2
Fresh and Chilled Fish	2
Frozen Fish	2
Canned Fish	2
Market Trends	3
Convenience	3
Organic Produce	3
Health Issues	3
Retail Prices	4
Market Position	4
The UK	4
Household Expenditure on Food
and Non-Alcoholic Drink	4
Expenditure on Fish as Part of Household Expenditure on All Food
and Non-Alcoholic Drink	4
Table 1: Expenditure on Fish and Fish Products as Part of Household Expenditure on All Food and
Non-Alcoholic Drink (£m and percent), 1997-2001	5
Overseas	5
2. Market Size	6
The Total Market	6
Table 2: The Total UK Market for Fish and Fish Products by Value at Current Prices (£m at rsp and percent),
1997-2001	6
Table 3: Consumer Expenditure on Fish and Fish Products by Sector by Value at Current Prices
(£m at rsp and percent), 1997-2001	7
Household Consumption of Fish and Fish Products	7
Table 4: Household Consumption of Fish by Volume (000 tonnes),
1996-2000	7
Consumption and Expenditure Per Person	8
The Expenditure and Food Survey	8
The National Food Survey	8
Table 5: Consumption and Expenditure on Fish and Fish Products Per Person Per Week
(grams and pence), 1997-2000	8
By Market Sector	9
Fresh and Chilled Fish	10
Table 6: Consumer Expenditure on Fresh and Chilled Fish by Value at Current Prices (£m at rsp and percent), 1997-2001	10
Popular Species of Fresh and Chilled Fish	10
Table 7: Household Purchases of the Most Popular Fresh and Chilled Fish
by Type by Value (£m), Year Ending 10th December 2001	11
Frozen Fish	11
Table 8: Consumer Expenditure on Frozen Fish by Value at Current Prices
(£m at rsp and percent), 1997-2001	11
Type of Format	12
Table 9: Retail Sales of Frozen Fish by Type of Format ( percent of total and percent), 2000	12
Table 10: Retail Sales of Frozen Coated Fish by Type of Format ( percent of total and percent), 2000	13
Canned Fish	13
Table 11: Consumer Expenditure on Canned Fish by Value at Current Prices
(£m at rsp and percent), 1997-2001	13
By Product Type	14
Table 12: Consumer Expenditure on Canned Fish by Product Type ( percent), 2001	14
Shellfish	14
Table 13: Farmed Shellfish Production in the UK by Volume (tonnes),
2000	14
Supply — The UK Fleet	15
Table 14: Landings of Sea Fish by UK Vessels by Volume and by Value
(000 tonnes and £m), 1995, 1998,
1999 and 2000	15
Table 15: UK Landings of Sea Fish by Type by Volume and by Value Share ( percent), 2000	16
Overseas Trade	16
Table 16: UK Imports and Exports of Fish and Shellfish by Value (£m),
1996-2000	16
Imports	16
Table 17: UK Imports of Fish and Shellfish by Value and by Volume
(£m, 000 tonnes and percent),
1996-2000	17
Table 18: UK Imports of Fish and Fish Products by Value (£000), 2001	17
Dead and Live Fresh, Chilled or Frozen Fish	17
Table 19: UK Imports of Dead and Live Fresh, Chilled or Frozen Fish by Value
(£000), 2001	18
Dried and Salted Fish, Fish in Brine and Smoked, Flours, Meals
and Pellets	18
Table 20: UK Imports of Dried and Salted Fish, Fish in Brine and Smoked, Flours, Meals and Pellets by Value (£000), 2001	19
Crustaceans, Molluscs, Aquatic Invertebrates, Flours, Meals and Pellets	19
Table 21: UK Imports of Crustaceans, Molluscs, Aquatic Invertebrates, Flours, Meals
and Pellets by Value (£000), 2001	20
Exports	20
Table 22: UK Exports of Fish and Shellfish by Value and by Volume
(£m, 000 tonnes and percent),
1996-2000	21
Table 23: UK Exports of Fish and Fish Products by Value (£000), 2001	21
Dead and Live Fresh, Chilled or Frozen Fish	22
Table 24: UK Exports of Dead and Live Fresh, Chilled or Frozen Fish
(£000), 2001	22
Dried and Salted Fish, Fish in Brine and Smoked, Flours, Meals
and Pellets	22
Table 25: UK Exports of Dried and Salted Fish, Fish in Brine and Smoked, Flours, Meals and Pellets by Value (£000), 2001	23
Crustaceans, Molluscs, Aquatic Invertebrates, Flours, Meals and Pellets	23
Table 26: UK Exports of Crustaceans, Molluscs, Aquatic Invertebrates, Flours, Meals and Pellets by Value (£000), 2001	24
3. Industry Background	25
Recent History	25
Table 27: The UK Fishing Fleet by Number of Vessels, 1998-2000	26
Number of Companies	26
Traditional Fishing and the Operation of Fish Hatcheries	26
Table 28: Number of UK VAT-Based Enterprises Engaged in the Fishing Industry by Turnover Sizeband (number of companies), 2002	26
Fish Processing	27
Table 29: Number of UK VAT-Based Enterprises Engaged in the Fish Processing Industry by Turnover Sizeband (number of companies), 2002	27
Employment	27
Regional Variations in the Marketplace	28
Distribution	28
Table 30: Number of UK VAT-Based Specialist Fishmongers by Turnover Sizeband (£000), 2002	29
How Robust is the Market?	29
Legislation	30
Industry Standard	30
Key TRade Associations	31
British Marine Finfish Association	31
UK Fish Industry Forum	31
Fish Information Services	31
The Fishermen’s Association	31
Frozen at Sea Fillets Association	31
Grimsby Fish Merchants
Association	31
The International Council for the Exploration of the Sea	31
Marine Conservation Society	32
National Federation of Fishermen’s Organisations	32
Sea Fish Industry Authority	32
Seafood Scotland	32
The Shellfish Association of Great Britain	32
4. Competitor Analysis
The Marketplace	33
Brand Shares	33
Fresh and Chilled Fish	33
Frozen Fish	33
Table 31: Brand Shares of Frozen
Fish by Type ( percent), 2000	33
Canned Fish	33
Market Leaders	34
Birds Eye Wall’s Ltd	34
Dawnfresh Seafoods Ltd	34
HJ Heinz Company Ltd	35
John West Foods Ltd	35
Lyons Seafood Ltd	35
Marr Foods Ltd	36
Moray Seafoods Ltd	36
Northern Foods PLC	37
Princes Ltd	37
Seafood Marketing
International PLC	38
Uniq PLC	38
Young’s Bluecrest Seafood Ltd	39
Other Companies	40
Outside Suppliers	40
Fish Processing Equipment	40
Cold Storage and Distribution	41
Packaging	41
Aquaculture Equipment	41
Advertising
and Promotion	41
Table 32: Main Media Advertising Expenditure on Fish and Fish Products
(£000 and percent), Years Ending June 1999-2002	42
Recent Promotions	42
John West Tuna	42
Captain Birds Eye	42
Seafish and Seafood Scotland	42
Young’uns	42
Princes Foods	42
National Seafood Week	43
Sea into the Future	43
Fish and Chip Shop of the Year	43
Austin Haddock MP	43
5. Strengths, Weaknesses, Opportunities and Threats
Strengths	44
Weaknesses	44
Opportunities	45
Threats	45
6. Buying Behaviour
Average Weekly Household Expenditure	47
Table 33: Average Weekly Household Expenditure on Fish and Fish Products
(£ and percent), 2000/2001	47
Incidence of Purchase	48
Table 34: Penetration of Frozen Fish Fingers and Other Frozen Fish Products by Sex, Age and Social Grade ( percent of adults), 2002	48
Geographical Variations	50
Frequency of Purchase	50
Table 35: Frequency of Purchase of Frozen Fish Fingers and Other Frozen Fish Products
( percent of adults), 2002	50
7. Current Issues
Mergers and Acquisitions	51
Albert Fisher Group PLC	51
Brake Brothers PLC	51
Coldwater Seafood (UK) Ltd	51
Hydro Seafood GSP Ltd	51
Loch Fyne Oysters	51
Marine Farms ASA	52
Unilever PLC	52
Young’s Bluecrest Seafoods Ltd	52
Board Changes	52
Northern Foods PLC	52
Uniq PLC	52
New Products	53
Birds Eye Wall’s	53
McNab’s Kippers	53
Microwaveable Fish and Chips	53
Environmental Issues	53
Cod	53
Genetically-Modified Meat Scare	53
Rivers	54
Salmon	54
8. The Global Market
Faeroe Islands	55
Iceland	55
Japan	55
Norway	56
Global News	56
Antibiotic Residue	56
Atlantic Dawn	56
Beluga Sturgeon	56
British Columbia	56
High Liner Foods Incorporated	57
Indonesia	57
Namibia	57
Pakistan	57
Pescanova Group	57
Phillips Foods	57
Seafresh New Zealand	58
9. Forecasts
Introduction	59
Forecasts 2002 to 2006	59
Table 36: Consumer Expenditure on Fish and Fish Products by Sector by Value
(£m and percent), 2002-2006	59
Future TRends	60
Fresh and Chilled Fish	60
Frozen Fish	60
Canned Fish	60
10. Company Profiles
Birds Eye Wall’s Ltd	62
John West Foods Ltd	64
Northern Foods PLC	66
Princes Ltd	68
Uniq PLC	70
Young’s Bluecrest Seafood Ltd	72
11. Further Sources
Associations	74
Publications	76
Directories	77
General Sources	77
Bonnier Information Sources	78
Government Publications	79
Other Sources	80
Understanding TGI Data	81
Number, Profile, Penetration	81
Social Grade	82
Standard Region	82
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