Saving Seafood

Economic Impact

US marine economy bounced back from Covid-19 pandemic in 2021

June 13, 2023 — The U.S. marine economy had an economic impact of USD 432 billion (EUR 402 billion) in 2021, making up nearly two percent of the country’s gross domestic product.

The annual Marine Economy Satellite Account, a joint publication of NOAA and the Bureau of Economic Analysis, shows the marine economy bouncing back strongly from the Covid-19 pandemic, outpacing overall U.S. economic growth with 7.4 percent growth in GDP and 10.5 percent growth in sales. The marine economy had dipped six percent in 2020 as the pandemic took a toll.

Read the full article at SeafoodSource

Higher prices forcing US shoppers to get creative to keep eating seafood

June 8, 2023 — U.S. shoppers are spending more on groceries this year as they balance their desire for quality and healthiness with the higher cost of food, including seafood, according to two new surveys.

Besides cost, American consumers are also considering eating well, quality, nutrition, freshness, convenience, family food preferences, individual cooking skills and habits, and individual shopping experiences when deciding whether to purchase a particular food product, according to the Food Industry Association (FMI) Vice President of Research and Insights Steve Markenson. Health attributes, quality, and sustainability are also factors in seafood-purchasing decisions being made by U.S. consumers in 2023, Markenson said.

Read the full article at SeafoodSource

Americans consumed a record amount of seafood in 2021

June 7, 2023 — National Fisheries Institute’s (NFI) recently released top 10 list of seafood consumption in 2021 indicates Americans consumed a record 20.5 pounds of seafood per capita – a 1.5 pound increase over 2020.

The increase followed a slight decrease in consumption in 2020, when Americans consumed 19 pounds of seafood – down slightly from the 19.3-pound average tallied in 2019. Both 2020 and 2021 were heavily influenced by the residual impact of the Covid-19 pandemic.

Read the full article at SeafoodSource

UK: Will American Fish Save Our Chippies?

June 6, 2023 — BRITISH chippies battling soaring prices could start serving fish imported from the US by the end of this year.

A huge rise in the cost of cod and haddock, alongside a tariff on Russian white fish, is forcing firms to look for cheaper alternatives, including rockfish, also known as Pacific perch, and hake, which the US west coast has in abundance. They both taste similar to cod.

Andrew Crook, president of the National Federation of Fish Friers, visited Oregon last month as part of a delegation from the UK seafood industry. He said the huge surplus of fish in the US could ‘take the pressure off’ needing to find expensive supplies closer to home.

Read the full article at Seafoodnews.com

One Year Into The Ban On Russian King Crab And Snow Crab — What Now?

June 2, 2023 — Inflation is weighing on Americans across income levels. Customers are clearly feeling cautious and making trade off decisions. Private label sales are soaring as consumers trade down on goods. Consumers are still spending money however. Airlines and cruise ships are booked at capacity. But they are still concerned about inflation and cutting back on expensive food items.

According to a Bloomberg survey of economists the odds of a U.S. recession in 2023 are as high as 65%. Consumers still have some stimulus savings and unemployment is low allowing for continued income. Inflation, higher interest rates, the service industry, and lower consumer confidence impact what they are willing to pay for food.

The research firm Circana reported that U.S. consumers are managing their food spending by finding lower cost products than high priced proteins.

The latest example came from Costco whose customers tend to be upper middle class. Costco did not meet Wall Street analysts expectation of growth in the quarter ending May 7. Although the traffic at the stores grew 4.8% customers are walking out with smaller receipts as transactions declined -4.2%. Costco’s CFO stated that sales have shifted from beef to chicken and pork as consumers select lower priced protein. Costco as well as Walmart are actively working with suppliers to lower costs and bring price relief to consumers. Source: Wall Street Journal

Two major events are ongoing and effecting the global crab world. The first event, now embarking on its second year, is the ban of Russian crab in the U.S. and western countries. The second event is that all of Canada snow crab fishery is fully underway now that the Newfoundland/Labrador harvesters and processors have come to an agreement.

Even though there is still Russian king and snow crab in the market (because of its import prior to the ban date of June 23, 2022), some distributors have asked how long it will take to sell the remaining Russian King crab. No one knows for sure although there are some gaps appearing in inventory. However, consumers are not purchasing Russian crab products at the pace previously seen during the pandemic.

Read the full article at Seafoodnews.com

Baby eels remain one of America’s most valuable fish after strong year in Maine

May 30, 2023 — Fishermen in the U.S.’s only commercial-scale fishing industry for valuable baby eels once again had a productive season searching for the tiny fish.

Baby eels, called elvers, are often worth more than $2,000 per pound because of how valuable they are to Asian aquaculture companies. That makes them one of the most valuable fish species in the U.S. They’re raised to maturity so they can be used in Japanese food, some of which is sold in the U.S. in unagi dishes at sushi restaurants.

The elvers have again been worth more than $2,000 per pound at the docks this year, according to the Maine Department of Marine Resources. The fishermen are limited to a combined quota of a little less than 10,000 pounds per year and were about through it by early May, the department said. The price was a tick below last year’s, but higher than the previous two.

Read the full article at the Associated Press

NOAA: US Mid-Atlantic records lowest commercial seafood revenue since 1987

May 25, 2023 — The U.S. Mid-Atlantic region saw its lowest year of seafood production by volume on record in 2021, paired with its lowest commercial revenue for seafood sales since 1987.

“When we look at performance relative to management objectives in the Mid-Atlantic, we see that both seafood production and profits as indexed by revenues have a long-term downward trend and are currently below the long-term average,” NOAA NMFS Research Fishery Biologist Sarah Gaichas said.

Read the full article at SeafoodSource

Scott Perekslis pursuing takeover of American Seafoods, Blue Harvest as Bregal announces selloff

May 17, 2023 — Bregal Investments Co-Founder Scott Perekslis is leaving the firm to make a bid to purchase its seafood holdings.

On 16 May, the New York City-based private equity fund announced Perekslis will leave his role as the fund’s managing partner effective 8 October, 2023. As a result, Bregal Investments will divest from its Bregal Partners Fund I portfolio companies, which include Seattle, Washington, U.S.A.-based pollock- and hake-fishing firm American Seafoods, New Bedford, Massachusetts, U.S.A.-based groundfish fishing firm Blue Harvest Fisheries, and West Coast Salmon, a land-based salmon farm under development in the U.S. state of Nevada.

Read the full article at SeafoodSource

US April seafood sales drop, with pollock and snow crab in freefall

May 17, 2023 — Fresh and frozen seafood inflation at U.S. retailers declined in April, but sales still continued to drop last month.

Due to inflation and concerns about the federal government raising the borrowing cap, U.S. consumer sentiment plummeted to a six-month low in April, according to a University of Michigan survey. The overall index of consumer sentiment is at 57.7 this month, the lowest reading since last November and down from 63.5 in April, according to Reuters.

Read the full article at SeafoodSource