March 22, 2022 — Retail seafood sales have dropped thus far in 2022, according to new data, with inflation playing a key role in the decline.
Fresh seafood prices surged an average of 10.9 percent in February 2022 versus last February, according to IRI and 210 Analytics. Fresh finfish saw the biggest average price increase, up 18.9 percent to reach USD 9.09 (EUR 8.24) per unit on average, while fresh shellfish had the lowest price hike across all seafood, at 2 percent per unit.
February 14, 2022 — While the seafood sector appears well positioned for growth, can the supply chain hold as demand rises? The Food Institute takes a closer look at some of the category’s recent developments.
Fresh and frozen seafood product revenues were higher over the last year and Allied Market Research projects sales to rise at a 2.5% CAGR through 2027.
Yet, potential issues await merchandisers that are unable to keep pace with growing consumer demand for a wider array of seafood options, beginning with the rising interest in preparing seafood at home in reaction to the pandemic.
Supply chain restraints, such as declining quotas for some wild-caught seafood species, are also causing out-of-stocks and increasing the demand for products that are in short supply, which is helping to drive inflation. This includes most shellfish products, which because of fishing restrictions, were facing lower harvests in 2021 and lower quotas in 2022.
January 19, 2022 — Fresh and frozen seafood hit record sales in 2021, and analysts speaking at the National Fisheries Institute’s Global Seafood Market Conference (GSMC) in Orlando, Florida, U.S.A. on Tuesday, 18 January expect the positive sales trend to continue.
The frozen seafood category realized “amazing numbers” last year, IRI Senior Vice President Protein Practice Chris DuBois said, as sales rose 2.8 percent compared to 2020 and 40.8 percent versus 2019 to USD 7.2 billion (EUR 6.3 billion).
October 12, 2021 — Frozen and fresh seafood sales reached nearly USD 5.5 billion (EUR 4.8 billion) in sales for the first nine months of 2021, with fresh sales leading the way in dollar and volume growth, according to new data.
Fresh seafood sales spiked 3.9 percent by value and 2.9 percent by volume and frozen seafood sales grew 2 percent by value, but shrunk 2.4 percent by volume through the first three quarters of 2021, according to research firms IRI and 210 Analytics.