Saving Seafood

Persisting inflation woes making 2024 seafood outlook hard to predict

April 23, 2024 โ€” At the beginning of 2023, economists predicted the U.S. was either in โ€“ or would soon be in โ€“ a recession, while the E.U. faced similar predictions of slowed growth and high inflation.

During the Global Seafood Market Conference in early 2023, Wells Fargo Senior Economist Tim Quinlan said a recession was โ€œpenciled inโ€ for the U.S., as signs pointed to dropoffs in consumer sentiment and the highest inflation in 40 years. In late 2022, the European Commission published its economic forecast, stating the E.U. economy was at โ€œa turning pointโ€ and predicting contracting economic activity in the first quarter of 2023, with most member states expected to โ€œexperience a technical recessionโ€ in the winter of late 2022 and early 2023.

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Seafood is getting cheaper but US consumers still arenโ€™t biting

April 16, 2024 โ€” Seafood prices continued to decline in March 2024, but the drop is not yet translating to higher sales.

Frozen seafood sales fell 6.4 percent by volume and 5.7 percent by value to USD 870 million (EUR 819 million), and fresh seafood sales dropped 3.2 percent by volume and 4.6 percent by value to USD 819 million (EUR 771 million), according to Circana data analyzed by Lakeland, Florida, U.S.A.-based 210 Analytics. Only shelf-stable seafood sales increased in March, and that was by 0.3 percent in value to USD 335 million (EUR 315 million), though sales by volume declined 2 percent.

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Inflation hurt seafood sales in 2023, but home prep gaining traction, FMIโ€™s Power of Seafood finds

March 11, 2024 โ€” FMI โ€“ The Food Industry Associationโ€™s Power of Seafood 2024 report highlighted declining U.S. retail seafood sales in 2023, but also revealed preparing seafood at home has grown incresaingly popular since the Covid-19 pandemic.

The report, released during a conference session at Seafood Expo North America in Boston, Massachusetts, U.S.A., on 10 March, found U.S. seafood sales revenue declined 3.1 percent to USD 18.9 billion (EUR 17.3 billion) in 2023. By category, frozen seafood realized the largest drop in revenue, decreasing 5.8 percent to USD 6.8 billion (EUR 6.2 billion). Fresh seafood sales dropped 3.5 percent, dipping to USD 6.2 billion (EUR 5.7 billion).

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Inflationโ€™s continued cooling in January does not translate to increase in seafood sales, volume

February 13, 2024 โ€” Inflation on seafood prices at U.S. retailers continued to ease to start the new year, but that did not lead to increased sales of seafood, as fresh and frozen seafood sales and volume dipped in January.

Frozen seafood prices declined 6.6 percent to USD 7.32 (EUR 6.80) per pound on average year over year, according to new Circana data analyzed by 210 Analytics. Fresh seafood prices dropped 3.6 percent year over year to an average price of USD 9.26 (EUR 8.60) per pound, while shelf-stable seafood prices fell 0.5 percent year over year.

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Inflation drove seafood consumers toward value in 2023, with trends likely to continue into 2024

January 16, 2024 โ€” Persistent food inflation throughout 2023 drove many customers toward value-focused channels in seafood, and the slowing rate of inflation wasnโ€™t enough to reverse a downward sales trend across most categories of seafood.

The latest year-end survey from consumer behavior data firm Circana shows 55 percent of seafood shoppers looked for sales and deals more often throughout 2023 โ€“ either by looking to buy more private-label products, clipping coupons, or following in-store promotions โ€“ a report by 210 Analytics President Anne-Marie Roerink said.

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Price-supply dynamic boosts value-added shrimp products

October 3, 2023 โ€” A bevy of ready-to-eat shrimp products is hitting the market, helped by plentiful supplies and American shoppers continuing to favor convenience.

Due to an import influx in recent years, U.S. wholesalers have been eager to move their shrimp inventory, but struggled earlier this year due to inflation peeling back consumer spending in both the retail and foodservice arenas. Recently, however, frozen retail shrimp prices have โ€œfinally started to mirror the trends at wholesale more and more,โ€ 210 Analytics Principal Anne-Marie Roerink said, citing a 7.8 percent price drop in August that may make it easier to move product through new promotions and offerings.

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Wells Fargo issues neutral near-term outlook for US seafood sector

August 22, 2023 โ€” A recent industry report from Wells Fargo has taken a decidedly neutral stance on the overall outlook for the U.S. seafood industry over the remainder of 2023, referencing positive news for certain species like snow crab but continuing woes for other market sectors to back up its mixed prediction.

The report, โ€œWells Fargo Agri-Food Instituteโ€™s Industry Update โ€“ Q2 2023,โ€ listed overall food prices and demand as major factors influencing Wells Fargoโ€™s mixed outlook.

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US seafood price inflation declines in all areas except frozen

May 2, 2023 โ€” Overall U.S. retail seafood inflation dropped in the first quarter of 2023, which benefitted all sectors of the industry but frozen sales, according to new data shared at Elancoโ€™s โ€œSeafood in U.S. Retailโ€ webinar on 2 May.

Total food and beverage inflation spiked 11.3 percent in the first quarter of this year compared versus the first quarter of 2022, but frozen seafood prices rose only 3.9 percent, fresh seafood prices were up 2.2 percent, and shelf-stable prices rose 3.7 percent, 210 Analytics Principal Anne-Marie Roerink said during the webinar, citing data from research firm Circana.

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World economies continue to grapple with the ripple effects of inflation

April 25, 2023 โ€” Heading into the second quarter of 2023, inflation remains a concern for all industries worldwide, seafood included, according to Kroll Institute Global Chief Economist Megan Greene.

โ€œInflation is top of mind for many, many businesses. I think thereโ€™s a real risk that inflation remains elevated and persistent. I think the probability of that is really high and I think that the impact of that would be pretty high,โ€ Greene, who will deliver the keynote address at the 2023 Seafood Expo Global/ Seafood Processing Global, said in March.

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