US: Persisting inflation woes making 2024 seafood outlook hard to predict

In early 2023, economists anticipated recessions in the U.S. and E.U., alongside high inflation and slow growth. Contrary to these predictions, by early 2024, the E.U. experienced a modest recovery, and the U.S. saw falling inflation and increased consumer confidence. Despite these positive signs, the World Bank reported a global economic slowdown at the start of 2024, marking the weakest global growth in a decade, with the E.U. facing persistent high inflation. The European Commission's forecast also indicated a weaker-than-expected start for the E.U. in 2024, with only 0.5 percent growth. Meanwhile, the U.S. observed a shift in consumer habits towards more affordable private-label products and an increase in refrigerated seafood sales at discount stores, reflecting the impact of inflation on consumer choices. In contrast, the E.U. saw a decline in seafood consumption per capita, despite higher household spending on seafood due to increased prices. The global aquaculture industry faces challenges from inflation but remains optimistic about the recovery of seafood demand and growth in major aquaculture species, with the World Bank predicting stronger growth in Europe by 2025, excluding Russia and Ukraine.