Seafood Report 2023: Global supply challenges and market opportunities

Published 2023년 2월 20일

Tridge summary

In 2022, the seafood industry experienced a decline in dollar and pound sales after two strong years, with fresh seafood prices increasing at a rate lower than inflation. The global seafood market is projected to continue growing, reaching $387.75 billion in 2026. However, supply chain issues, including quota changes, geopolitical forces, and a closure of the snow crab harvest season in Alaska, have impacted the industry. Additionally, there has been a shift towards value-added seafood products and alternative proteins, driven by trends like global flavor fusion and dry-aging techniques. The industry is also catering to the preferences of Millennial and Gen Z consumers for healthy, low-calorie, high-protein foods with transparency and sustainability.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Coming off two strong sales years, seafood saw dollar and pound declines in 2022. Pounds declined just under 15% and fell below 2019 levels, according to IRI retail sales data. Dollar sales declined a little more than 8% and fell below 2020 levels but remained ahead of their pre-pandemic levels of 2019. Fresh seafood prices were down in December 2022 compared with the end of 2021. For the year, 2022 seafood prices increased 7.9%, below the rate of inflation for the overall food and beverage category (12.5%). Only frozen seafood prices increased above the total store level of inflation. Shelf-stable seafood prices, including canned products and pouches, had a double-digit increase over year-ago levels in December 2022. The global seafood market is expected to grow from $236.81 billion in 2021 to $262.81 billion in 2022 at a compound annual growth rate of 11%. The market is expected to reach $387.75 billion in 2026 at a compound annual growth rate of 10.2%. There continue to be some ...

Source: Provisioner