US retail seafood sales expected to stabilize after rough 2023

U.S. fresh and frozen seafood sales should stabilize this year after an extremely challenging 2023, retail analysts predicted at the opening plenary session of the 2024 National Fisheries Institute-hosted Global Seafood Market Conference in Orlando, Florida, U.S.A. on 23 January.In 2023, overall fresh and frozen seafood sales declined due to several overarching factors, including consumers’ reduced spending power due to inflation, subsequent depleted savings, and student debt payments for some.Inflation reached such high levels in 2023 that consumers paid 30 percent to 35 percent more on food overall compared to 2019, 210 Analytics Principal Anne-Marie Roerink noted.As a result, refrigerated finfish volume fell 3.8 percent during 2023, while value in the category declined 1.8 percent. Similarly, frozen finfish volume fell 4.2 percent, and value was down 3.1 percent. Refrigerated shellfish value, meanwhile, plummeted 5.6 percent, while its volume actually rose 0.9 percent – likely ...