USA: Inflation hurt seafood sales in 2023, but home prep gaining traction

Seafood

United States

Market & Price Trends

Published Mar 11, 2024

Tridge summary

The Food Industry Association's Power of Seafood 2024 report showed a 3.1% decrease in U.S. retail seafood sales in 2023, amounting to USD 18.9 billion. Frozen seafood saw the largest decline. Despite this, the report highlighted a growing trend of preparing seafood at home since the Covid-19 pandemic. Shrimp, salmon, tuna, and crab accounted for over 70% of U.S. seafood sales, with shrimp leading despite an 8.7% drop in sales. High prices, however, discouraged 37% of consumers, leading to a reduction in their seafood purchases due to inflation and cost compared to other proteins.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

FMI – The Food Industry Association'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).Shrimp, salmon, tuna, and crab comprised more than 70 percent of U.S. seafood sales last year, according to FMI, with shrimp being the biggest seller despite a supply glut resulting in low prices that resulted in sales dropping 8.7 percent by value.Though many categories suffered sales dips during the challenging year, crab ...

Source: Seafoodsource