US: Salmon defied negative seafood trends in 2023 with high prices and solid sales

Frozen Whole Atlantic Salmon

Fresh Whole Atlantic Salmon

Seafood

United States

Market & Price Trends

Published Mar 11, 2024

Tridge summary

Despite a slump in the U.S. seafood industry in 2023 due to inflation, salmon sales continued to grow, with frozen salmon spending increasing by 3.3% to over USD 672 million. The growth is expected to continue as global fishmeal inventories improve and prices become more competitive. The popularity of salmon is attributed to its ease of preparation, presence in social media trends, and appeal to both baby boomer and millennial demographics. Factors such as its familiarity, presence in grocery store sushi, and the trend of pre-packaged skinpacks also contribute to its increased sales. The industry expects salmon to continue dominating its category in 2024 if promotion and consumer engagement continue.

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

The U.S. seafood category as a whole experienced harsh inflationary pressure in 2023 that pushed consumers toward alternatives like chicken, pork, and beef.Data from consumer behavior analysis firm Circana showed that for the full 52 weeks of 2023, across fresh and frozen finfish and shellfish, almost all major seafood species experienced a slump in sales. Sales of frozen shrimp declined 8 percent by value in 2023, while frozen pollock sales declined 3.2 percent by value, fresh cod dropped 10.4 percent, and fresh shrimp dropped 12.7 percent in value year over year.As most of the industry struggled with the declining demand, salmon continued to grow in popularity, even in the face of high prices.Frozen salmon spending in the U.S. grew 3.3 percent year over year to over USD 672 million (EUR 618 million), while fresh salmon saw a minor 0.9 percent reduction in spending to USD 2.69 billion (EUR 2.47 billion) – a bright spot in an otherwise poor year for finfish.Frozen salmon was also ...

Source: Seafoodsource