The US seafood industry prepares to bite back after turbulent 2023

Seafood

United States

Market & Price Trends

Published Mar 11, 2024

Tridge summary

The seafood industry faced significant challenges in 2023 due to inflation and economic pressures, leading to decreased sales and consumption. However, there were successes in the sales of crab, salmon, and caviar, with sushi's popularity, particularly among younger consumers, providing a boost. Despite the difficulties, the industry is expected to rebound in 2024, with value-added seafood and deli-prepared foods anticipated to be popular. Retailers are advised to enhance both in-store and online seafood shopping experiences to attract consumers.

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

Ask any seafood industry professional, stakeholder, or analyst about 2023, and they’re likely to groan.“As much as it pains me to say this, 2023 was a year of headwinds and struggles for seafood, including fresh, frozen, and shelf-stable,” 210 Analytics Principal Anne-Marie Roerink said when queried about last year. “The seafood retailing industry certainly did all the right things to kickstart sales, including increased levels of promotion, keeping prices flat, and even driving more favorable prices for the consumer. But, the reality of the marketplace was a harsh one for seafood.”Inflation was once again a primary antagonist for the U.S. economy in 2023, Roerink said, with American consumers paying 30 percent to 35 percent more for food overall last year compared to 2019. As 2024 gets underway, the “sustained impact of inflation ... has a lot of consumers scrambling to balance their budgets,” she said.According to FMI – The Food Industry Association Vice President of Fresh Foods ...

Source: Seafoodsource