US imports more salmon fillets in 2023 amid overall decline in seafood demand

The value of many key United States (U.S.) seafood imports, such as frozen shrimp and frozen crab, declined in 2023, primarily due to lower average prices and lower demand. Lower prices failed to stimulate demand for most goods. In fact, demand has declined, putting further downward pressure on prices and contributing to a decline in the value of the U.S. seafood industry. This decline in demand can be attributed to persistent inflationary pressures that have dominated the imported seafood market since 2022. In addition, estimates of consumer demand in 2022 after most pandemic restrictions have eased have been overly optimistic, leading to a glut of many products and a decline in imports. However, the cost of some products increased year-on-year despite the prevailing downward trend. Of these, fresh or chilled salmon fillets stood out, showing the most significant year-on-year value growth in 2023. According to the United States Department of Agriculture (USDA), the United States ...