US retail seafood sales expected to stabilize after rough 2023
Seafood
United States
Market & Price Trends
Published Jan 24, 2024
Tridge summary
After a challenging 2023 marked by inflation, depleted savings, and student debt payments, US fresh and frozen seafood sales are projected to stabilize in 2024, according to retail analysts at the National Fisheries Institute-hosted Global Seafood Market Conference. As 2023 ended, an improved inflation outlook boosted consumer confidence. Analysts are forecasting a potential 1-2% growth in fresh seafood sales for 2024.
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
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 ...
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