News

US shrimp sales were down in 2023, and market difficulties are expected to continue in 2024

Frozen Common Shrimp & Prawn
Seafood
United States
Market & Price Trends
Published Feb 3, 2024

Tridge summary

The seafood industry, particularly shrimp imports, is predicted to contract in the first half of 2024, as per a panel of executives at the 2024 Global Seafood Marketing Conference. This contraction is due to the cessation of certain Covid-era SNAP benefits and the restart of student loan repayments. Despite accounting for 52.6% of frozen seafood sales in 2023, shrimp saw the largest absolute dollar decline, falling 8.2% or USD 321 million. The average price of frozen shrimp also decreased by 3% in 2023 to USD 9.21 per pound.
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

After a rough year for U.S. shrimp importers, the outlook for the first half of 2024 continues to be relatively grim. A panel of executives speaking at the 2024 Global Seafood Marketing Conference – which took place from 23 to 25 January in Orlando, Florida, U.S.A. – said the first half of 2024 will likely see a contraction across the seafood industry, particularly with shrimp imports, in the wake of a difficult 2023. “It’s been a wild year, a challenging year for many of us,” Rich Products Consumer Brands Division Senior Vice President Shannon Gilreath said. Gilreath attributed the contraction to the ending of some Covid-era SNAP benefits and the resumption of student loan repayments that had been frozen during the pandemic. As a result, shoppers could not take advantage of lower shrimp prices, resulting in the industry “sitting on expensive inventory.""It was hard for a lot of us to react across the industry," Gilreath said.For the first half of 2024, Gilreath said she expects ...
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