Saving Seafood

Looming beef shortage could be boon for seafood industry

January 18, 2023 — Widespread droughts in 2022 resulted in a looming shortage to the beef supply, and could leave billions of consumer dollars looking for a different protein to purchase.

Speaking during the National Fisheries Institute’s Global Seafood Market Conference (GSMC), running from 15 to 19 January in Palm Springs, California, U.S.A., Performance Food Group President of Protein Brands Steve Sands showcased how beef has heavily outperformed all other proteins. According to USDA data, U.S. consumers expenditures for beef has been greater than pork and chicken combined.

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Shrimp starring on summer menus as restaurant sales rise

June 27, 2022 — Many U.S. restaurant operators are choosing shrimp to be the start of their summer menus, thanks to its steady pricing and availability compared to other seafood species.

Shrimp sales to the U.S. foodservice sector rebounded in 2021 from a significant drop in 2020 that was brought on by the COVID-19 pandemic. Roughly 275 million pounds of shrimp was sold to foodservice channels in 2021, up by 50 million pounds from 2020, according to data shared during the National Fisheries Institute Global Seafood Market Conference in January 2022.

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Pollock could see big price increases as supplies drop amidst high demand

February 2, 2022 — Experts are predicting a sharp rise in the price of pollock in 2022, with expected strong demand hitting up against supply chain complications and a smaller global harvest.

The global pollock supply is facing its first “meaningful” reduction in supply since around 2008, according to a panel at the National Fisheries Institute’s 2022 Global Seafood Market Conference, which took place 18 to 20 January. Globally, the pollock catch total will decline from 3.49 million metric tons (MT) to 3.22 million MT in 2022, according to the panel. In the U.S., the total allowable catch for Alaska pollock has been set at 1.24 million MT, down 189,000 MT from 2021.

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Restaurant menu shifts punishing seafood sales to foodservice sector

January 26, 2022 — The COVID-19 pandemic has fueled major restaurant menu shifts – some that favor seafood and others that don’t, according to Datassential Director Kelley Fechner.

Chicago, Illinois, U.S.A.-based Datassential annually provides updates on menu trends in the restaurant industry at the National Fisheries Institute’s Global Seafood Market Conference (GSMC). At this year’s event in Orlando, Florida, U.S.A., Fechner said 60 percent of restaurants have shrunk their menus since the beginning of the COVID-19 crisis in the U.S., by an average of 10.2 percent.

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Wells Fargo, Rabobank economists predict continuing supply-chain woes

January 24, 2022 — Robust U.S. demand for goods and ongoing transportation and logistical challenges will result in continued supply-chain challenges through the rest of the year, according to economists from Wells Fargo and Rabobank.

Speaking at the 2022 National Fisheries Institute Global Seafood Market Conference, Wells Fargo Senior Economist Tim Quinlan said strong retail sales in the United States, driven by rising wages and government stimulus, kept demand for goods high through 2021, putting pressure on the import market to keep pace. But delays due to COVID-19-related transportation slowdowns, workforce shortages, and lack of competition in the shipping industry prevented supply chains from catching up with demand, and delays will continue for the foreseeable future, Quinlan said.

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Southeast Asia attracting seafood processing away from China

January 21, 2022 — As China’s economy continues to evolve and its trade relationship with the U.S. remains strained, it is likely other countries in Southeast Asia will take a larger role in processing seafood, according to a panel of experts at the National Fisheries Institute’s Global Seafood Market Conference.

Trade relations between the U.S. and China became suddenly more volatile when the administration of U.S. President Donald Trump implemented tariffs on Chinese goods. Trump’s stated goal was to put an end to the significant trade imbalance between the two countries – an imbalance that U.S.-China Business Council President Craig Allen said was nothing new.

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Restaurants’ headwinds include labor, inflation, but pent-up demand in their favor

January 21, 2022 — Restaurant operators face significant challenges – especially finding enough employees – but have pent-up dining demand in their favor, according to B. Hudson Riehle, senior vice president of the National Restaurant Association Research and Knowledge Group.

Restaurants’ labor costs are running at the highest rate in more than 40 years, Riehle said at the National Fisheries Institute’s Global Seafood Market Conference (GSMC) in Orlando, Florida, U.S.A., on Wednesday, 19 January.

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Global shrimp production to surpass 5 million MT in 2022, CP Foods’ Robin McIntosh predicts

January 20, 2022 — Global shrimp production has continued to trend upward, with a panel of experts at the National Fisheries Institute’s Global Seafood Market Conference predicting that global shrimp production will exceed 5 million metric tons (MT) in 2022.

Current predictions put the production at 5.011 million MT in 2022, a significant increase over the 4.569 million MT grown in 2021, which itself was an increase over the 4.086 million MT produced in 2020. Globally, shrimp production has seen a tremendous upswing – in 2015, global shrimp production didn’t even reach 3 million MT.

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“Everyone’s crystal ball is broken” – COVID-19 has scrambled the industry’s ability to plan ahead

January 20, 2022 — Historically, conversations around logistics didn’t always reach the top level of the seafood industry’s decision-making hierarchy, but in the past two years, that has changed.

A Global Seafood Market Conference (GSMC) panel on Tuesday, 18 January, examined how logistics became top-of-mind for seafood executives, and how the COVID-19 pandemic has decimated the industry’s ability to use forecasting for business-planning purposes.

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Seafood meets grill: GSMC analysts pick top 2022 trends

January 19, 2022 — Fresh and frozen seafood hit record sales in 2021, and analysts speaking at the National Fisheries Institute’s Global Seafood Market Conference (GSMC) in Orlando, Florida, U.S.A. on Tuesday, 18 January expect the positive sales trend to continue.

The frozen seafood category realized “amazing numbers” last year, IRI Senior Vice President Protein Practice Chris DuBois said, as sales rose 2.8 percent compared to 2020 and 40.8 percent versus 2019 to USD 7.2 billion (EUR 6.3 billion).

Read the full story at SeafoodSource