August 22, 2023 — A recent industry report from Wells Fargo has taken a decidedly neutral stance on the overall outlook for the U.S. seafood industry over the remainder of 2023, referencing positive news for certain species like snow crab but continuing woes for other market sectors to back up its mixed prediction.
The report, “Wells Fargo Agri-Food Institute’s Industry Update – Q2 2023,” listed overall food prices and demand as major factors influencing Wells Fargo’s mixed outlook.
May 2, 2023 — Overall U.S. retail seafood inflation dropped in the first quarter of 2023, which benefitted all sectors of the industry but frozen sales, according to new data shared at Elanco’s “Seafood in U.S. Retail” webinar on 2 May.
Total food and beverage inflation spiked 11.3 percent in the first quarter of this year compared versus the first quarter of 2022, but frozen seafood prices rose only 3.9 percent, fresh seafood prices were up 2.2 percent, and shelf-stable prices rose 3.7 percent, 210 Analytics Principal Anne-Marie Roerink said during the webinar, citing data from research firm Circana.
April 25, 2023 — Heading into the second quarter of 2023, inflation remains a concern for all industries worldwide, seafood included, according to Kroll Institute Global Chief Economist Megan Greene.
“Inflation is top of mind for many, many businesses. I think there’s a real risk that inflation remains elevated and persistent. I think the probability of that is really high and I think that the impact of that would be pretty high,” Greene, who will deliver the keynote address at the 2023 Seafood Expo Global/ Seafood Processing Global, said in March.
April 19, 2023 — Overall U.S. food inflation and seafood inflation continued to dampen consumer spending power in March, pushing down retail seafood sales. However, private label seafood product sales are on the upswing, along with overall food and restaurant sales.
Fresh seafood prices realized “a small uptick” of 2.6 percent in March 2023 versus March 2022, 210 Analytics Principal Anne-Marie Roerink said, citing Circana data.
April 11, 2023 — Inflation and higher interest rates are straining private-equity funds that used leveraged buyouts to buy into the food and beverage market in recent years.
Private-equity funds purchased 786 companies in the food and beverage space in 2021 for a combined USD 32 billion (EUR 29.5 billion). The total sunk to USD 9.7 billion (EUR 8.9 billion) through the first 11 months of 2022, according to S&P Global Market Intelligence, in part due to rising inflation and interest rates and geopolitical instability.
April 5, 2023 — Inflation is changing how Americans shop for seafood, executives with Category Partners said during a presentation at Seafood Expo North America, 12-14 March in Boston, Massachusetts, U.S.A.
According to the Idaho Falls, Idaho, U.S.A.-based strategic insights company, which focuses exclusively on the fresh industries in the retail grocery channel, average retail prices of frozen seafood jumped 6.6 percent for the 13 weeks ending 4 February, resulting in a 8.3 percent drop in sales by volume and a 2.2 percent decline in dollar sales. Conversely, fresh seafood inflation was 1.1 percent for the quarter, resulting in a 2.9 percent slide in sales by volume, though the category realized a 1.9 percent increase in dollar sales, according to the NielsenIQ scan, powered by Category Partners analysis.
February 14, 2023 — Seafood has continued to see lower inflation rates than many other foods, but price hikes continue to impact its sales across the United States.
Frozen seafood prices jumped 6.3 percent in January to USD 10.44 (EUR 9.74) per unit on average compared to January 2022, according to IRI and 210 Analytics. Ambient seafood inflation rose 7.4 percent to USD 2.14 (EUR 2.00) on average, and fresh seafood experienced the lowest inflation at 3.3 percent to USD 8.95 (EUR 8.35) per unit on average.
Read the full article at SeafoodSource
November 17, 2022 — Inflation continues to depress U.S. seafood sales, but the sales drop in October was less than in previous months.
Shelf-stable seafood prices soared 12.5 percent, while frozen seafood prices spiked 10.2 percent, and fresh seafood prices rose 4.2 percent. Fresh shellfish prices declined by 2.7 percent, according to new data from IRI and 210 Analytics.
October 19, 2022 — As consumers become increasingly concerned about grocery inflation, select Canadian and United States grocery chains are lowering prices on hundreds of products.
In the most notable example, Brampton, Ontario, Canada-based Loblaw Companies announced a price freeze on more than 1,500 No Name brand items “in an effort provide grocery-bill predictability to Canadians facing the highest food inflation in decades,” the retailer said in a press release. The price freeze will last until the end of January 2023.
October 17, 2022 — Americans’ purchasing habits are being further affecting by inflation, leading to them reduce their fresh and frozen seafood purchases.
Prices of frozen seafood, fresh finfish, and shelf-stable seafood were significantly higher in September compared to last year, according to new data from IRI and 210 Analytics, though prices on fresh shellfish actually dropped.