July 23, 2021 — Rising seafood prices due to inflation continue to cause concern among the entire industry, including retail and foodservice buyers.
Frozen seafood prices experienced the biggest gain in the second quarter of this year – up 9.2 percent versus the same quarter in 2019 to USD 6.96 (EUR 5.95) per pound on average in U.S. grocery stores and mass retailers, according to IRI and 210 Analytics. Frozen prices also grew 3.2 percent in the quarter versus 2020.
May 27, 2020 — Even if Americans are cooking at home like they probably never had before, and even if they are consuming more seafood, increased domestic demand has not been enough to offset lost income earned from restaurants, where 70 percent of seafood across the country is consumed (via Wall Street Journal). To give you an idea of how cheap seafood is these days, South Coast Today says that the price of flounder, which used to be sold to New York restaurants, had come down “quite a bit” while the price of scallops is down by 40 percent in the case of larger shellfish, and 30 percent cheaper for the smaller scallops which we find in warehouse stores like Costco and BJ’s today.
Halibut caught at Pacific fisheries used to cost more than $30 at high-end restaurants in Vancouver, but wholesale prices were down about a dollar in mid-April — and those prices are projected to go down further (via The Conversation). The scenario echoes the one experienced by the lobster industry during the early days of the pandemic when quarantines across China during the Lunar New Year period killed demand for shellfish.
One Philadelphia-based company that supplies seafood to restaurants, hotels, and casinos saw its sales plunge 75 percent in March. The situation was so dire, its owner, Sam D’Angelo told the Wall Street Journal that workers stored what they could in freezers and disposed of what they couldn’t save into landfills. The company lost about $100,000 worth of fresh lobster, clams, and mussels; and it’s a scene that’s been repeated several times over in America’s farms (via CNBC). The seafood distributor has since laid off half of its 400 employees.