Retail demand for U.S. seafood was weak in June, with prices generally falling

According to a report by 210 Analytics, a Florida-based market research firm, retail seafood prices in the United States have declined in recent months, but sales have not improved, reflecting weak consumer confidence.

According to the data, the total sales of chilled seafood in the United States in June 2024 was $666 million, down 3% from the previous year; Frozen seafood sales were $606 million, down 3.8% year-over-year. The data show that American consumers are less confident about the future of the economy. The index of consumer confidence expectations has declined for the third consecutive month, and consumers' concerns about the labor market and inflation remain.

For comparison, the average U.S. seafood price in June was $9.57/lb, much higher than chicken ($3.05/lb), pork ($3.26/lb) and beef ($6.86/lb). Sales volume and value of chilled fish remained stable year-on-year, while sales of shrimp, crab and shellfish fell 9.3%, indicating weak demand and supply chain challenges.

In terms of sales, in the frozen seafood segment, the overall US market was weak, with volumes essentially flat (+ 0.8%) but sales volumes down (-3.8%) and average prices down 4.5%. Among them, frozen shrimp, crab and shellfish sales decreased by 5.3%, and sales volume increased by 0.9%; Frozen fish sales were down 2.6 %, with volume essentially flat.

In June, frozen shrimp sales in the United States fell 5.6% to $292 million, and sales volume increased 0.5%. Frozen salmon sales were down 6.9% year on year, while volume was down 2.1%. Frozen pollock sales increased by 7.7% and sales by 8.2%; Frozen tilapia sales decreased 0.7% and sales decreased 4.0%; Frozen cod sales were down 5.6 percent and volume was down 0.9 %.

Reference : UCN