Fresh and frozen seafood prices continued to drop at U.S. retail stores in April, but seafood sales as a whole declined across the country, partly due to an earlier Easter holiday that took place 31 March.
Frozen seafood prices declined 4.3 percent to USD 7.29 (EUR 6.75) per pound on average during the month compared to April 2023, according to data from research firm Circana, analyzed by Lakeland, Florida, U.S.A.-based 210 Analytics.
Fresh seafood prices declined 0.6 percent to USD 9.56 (EUR 8.85) on average.
“Seafood prices have seen far less inflation than total food and beverages,” 210 Analytics Principal Anne-Marie Roerink said. “However … the cost for fresh and frozen seafood remained significantly higher than the average price per pound for the three biggest animal proteins.”
Despite the price declines, fresh seafood sales declined 6.7 percent by value in April to USD 616 million (EUR 570 million), and frozen seafood sales dropped 9.9 percent to USD 601 million (EUR 556 million), both of which were steeper sales declines than in March, when frozen seafood sales fell 5.7 percent and fresh seafood sales dropped 4.6 percent.
“As expected, April sales were soft due to, at least in part, the earlier Easter timing,” Roerink said. "Whereas March saw a year-over-year increase in frozen seafood pounds, April pound sales showed declines for fresh, frozen, and shelf-stable seafood when compared to April 2023. Compounded by deflation, this translated into decreases in dollar sales as well, with the exception of shelf-stable seafood.”
The impact of the earlier Easter holiday was especially impactful in the fresh category, Roerink said. By species type, fresh shellfish sales declined 14.9 percent by value and 0.7 percent by volume. Fresh finfish sales dropped 3.4 percent by value and 2.5 percent by volume.
Within the shellfish category, fresh lobster sales sank 20.6 percent by value and 13 percent by volume, followed by shrimp, which dropped 14.8 percent and 6.9 percent, respectively, and crab, which dropped 13.6 percent and 8.3 percent, respectively.
As for finfish, fresh trout sales fell 13.9 percent by value and 12.6 percent by volume. Sales of fresh salmon – the most popular finfish in the U.S. – decreased 3.5 percent by value and 1.4 percent by volume in April.
Frozen shellfish sales decreased by 10.6 percent in value and 4.5 percent in volume, whereas frozen finish sales dropped 4.5 percent and 3 percent, respectively. Frozen seafood alternatives dipped 14.4 percent and 12.7 percent.
The only major species with both value and volume gains in April was pollock, with sales by value rising 2.6 percent and sales by volume increasing by 3.8 percent. Sales of frozen crab by value also spiked 12.5 percent but fell 3.2 percent by volume.
Overall grocery and beverage store sales plummeted 4.46 percent in April compared to April 2023 and dropped 1.1 percent month over month.
“Consumer spending continues to drive economic growth and retail sales increases, though we see some moderation in spending as consumers continually search for value. Consumers remain focused on value and price and are shifting their spending patterns where needed to make ends meet,” National Retail Federation (NRF) President and CEO Matthew Shay said in a statement.
April's data showed a continuation of the slow economic growth seen during the first quarter of 2024, but consumers are still spending more than last year, NRF Chief Economist Jack Kleinhenz wrote in the organization’s Monthly Economic Review.
“The U.S. economy lost some spring in its step during the first quarter as the pace of growth declined, and the downshift came with an unexpected bout of inflation,” Kleinhenz said. “But, even with signs that the economic expansion is decelerating, the economy remains resilient, boosted by a solid job market and continued spending by consumers and businesses.”
Near-record retail spending was expected for the Mother’s Day holiday that took place on 12 May, which grocers hoped would help turn around a tough start to the year.
“We anticipate a nice sales lift due to more customers celebrating mom at home since the economy and inflation rates are still staying at some all-time highs,” Fresh Thyme Market Meat and Seafood Sales, Merchandising, Marketing, and Procurement Lead Jason Resner said.
