U.S. retail seafood sales didn't experience the bump in December 2024 that they typically expect for an end-of-year holiday season, according to new data.
Total fresh seafood sales dropped 5.4 percent by value in December 2024 compared to December 2023, dipping to USD 738 million (EUR 722 million), while Sales by volume dropped 8.2 percent, according to Circana data provided by 210 Analytics in Lakeland, Florida, U.S.A.
The drop, according to Circana, was largely fueled by a 12.6 percent decline in fresh shellfish sales.
Frozen seafood sales also declined 4.4 percent by value to USD 666 million (EUR 652 million), while sales by volume declined 1.9 percent.
Even shelf-stable seafood sales, a category which had been experiencing positive sales trends in recent months, declined 1.2 percent by value to USD 226 million (EUR 221 million) for the month. Sales by volume rose 2.5 percent.
Fresh seafood price inflation rose 3 percent compared to December 2023, led by a 6.9 percent jump in fresh shellfish prices. On the other hand, frozen seafood prices dropped 2.5 percent, and shelf-stable seafood prices decreased 3.6 percent, likely fueling the lower sales figures by value for both categories.
Part of the sales decline can be attributed to this year’s December data being cut off earlier than last year. The data, according to 210 Analytics Principal Anne-Marie Roerink, did not account for valuable New Year’s Eve sales.
“A lot of the New Year’s celebratory dollars aren’t in this year but were in last year. That should give January a little boost but created subdued December numbers,” she told SeafoodSource.
However, the drop is still telling, she added.
By species, lobster sales by value plunged 14.5 percent, and sales by volume fell nearly 33 percent, even though fresh shellfish typically performs better during Christmas and other December holidays, according to Circana. Crab sales also declined almost 14 percent by value and nearly 22 percent by volume.
Fresh salmon sales rose 0.5 percent by both value and volume. Trout sales by value rose 7.2 percent and 14.4 percent by volume. Cod sales rose 3.9 percent and around 5 percent by value and volume, respectively.
As for the frozen category, shrimp sales declined 4.7 percent by value, while sales by volume fell 1.5 percent and salmon dollar sales dropped 3 percent but pounds declined only 0.6 percent.
In contrast to seafood’s performance in December, the National Retail Federation reported that overall grocery and beverage store sales increased nearly 4.3 percent compared to December 2023, and rose about 0.6 percent from November to December, according to CNBC/NRF Retail Monitor,
“Growth rebounded strongly in December from a misleadingly weaker November,” NRF President and CEO Matthew Shay said in a press release. “Households are in good financial shape amid low unemployment, growing income, and continued deceleration of inflation for goods.”
U.S. online grocery sales soared 18.7 percent to USD 9.6 billion (EUR 9.3 billion) during December, according to new data from Brick Meets Click and Mercatus, marking the fifth straight month of e-grocery sales surpassing USD 9.5 billion (EUR 9.2 billion).
Overall, 2024 was a strong year for grocery retailers in the U.S., with year-over-year total food and beverage sales rising 1.3 percent to USD 922 billion (EUR 903 billion), according to Circana.
“Everyday demand was strong due to purchasing restaurant food less often while cooking more in an effort to save money. Holidays and special occasions remained a time when consumers splurged a bit more, prompting new records for many of the big national holidays,” Roerink said.
Similarly, NRF released a positive economic forecast for 2025 after the U.S. economy ended 2024 on a “high note,” NRF Chief Economist Jack Kleinhenz said.
“Recent performance shows the economy is on solid footing and has been growing at a steady pace and above its historical average,” he said. “The labor market is healthy, unemployment is low, inflation has fallen almost to the Federal Reserve’s target even though it remains somewhat sticky, and the direction of interest rates remains lower.”
Kleinhenz acknowledged that the state of the U.S. economy this year will “depend upon a lot of moving parts,” including changes to trade, immigration, regulatory, tax, and spending policies.
“The resilience of the U.S. consumer should hopefully remain part of the dominant narrative,” Kleinhenz said.
