Seafood sales rose at U.S. retail stores in October, thanks in part to a slight uptick in price inflation.
Shelf-stable seafood sales have performed consistently well in 2024 and did the same in October, realizing a sales spike by value of 1.7 percent year over year to USD 244 million (EUR 230 million). Sales by volume in the category rose 4.7 percent during the month, according to data from research firm Circana that was analyzed by 210 Analytics.
“Tuna was, by far, the largest seller and responsible for the category’s growth,” 210 Analytics Principal Anne-Marie Roerink said, though she added that canned sardines have also seen big sales spikes – mainly due to the strength of frozen pizza sales, as well as make-your-own pizza ingredient sales, over the past year.
Fresh seafood sales by value climbed 1.4 percent in October to USD 738 million (EUR 696 million), while sales by volume stayed nearly stagnant, falling just 0.1 percent.
By species, fresh shrimp sales by value grew 0.3 percent, while sales by volume were up 0.4 percent. Fresh salmon sales by value jumped 3.1 percent, while sales by volume rose 1.4 percent.
Cod saw one of the biggest increases in the fresh category, rising 13.4 percent by value and 14 percent by volume. Trout sales grew 8.2 percent by value and 14.2 percent by volume.
Poor performers in the nation’s fresh seafood aisles included fresh crab, which had its sales drop 5.5 percent by value and 5.2 percent by volume. Lobster sales only dropped 1 percent by value, but dropped nearly 25 percent by volume.
Frozen seafood sales rose 0.8 percent by value to USD 728 million (EUR 687 million), but sales fell 5.6 percent by volume.
Frozen shrimp realized larger growth than fresh shrimp, with sales rising 0.7 percent by value and 6.2 percent by volume.
“Shrimp are the frozen seafood powerhouse, with sales of USD 4 billion [EUR 3.8 billion] in the latest 52 weeks,” Roerink said.
Frozen cod was also popular in October, as sales rose 8.6 percent by value and 8.9 percent by volume.
Frozen salmon sales dropped 7.7 percent by value year over year and 3.7 percent by volume. Frozen tilapia sales also declined 8 percent by value but rose 3.6 percent by volume.
Following several months of seafood price deflation, fresh seafood prices rose 1.5 percent to USD 9.52 (EUR 8.98) per pound on average in October, primarily driven by a 2.1 percent jump in shellfish prices.
Frozen seafood prices declined 2.3 percent to USD 7.15 (EUR 6.75) per pound on average; ambient seafood prices dropped 3.8 percent to USD 5.03 (EUR 4.75) per pound on average.
“While prices are looking better for the consumer, the average price per pound remained significantly higher than the average price per pound for the three biggest animal proteins of chicken, pork, and even beef,” Roerink said.
The price per unit across all foods and beverages rose 2.2 percent in October, according to Circana, and the overall Consumer Price Index rose 2.6 percent in October, according to the U.S. Bureau of Labor Statistics.
Nevertheless, U.S. retail and foodservice sales for October hiked up 2.8 percent compared to October 2023, according to advanced estimates from the U.S. Census Bureau. Nearing the end of a tough year for the U.S. restaurant industry, the industry’s market share of sales rose to 56.4 percent in October.
“This is a new all-time high for the domestic restaurant industry in this regard,” Kalinowski Equity Research President and CEO Mark Kalinowski said in a recent analyst’s note per Supermarket News.
Nearly half of consumers went to a restaurant during the back half of October, according to Circana’s October survey of primary shoppers. Though this trend seems like it would not bode well for retailers, nearly 88 percent of all meals are still home-prepared, according to Circana’s October survey.
