While retail seafood sales in the United States are not growing as quickly as they were earlier in the COVID-19 pandemic, demand may pick up as other proteins are expected to be in short supply soon.
Beef, poultry, and pork inventories will be tight within the next two weeks due to meat processing plant closures, The Wall Street Journal reported. Temporary shortages are possible, the newspaper said.
As a result, some suppliers predict an uptick in seafood sales.
“We expect that there will be a hike in overall seafood – more frozen than fresh due to its longer shelf-life,” Fort Lauderdale, Florida-based Netuno USA Sales and Marketing Director Amanda Longoria told SeafoodSource.
Already, frozen seafood sales surged 24.2 percent for the week ending 18 April to reach more than USD 1.3 billion (EUR 1.2 billion), according to Nielsen data supplied to SeafoodSource.
Fresh seafood sales climbed 7.6 percent to USD 129 million (EUR 119 million), and shelf-stable seafood sale rose at a slower rate than in previous weeks, climbing 3.6 percent to nearly USD 5.3 billion (EUR 4.9 billion) for the week ending on 18 April.
The decline in availability of fresh meats in the U.S. might lead to consumers substituting with less expensive fish and shrimp, Longoria said, but consumers will also “treat themselves” to more luxurious seafood such as lobster, crab, and higher-end fillets.
“With fishing seasons opening over the next few months, coupled with slower sales these last few months, an increase in supply will inevitably mean lower market prices overall. Consumers will certainly treat themselves if they feel the value is there,” Longoria said.
Seafood processors must be strategic with what they purchase “and at what price, to be sure we are in a good position to still be profitable even as market prices decrease,” Longoria added.
Photo courtesy of Ursula Page/Shutterstock
