New summer deals from Red Lobster, Long John Silver’s, and other restaurant chains aim to boost sales of shrimp, which has experienced sluggish demand in the U.S.
“Stable” pricing has been favorable for U.S. retail and foodservice buyers, but despite that, U.S. shrimp imports are down more than 50,000 metric tons in 2023 due to “soft” demand, according to Eric Bloom, president of Teaneck, New Jersey, U.S.A.-based Eastern Fish Co.
“I sense that there is still a fair amount of stock here in the U.S.,” Bloom said. “We are finding demand both in retail and foodservice a little softer than it had been for the last few years.”
Avid seafood consumers are going to eat shrimp regardless, but some restaurants have not reduced prices, turning away cost-sensitive consumers as a result, Bloom said.
Retail-wise, Bloom said there has been a substantial increase in promotional activity in order to clear excess stock and take advantage of lower market prices.
Recognizing the issue and trying to maintain competitiveness with retail, certain restaurant chains are beginning to promote shrimp at a discount this summer in an attempt to lure back …
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