210 Anaytics: Inflation ebbing, “yet consumer concern persists” on seafood

Overall food and seafood inflation is dropping, but U.S. shoppers are still buying less fresh and frozen seafood.

Sales of fresh and frozen species continued to fall in October 2023, while sales of shelf-stable products rose, according to Circana data analyzed by Lakeland, Florida, U.S.A.-based retail research firm 210 Analytics.

Seafood prices dropped 0.7 percent for the month, driven by a decline in fresh shellfish prices, which dropped 8.7 percent, and shelf-stable seafood prices, which declined 10.8 percent. The average price per unit across all foods and beverages rose by only 2.5 percent in October 2023 versus October 2022.

"This is far more in line with pre-pandemic inflation levels, yet consumer concern persists,” 210 Analytics Principal Anne-Marie Roerink said. “This is due to the cumulative impact of many months of high inflation, which have resulted in October 2023 prices being 25.3 percent higher than those in October 2020.”

Ambient seafood sales benefitted from a significant decline in prices of 10.8 percent in October, driving up volumes sold by 10.2 percent. However, price deflation led to a 1.7 percent decrease in the value of seafood sold to USD 198 million (EUR 182.4 million).

While frozen seafood inflation rose 1.3 percent in October 2023 versus October 2022, that was below the average pace of ...

Photo courtesy of RossHelen/Shutterstock