Price-supply dynamic boosts value-added shrimp products

A bevy of ready-to-eat shrimp products is hitting the market, helped by plentiful supplies and American shoppers continuing to favor convenience.

Due to an import influx in recent years, U.S. wholesalers have been eager to move their shrimp inventory, but struggled earlier this year due to inflation peeling back consumer spending in both the retail and foodservice arenas. Recently, however, frozen retail shrimp prices have “finally started to mirror the trends at wholesale more and more,” 210 Analytics Principal Anne-Marie Roerink said, citing a 7.8 percent price drop in August that may make it easier to move product through new promotions and offerings.

Seafood suppliers are taking advantage of lower wholesale prices and the huge inventory available when planning new product launches, and they’re also attempting to kickstart a retail market that performed poorly all summer despite continued deflation, according to Roerink. Roerink previously attributed recent sales dips to consumers eating out more, but as summer comes to an end, retailers and seafood companies are working to introduce innovative offerings that entice Americans to make more meals at home.

Celebrating its 75th anniversary this year, SeaPak Shrimp and Seafood is rolling out a new Dynamite Shrimp offering, composed of crispy popcorn shrimp with a spicy chili sauce. After cooking the shrimp in a conventional oven or air fryer, customers can use the separately packed chili sauce to “sauce and toss” the shrimp in a bowl or dip individual shrimp directly into the sauce, depending on how much flavor and spice they prefer, SeaPak said.

The product aligns with a growing trend of consumer interest in …

Photo courtesy of SeaPak