Sales of fresh and frozen seafood across U.S. retailers declined in July despite continued price drops, but the dip was less severe than the months leading up to it.
The price per unit across all food and beverage categories rose 1.5 percent in July compared to July 2023, but prices across seafood categories declined in the month, according to data from market research firm Circana analyzed by 210 Analytics.
Shelf-stable seafood saw the biggest price reduction of 4.3 percent on average. Frozen seafood prices declined 2.2 percent, while fresh seafood prices dropped 1 percent year over year.
“Looking across all seafood varieties … pricing continues to come down – although more so in frozen than other areas,” Circana Team Lead of Client Insights Melissa Rodriguez told SeafoodSource, referencing prices during the 13 weeks ending 14 July.
Inflation-weary consumers continued to buy shelf-stable seafood, as sales in the category rose 1.5 percent in July to USD 263 million (EUR 241 million), according to Circana.
“We know that pricing has been favorable for shelf-stable seafood and, compared to both fresh and frozen seafood, offers a more economical variety,” Rodriguez said. “The other thing that we find interesting is the number of items being offered within the shelf-stable seafood space, with average items per store increasing over 5 percent in the last year.”
Sustainable options in particular are increasing in the sub-category, “marrying consumers’ want for value proposition with their social awareness purposes,” Rodriguez said.
Even though seafood remains more expensive than meat and poultry, the protein “has a very powerful health and sustainability halo; those are two reasons to spend a little more,” 210 Analytics Principal Anne-Marie Roerink said.
Fresh seafood sales declined 0.2 percent in July to USD 656 million (EUR 600 million) compared to July 2023, while sales by volume rose 0.7 percent. Frozen seafood sales decreased 3.5 percent by value to USD 603 million (EUR 552 million) in July, but sales by volume jumped 2.8 percent.
“While deflation still leaves a bit of a gap on the dollar growth side of things, it feels like consumers are starting to recognize that seafood prices have come down substantially, and volume is starting to strengthen a bit,” Roerink told SeafoodSource.
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