Retail sales of US products are expected to be stable in 2024

Retail analysts predict at the opening plenary session of the Global Seafood Markets Conference hosted by the National Fisheries Institute 2024 in Orlando, Florida, USA on January 23, 2024, sales U.S. fresh and frozen seafood will stabilize in 2024, after an extremely challenging 2023.

In 2023, total fresh and frozen seafood sales decreased due to a number of factors, including reduced consumer spending due to inflation, subsequent depletion of savings, and some liabilities must pay.

Inflation will reach such high levels in 2023 that consumers will pay 30% to 35% more for food than in 2019, according to a 210 Analytics survey.

As a result, the volume of chilled finfish decreased by 3.8% in 2023, while the value of this category decreased by 1.8%. Similarly, frozen finfish volume decreased by 4.2% and value decreased by 3.1%. Meanwhile, frozen shellfish values ​​plummeted 5.6%, while actual volumes increased 0.9% - possibly due to unusual growth in crab sales. Frozen shellfish followed the trend of finfish, with volume down 2.9% and value down 7.3%

However, as 2023 ends, consumer confidence improves due to a better inflation outlook, Roerink said. Notably, 93% of Americans believe they can afford to splurge a little – whether it's on food for a special occasion, brands they love, or more sustainable products, all are signaling factors. Good for seafood sales in the near future.

DuBois predicts fresh seafood sales have the potential to grow 1% or 2% by 2024