Despite record seafood consumption and trade in the last couple of years, demand is now down in the EU and USA, causing a major exporter to downgrade sales expectations.
Seafoodsource.com reports that inflation has continued to dampen retail demand in the USA for May 2023, even as fresh and frozen seafood prices dropped. Read more here (paywall to read full article).
Reflecting the current demand situation in the US and EU markets, Vietnam’s seafood exports were revised down by 10 percent to US$9 billion for this year. Read more from Vietnam News here.
At the same time, figures released by the National Fisheries Institute show that US seafood consumption in 2021 reached an all-time high. The top three most-consumed species were shrimp, salmon, and canned tuna. Read more on the Seafoodsource.com website here.
Perhaps not unrelated to the above, Indian authorities have reported an all-time high in seafood exports in FY 2022-23 with growth of around 27 percent by volume and 4 percent by value over FY 2021-22. The growth was driven by shrimp exports to the USA. China was another major customer. Read the announcement here. More Indian media relating to this story