New Seafood Products Flooding the Market This Week

Catch the Current hosts Amanda Buckle and Lorin Castiglione are back with a roundup of the latest seafood retail releases, diving deep into the latest data from 210 Analytics for October.

This week, Undercurrent News Americas editor Jason Huffman joins the podcast to discuss the surprising resilience of blue and red swimming crab prices despite recent import restrictions.

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Price Trends and Challenges

This week, Amanda and Lorin discussed President Trump’s recent executive order that exempts certain food imports from tariffs—excluding seafood, much to the dismay of many in the industry.

Lisa Wallenda Picard, CEO of the National Fisheries Institute (NFI), expressed concern that the exclusion of seafood from tariff relief is critical. “This is important to lower consumer prices and maintain American jobs in the seafood sector,” Picard stated.

Data from the latest Consumer Price Index shows overall food prices rising, with seafood costs also escalating. U.S. importers reportedly paid around $673 million in tariffs between April and July. The subsequent impact on prices has been severe.

Consumer Sentiment and Sales Trends

October’s retail sales showed a trend towards rising prices in seafood products. Anne-Marie Roerink from 210 Analytics noted that inflation is leading grocery shoppers to tighten their budgets.

Despite inflation, salmon is thriving, with fresh salmon sales increasing by 3.3% year-on-year, capturing approximately $379 million out of a total of $754 million in seafood sales. In contrast, shrimp sales saw a decline, indicating shifting consumer preferences.

New Product Launches

This week also saw exciting new product launches in the seafood market. St. James Smokehouse announced that its cold-smoked salmon products are now available nationally at select Whole Foods. This woman-owned smokehouse has revamped its packaging to offer a modernized look for its premium offerings.

Additionally, Scott & Jon’s has introduced new frozen seafood meals, featuring their latest salmon bowls, set to hit Whole Foods shelves soon.

The Crustacean Conundrum

On the podcast, Jason Huffman shed light on the current situation regarding blue and red swimming crab prices, which remain elevated despite import uncertainties. The recent court decision has given importers a temporary reprieve, with some expecting a slowdown in panic surrounding prices which have soared to nearly $40 for a pound of jumbo lump crab.

While some countries may regain their import status, like Indonesia, Venezuela’s situation remains bleak, promising continued price pressure on the market.

Conservation Concerns Amidst Rising Prices

In a somber turn of events, a juvenile humpback whale was euthanized in Oregon due to entanglement in commercial crab gear, reigniting debates over the impact of fishing on marine mammals. With ongoing scrutiny on the Dungeness crab fishery, it raises questions about the sustainability of current fishing practices.

Join Us Next Time

This week’s discussion touches on various aspects of the seafood industry, including price resilience, new product launches, and significant conservation issues. Be sure to listen in for an in-depth perspective on the current aquatic marketplace.

Stay tuned for more insights next week!