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Fish and Seafood Trends in the U.S.

United States seafood market: $17.1 billion industry forecast by 2017


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2014-02-17 04:12:02 - Fish and Seafood Trends in the U.S. - a new market research report on companiesandmarkets.com

Retail sales in the United States seafood market and fish industry is suggested to have reached a value $13.3 billion in 2008, and hit $14.7 billion by the end of 2012. It is forecast that by 2017 the industry will be worth around $17.1 billion, growing at a CAGR of 3.1% between 2012 and 2017.The growth in dollar sales was offset by declines in both unit sales and volume sales in most retail fish and seafood categories with the exceptions of the frozen fish/seafood segment (which includes both prepared and non-prepared fish and seafood products) and frozen raw shrimp.The fish and seafood industry is at an odd crossroads. Dollar sales are up, yet unit sales and volume sales are down.

 

 

Consumers look to fish and seafood as a healthier source of protein than meat and poultry yet they worry more about spoilage and contamination of fish than they do of meat. In addition, marketers and retailers remain wary of aquaculture products even as they are urged by government and non-governmental agencies and marketers, retailers and foodservice operators to be concerned about the sustainability of major fish and seafood species.The recessionary economy experienced in the 2008 to 2012 period takes the blame for the unit and volume sales slowdown. Consumer use of private label alternatives to branded fish and seafood products took a giant leap forward between 2008 and 2012, going from less than four percent to over 30 percent in the four-year period as shoppers watched their budgets.Going forward, the pace and robustness of the recovery will determine how overall sales improve for fish and seafood and which of the various categories will enjoy the most growth.

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