ANALYSIS: Salmon By-products And Its Role in Pet Food 

Walking down the pet food aisle, a theme that one would most likely observe is that it has grown. It not only appears to have grown but it is also getting increasingly more specific. Long are the days of buying basic kibble for your canine friend. More and more pet-owners are not only splurging on their pets but also paying closer attention to what they are feeding their companions.

Salmon has developed into a staple in the pet food aisle, along with many other...

The Retail Rundown: Competition for Ad Space Intensifies

As the final full week of July comes to a close, the retail sector is promoting at-home eating during the dog days of summer, a time when protein consumption typically drops due to the heat and fewer major retail buying occasions.

Competition for ad space is heating up, with seafood and pork leading the way, each capturing 25.8% of retail buying opportunities this week. Beef follows with 22.4%, unchanged from the previous week. Chicken has increased to 17.7%, up from 16.4% last week. Eggs account for 4.5%, with most feature activity...

ANALYSIS: EU and UK Shrimp Imports Pick Up in Spring 2024

We have recently observed a positive trend in the European shrimp market after a seasonal dip in imports in February and March.

According to the latest data from Global Trade Tracker, EU and UK imports of shrimp from tier regions reached 53,847 MT in May 2024, a 5.5% progression since April, which was 10.6% up since March. All in all, from January to May 2024, EU and UK shrimp imports grew by 4.1% year over year.

However, May volumes are down 3.9% compared with...

ANALYSIS: June U.S. Shrimp Imports Expected to Decline

Expana’s Lead Analyst Angel Rubio forecasts June 2024 shrimp imports to come in at 122 million pounds, which would be a little over 10 percent below the 136.278 million pounds in June 2023.

This would bring the H1 total to 776.1 million pounds, down 2.3 percent from 794.601 million pounds in the first six months of last year.

Importers have been working on leaner inventories as the cost of capital and storage has increased and in country supplies have been good to meet current needs. However, challenges in...

The Retail Rundown: Grocers Vie with Foodservice During Peak Travel Season

Summer is usually the peak demand period for foodservice, as warmer weather encourages vacation plans and out-and-about activities. As more consumers embark on trips, spending is typically increased at restaurants and bars.

Data released by the U.S. Census Bureau on Tuesday showed that restaurant business rose 0.3 percent last month, likely supported by the summer travel season. Overall retail sales in June remained unchanged from May, outpacing expectations for a decline. Stock futures climbed following the stronger-than-expected data, sending the Dow Jones Industrial Average to... 

ANALYSIS: Crab Meat Imports Surge 25.2 Percent Over Last Year

Outside of 2022, crab meat imports are topping the highest levels seen in recent years. Overall, year-to-date, total crab meat imports are 25.2 percent higher. When looking strictly at pasteurized and fresh crab meat products, through May 2024 it’s the second highest volume of imports on record, again behind 2022.

When looking further at the breakdown of crab meat imports, we observe that Indonesia, the leader in the crab meat category, is seeing a 28.7 percent YTD increase while many other countries...

ANALYSIS: Brazil Shifts Lobster Trade Away from the U.S.

Shipments of lobster tails from Brazil to the United States have fallen close to 50 percent in the last two years. Census data reveals that between 2017 and 2021, U.S. importers sourced an average of 3.03 million pounds of lobster per year from Brazil. However, in the last two years (2022 and 2023), that number has fallen to 1.602 million pounds, which represents a 47 percent reduction.

This shift may not be due to any change in the appetite of the U.S. consumer but rather an increase in...

ANALYSIS: Atlantic Halibut Market Experiences Significant Price Volatility in 2024

The Atlantic halibut market continues to experience significant price swings in 2024. At the beginning of the year, prices were well into the $15 range, but they have now dropped to about half that amount. While market volatility is not uncommon, this year is seeing larger-than-usual fluctuations.

The year started with an average price of $15.75 per pound, then dropped sharply by 34.9% to $10.25 per pound by early February. Prices strengthened through Lent but dropped off...

ANALYSIS: Argentina Shrimp Exports Slightly Down in 2024

The Argentinian National Institute of Statistics just released May figures for shrimp exports, accessible in GTT. Argentinian exports of wild shrimp in May 2024 progressed by 2.3% month-on-month, but they declined by 10.3% year-on-year. This is following a strong fall observed in the first quarter, with a slowdown of the demand, particularly from China, as well as political tensions in the country which impacted negatively export capacity.

Since January, Argentina sent 41,516 tonnes of muelleri shrimps abroad, which stands 15.7% lower than same time last...

ANALYSIS: Farmed Salmon Complex Looks Weak Heading into July

Heading into the week of Fourth of July, the farmed salmon complex in the U.S. market looks to be feeling more of the “heat” of the summer doldrums. All origins — Canada, Chile, Norway, and Scotland — saw readily available supply this week, coupled with a fair to at times report of lackluster demand.

From a historical perspective, the farmed salmon complex in 2024 was ahead of the curve for most of the month of June. The farmed salmon index was above the 5-year average for most of the month, ranging...

ANALYSIS: Indonesian Crab Meat Hits All-Time Import Record for Month of April

Indonesia saw a significant rise in imports in April 2024 compared to March 2024, up 64.5 percent. Overall imports for crab meat in the month of April were 35.8 percent higher than March 2024. Year-to-date, crab meat imports are also up 27.4 percent, with just about all countries of origin seeing double digit increases. The exceptions are Mexico and Thailand.

Indonesia, which holds a 48.4 percent market share, has seen its share increase in comparison to last year, up...

ANALYSIS: The Squid Market Faces Supply Fluctuations and Increasing Freight Costs

The squid market is currently navigating a complex landscape, with conditions varying significantly based on species and origin.

In the U.S., the supply of Chinese Loligo squid is ample, outpacing the moderate to quiet demand trends currently reported within the wholesale market. Because of this lackluster demand, prices for Chinese Loligo have decreased this year despite an 8% retreat in year-to-date imports compared to last year. Currently, the average price for 5-8 inch tubes and tentacles (T&T) is...

ANALYSIS: Increasing Freight Drives Pressure on Value Finfish

The frozen fillet market for tilapia, pangasius, and catfish is experiencing shifts due to a variety of factors impacting both supply and demand. Recent developments in ocean freight rates, weather conditions, and supply chain disruptions have all contributed to the current market dynamics.

Tilapia

Tilapia pricing has steadily increased for the past year due to several key factors. U.S. importers face lower inventory levels, as anticipated supply improvements by late May or early June were delayed by unusual weather patterns in China's producing areas of Guangdong and...

ANALYSIS: EU Shrimp Imports Stable in Q1 Thanks to Spanish Market Boost

Between January and March 2024, the European Union imported 133k MT of shrimp of all species from any origin ex-EU. This represents a slight growth of 1.7% compared with Q1 last year, and a strong progression of 16.2% compared with the pre-COVID period of Q1 2019.

When looking at each country, the position of Spain as the largest importer of the region is confirmed again this year. First, its share of EU shrimp imports progressed from 27.1% in Q1 2023 to...

The Retail Rundown: Raising the 'Steaks' for Father’s Day

The Memorial Day and July 4^th holidays are popular burger occasions, whereas Father’s Day is typically geared toward steak consumption. Fittingly, grocers have upped the feature volume for steaks ahead of the upcoming holiday weekend.

Steaks currently make up 43.3% of total retail buying opportunities within the beef complex, up from 37.7% the week prior. Ground beef ads also saw a week-over-week advance, now holding 35.3% of beef’s total retail activity. Feature activity for roasts has eased as fewer households utilize their ovens during the hotter weather.

ANALYSIS: Frozen Salmon Down Almost 20 Percent Through April

Imports for the month of April were released earlier this month and imports of frozen salmon are down almost 20 percent year-to-date. Through April, total frozen salmon imports are down 19.5 percent and, on a month-to-month basis, imports are down 19.6 percent comparing April to March of 2024.

Chile, the main driver in the category, continues to lose market share and is down to a 63 percent share for frozen salmon. Norway is at a 21 percent market share. If you...

ANALYSIS: Farmed Salmon Northeast Whole Fish Update

The farmed salmon whole fish market in the U.S. continues to be volatile with all origins oscillating. Post-Memorial Day weekend has seen the market move lower out of most origins. At current, Norway is down 31 percent from the 3-year average, Scotland is 35.8 percent lower than the 3-year average, and the Northeast Canadian 12–14-pound fish is also behind 15.4 percent from the 3-year average.

In looking at imported levels from the above origins, Canada is up significantly from year-to-date levels through May, up...

ANALYSIS: Diverging Trends in the Imported Crawfish Market

There have been two opposing storylines regarding imported crawfish in the United States this year, depending on the product form: whole cooked crawfish or tail meat. In 2024, tail meat prices have declined, while whole cooked products have firmed.

Tail meat prices from China and Spain has retreated for most of the year, reaching the lowest levels in the last five years. The average price for Chinese 100/150 ct. tail meat is about $6.50 per pound, which is 16% lower than the same point last year and...

ANALYSIS: Frozen Tuna Demand is Flat While Rising Freight Costs Loom

According to the latest U.S. Census import data, year-to-date (Jan-May) 2024 frozen tuna imports from all countries total 31 million pounds, marking a 6.1% increase compared to the same period last year and trending 6.31% higher than their 10-year year-to-date average of 29.1 million pounds. Import trends turned positive for the first time in March 2024, following a slowdown in 2023.

Indonesia leads in year-to-date (Jan-May) imports with 12.2 million pounds, marking a slight 0.2% increase...

ANALYSIS: Wild Salmon Week in Review: Week 28, July 7-13

Sockeye pricing fell slightly this past week due to supply outpacing demand. Bristol Bay started slowly, but landings increased to levels similar to 2023 in week 27. However, week 28 experienced another decline, with 9.9 million fish landed, down 20.5 percent from last year's total of 12.5 million for the same week.

Copper River sockeye prices also retreated due to strong landings. In Week 22 of 2023, Copper River saw a catch of 265,000 fish. Week 27 the catch surpassed...

ANALYSIS: Uncertainties Within Cod, Haddock, Pollock Amid Geopolitical And Economic Factors

The U.S. wholesale market for groundfish is currently experiencing a complex and unsettled environment. Despite pricing remaining relatively steady, the undertone across the sector is highly unsettled, reflecting a range of economic and geopolitical factors influencing market dynamics. With upwards pressure on the market, including but not limited to supply challenges driven by Russian sanctions and reduced quotas, as well as rising replacement, freight, and cold storage costs and availability, sluggish demand within the U.S. has tempered the upwards pressure on wholesale prices during the height of summer...

The Retail Rundown: Dog Days Dull Buying Occasions

Holiday retail meat clearance last week was reported as mostly positive albeit a bit scattered due to varying weather conditions across the country. This week, extreme heat and record temperatures are expected to persist in the Western and Eastern U.S.

The sweltering conditions that typically accompany the dog days of summer make it challenging for retail to capture regular meat purchases. The egg case also typically sees fewer purchases around this time of year as consumers opt for cold breakfasts like cereal and fruit...

ANALYSIS: Farmed Salmon Import Update

Imports for May were released the week of the Fourth of July and there are several observations.

Farmed frozen salmon continues to month-to-month declines as May 2024 trails April 2024 by 6.9 percent. Overall, year-to-date, total frozen farmed salmon imports are 21.4 percent behind 2023. Through the first 5 months out of the year, 2024 is the lowest volume seen in the last three years. These lower frozen imports come after back-to-back record setting years for frozen farmed salmon...

The Retail Rundown: Retail Segment and Temperatures Heat Up Ahead of Holiday

The retail segment is heating up for the July 4^th holiday, as are the temperatures across the country.

Scorching heat along with the holiday falling on a Thursday could dampen this year’s cookouts. Residents in the south-central and West Coast are in the midst of a dangerous and record-breaking heat wave, with blistering temperatures forecast to extend into next week.

Meanwhile, severe weather including flash flooding and strong wind gusts is possible over the next few days across the Plains and Midwest, according to the National...

ANALYSIS: China Slowing Shrimp Buying from Ecuador

Despite being the top importer, and still the number one partner with Ecuador, China shrimp imports continue to lag this year, putting pressure on shrimp producers from the region.

In 2023, total exports to China accounted for nearly 59%, with the United States a distance second at 17%. With the new data released from Camara Nacional de Acuacultura (CNA), exports to China in May 2024 were 153.419 million pounds. But the overall share has dropped to just over 53% through May, highlighting the shifting dynamics in the market. Exports shifted to...

ANALYSIS: Wild Salmon Week in Review: Week 25, June 16-22

Sockeye prices continued to decline last week as landings increased in several regions, including Prince William Sound, Alaska Peninsula, Bristol Bay, and Barclay Sound in Canada. With more product landing, supplies are becoming more available, leading to downward pricing pressure. Some industry observers note that prices have dipped somewhat earlier than usual. Typically, prices drop when Bristol Bay's harvest peaks, but despite fishing having commenced, substantial landings have not truly begun. There are some indications of a weakening sales volume demand; for instance, market participants report...

ANALYSIS: 2024 Pacific Halibut Season Update

Supply

We are currently in the third month of the 2024 Pacific halibut season, which began on March 15 and will conclude on December 7. This year's overall annual catch limit is set at 35.29 million pounds, marking a 5% reduction compared to 2023, with commercial landings experiencing a 3% cut. As of week 21, year-to-date Pacific halibut landings total 5.41 million pounds, showing a 6.09% decrease year-over-year and a 13.07% decrease compared to the five-year year-to-date average.

The season started strongly, with...

ANALYSIS: Snow Crab Retail Features Lag Last Year 7.7 Percent

Snow crab market mid-June

The Canadian snow crab market mid-June has been reported to be moderate to fair out of Newfoundland. 5-8s continue to be the dominate size available over larger-sized crab, 8s and 10s. As of this writing, 70 percent of the snow crab catch out of Newfoundland has been caught. As we have reported previously, all of the Gulf quota was caught. Market participants report movement is steady, most state the market not to be robust, but also not...

ANALYSIS: Drop in Conch Imports Tightens U.S. Supply and Begins to Elevate Prices

At the year’s midpoint, the Honduran conch season is coming to a close, resulting in the supply of 100% clean product tightening up and the overall market to firm. According to U.S. Census import data, currently available through April 2024, conch imports into the U.S. totaled 2.25 million on a year to date basis, a 13.5% decrease compared to the same 2023 timeframe. This is the lowest January through April YTD volume since 2021, when imports reported just under...

ANALYSIS: YTD Scallop Imports Pacing Ahead of 2023

At the start of June, the third month of the 2024 Atlantic sea scallop season, supply constraints are already impacting larger sized scallops. Unlike in the 2023 season, size mix trended larger in comparison to previous years with Closed Area II producing the majority of U10 sized scallops. In 2023, the volume of U10s landed increased 105% from 2022 per the New Bedford auction. With Closed Area II remaining open for the 2024 season, industry players were not anticipating seeing an abundance of larger sizes again from...