A continued major worry for the Big Three, who do not seem to have found a way to turn the trend yet. The U.S. sold about 1.5 billion cans of tuna during the 12-month period ending March 2012, a decrease of 3.6% - or about 58 million cans less - from year-end 2010. These figures are based off equivalization factor, where case volume has been equivalized to a case of 48 five-ounce cans. “The decline in volume for both albacore and lightmeat tuna is the direct result of increased retail prices - everyday and promotional price points. The leading brands took pricing action due to escalating fish costs,” says Dave Melbourne, senior vice president of marketing at U.S. tuna processor Bumble Bee Foods.
Tight supply of tuna raw materials is not only causing higher retail prices, but it’s also led to the closure of one tuna cannery. In May, Bumble Bee announced it could no longer sustain its packing plant in Puerto Rico due to the reduced production.
With the rising costs, U.S. consumer demand for canned tuna also continues to wane. Since 2000, about 11% of American families have stopped eating tuna. Light tuna, which represents about two-thirds of the country’s tuna consumption, could now especially lose its budget-friendly appeal to those households with lower incomes.
Young consumers – 35 years of age and under – are also less inclined to buy tuna due to the high prices, availability of alternative lunch options and an overall less favorable perception.
But, while the retail prices of canned and pouch tuna have increased, the positive news is that they have not increased in the same proportion as many other U.S. consumer staples, says Melbourne.
Since 2003, the average price of lean ground beef per pound has sharply climbed 49.2%. Meanwhile, the price of a 5-ounce can of “solid white” albacore tuna has increased by 16.7% and a can of “chunk light” tuna has risen by 41.7%.
With the problem of obesity in the spotlight and the new U.S. Dietary Guidelines last year urging consumers to eat more seafood, Melbourne says tuna couldn't be better positioned as a "go to" food.
“Canned and pouch tuna is one of the healthiest food options available in the U.S. market. It is convenient, versatile, and affordable.”
The leading U.S brands – Bumble Bee, StarKist, and Chicken of the Sea – are expected to step up their marketing efforts to educate and engage consumers.
(seafood.vasep.com.vn) The US remains Vietnam’s largest single market for shrimp imports, accounting for 20% of Vietnam's total shrimp exports globally. As of October 15th, 2024, Vietnamese shrimp exports to the US reached nearly 600 million dollas, marking a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) According to Vietnam Customs, pangasius exports to Canada reached over 1 million USD in the first half of October 2024, a 33% decrease compared to the same period last year. However, by October 15, 2024, total pangasius exports to Canada had reached 32 million USD, reflecting a 10% increase compared to the same period in 2023.
(seafood.vasep.com.vn) Cà Mau is accelerating its digital transformation, developing green industries, and promoting high-tech processing of agricultural and aquatic products, with a focus on sustainable economic growth and environmental protection.
(seafood.vasep.com.vn) The Dong Thap Pangasius Festival 2024, themed 'Dong Thap Pangasius: Green Journey - Green Value', will take place on November 16-17 in Hong Ngu City.
The positive business momentum in the domestic seafood sector could last into the first half of 2025, according to experts.
(seafood.vasep.com.vn) In the first three quarters of 2024, brackish water shrimp production exceeded 1.1 million tons, with export revenue reaching $2.8 billion. The seafood industry has set a target of $4 billion for shrimp exports for the entire year.
While the price of 1 kg of shrimp hovers around 20 USD, the value of 1 kg of chitosan—extracted from shrimp—can soar to 500 USD. This highlights a significant challenge within the seafood processing industry.
(seafood.vasep.com.vn) By October, Vietnam's shrimp exports had generated nearly $3 billion, reflecting an increase of over 10% compared to the same period last year. Shrimp remains the leading commodity contributing to the export turnover of the entire seafood industry.
(seafood.vasep.com.vn) Sao Ta Foods Joint Stock Company (FIMEX VN - HoSE: FMC) concluded Q3/2024 with significant growth in revenue. Specifically, Sao Ta Food recorded revenue of VND 2,845 billion, a 58.6% increase year-on-year. The company's profit after tax reached VND 95 billion, up 6.2%.
VASEP's Seafood Export Report for the third quarter of 2024 provides a comprehensive overview of Vietnam's seafood export performance in the first nine months, with impressive results reaching $7.2 billion—an increase of 9% over the same period last year. In the third quarter alone, seafood exports grew by 15%, totaling $2.8 billion. This growth is attributed to a recovery in demand and prices in key markets such as the U.S. and China, as well as the competitive advantage of value-added products in markets like Japan and Australia.
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