VASEP Highlight - April 2023: Changes in seafood products and markets in the first quarter of 2023
Over $1.8 billion and a negative growth of 27% in the first quarter of 2023, showing that the situation in the seafood market is more difficult than expected.
The US economy is unstable, gasoline and electricity prices have dropped, but food prices are still high. The US consumer, especially the low-income class, had to change their diets and food purchase channels. There has been a trend that many consumers consider choosing chicken, beef or pork instead of seafood. Grocery stores with discount programs often have better sales than large supermarkets. More and more people are choosing to buy home-cooked food to save money.