01 Feb Top 10 Things We Learned at NFI ’17
The National Fisheries Institute held its annual conference in San Francisco. Here are the top things that we took away from the meetings and our conversations with attendees. Many of the charts and slides I’ve included are from the NFI and its panelists.
First, the good news. Americans are eating more fish. In terms of “ok” news, foodservice trends (where most seafood is consumed) show that the segment with the smallest share of seafood sales is also the fastest growing, and the segments which move the most seafood are flat to down. That will put pressure on the industry to learn how to menu seafood in quick service restaurants to participate in the growth that’s happening there.
Politics, particularly around imports, represent a potential headwind. Washington is looking at taxing imports, which could be bad given 90% of the seafood consumed in the US is imported (we import more seafood than all other proteins combined, and 20%+ of our seafood imports come from China).
Now to the details. For our core items, scallop landings look set to increase in ’17, driven by smaller scallops. We expect 20/30 and smaller domestic scallop prices to decline due to growing supply, which could be further driven by continued strength in the dollar (20/30 size is enjoyed by Europeans). It looks like haddock and cod will be relatively stable. And although many people are looking at mussels as a commodity, when you peel back a layer, there are dramatic differences in how they are priced.
We have more info in the slides that follow and would be glad to discuss this further should you have any questions.
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