3MMI - Seafood vs Beef, Chicken, Pork - a Center of Plate Protein Analysis

EP 372 | Aired February 5th, 2018

Seafood vs Beef, Chicken, Pork - a Center of Plate Protein Analysis

February 5th, 2018 - In this week's episode we will analyze center of the plate protein costs. The National Fisheries Institute published a report outlining American consumption habits for seafood in 2016, based on recent Government Reports. Seafood consumption is a steady trend over the past five years at between 14 and 15 pounds eaten per capita each year.

Analyst Andy Wink contrasted seafood consumption against other top proteins at the Global Seafood Marketing Conference earlier last month, providing parallels to current protein prices at the center of the plate. Although seafood consumption has risen, it is still less than 10 percent of an average diet for protein consumers in 2016. The consistent rise last year in many popular seafood items is cause for concern for Center of the Plate buyers. Pork and Chicken are consistently inexpensive options for center of the plate, with various beef cuts as the leading cost for meat options. Alaska Pollock is one of the top 5 most consumed seafood items, an affordable choice for fish and chippers at about $1.05 per 6oz serving. We do not foresee any dramatic flucctuations to pollock supply or pricing, although buyers should expect more demand as other whitefish items begin to price themselves off menus. Rising raw material costs on Pacific Cod, Haddock, and Halibut continue to push up single and twice frozen finished goods in North America. Alaskan Shatterpack 8/16 Cod fillet pricing is up about $1 per pound year-to-year to nearly $5 per pound, which equates to $1.85 cost per 6oz serving, much higher than Pork and Chicken now.

--- At the top of the chart is Alaskan Halibut, where pricing is notoriously high and with premiums on fish and chip menus and center of the plate dishes. At $5.11 per 6oz serving, it's a hard sell to center of the plate buyers. The 2018 Pacific Halibut quota was supposed to be announced in the last Friday of January, however, catch limit decisions were deferred until the council makes a firm decision.

--- Salmon is the top most consumed seafood item in 2016 by Americans, and most consumers are familiar with higher price points on menus for items like Sockeye. With the rise in eco-labelling like Ocean Wise and MSC, and stronger interest in "wild caught" seafood, salmon demand has increased for both foodservice and retail. Center of the plate costs for sockeye right now are about $2.75 for a 6oz serving.

--- Seafood consumption patterns are rising without a doubt, but consumer's budgets for center of the plate proteins could factor into demand this year as costs continue to rise too.

TradexLIVE Offer Of The Week

Our TradexLIVE offer of the week is for SINBAD brand Shatterpack cod fillets. These are twice frozen 8-16oz fillets in our 100% Net Weight Guaranteed Sinbad brand, available this week in Los Angeles for $3.05 per pound.

Previous Episodes: