Alaska seafood giant Trident Seafoods said it is delaying construction of its new Unalaska processing plant in Alaska, pointing to "an unprecedented confluence of high inventory levels, low consumer demand and aggressive price competition in global markets."

The company said in a press statement Tuesday it has re-evaluated its 2024 plans to begin construction of the new plant and is delaying breaking ground until 2025. With a projected three-year build plan, the new timeline means the plant would be operational no sooner than 2028.