While the levels of inflation seen over the last two years are starting to wane, food prices have remained stubbornly high, forcing consumers to cut their food spending on a range of items, including seafood.

The USDA predicts prices for fish and seafood will increase by only 1.1 percent in 2023.

"Food stuck out as being one area where you continue to see the stubborn inflation, more so than energy," Michael Richard, a Wells Fargo senior relationship manager, told IntraFish.