"The overall seafood industry remains unsettled," David Branch, Wells Fargo's agri-food institute sector manager, said in a fourth quarter update on food trends in the United States.
He noted that harvesters as well as processors and distributors all continue to deal with the negative impacts of inflation coupled with rising interest rates on the overall seafood supply chain.
Branch noted that while all of the groups in the seafood supply chain rely on "some type of borrowing" to finance and operate their businesses, the cost of financing for each link in the seafood supply chain "has effectively doubled, which created need for some type of price increase at each level of the supply chain."
