The Brazilian seafood processing industry is retrenching in the face of inflationary pressures, reduced consumer spending and high interest rates, processors trade association ABIPESCA said.
While shoppers are cutting back on higher priced proteins amid a cost of living crisis that has spread across the world as it emerges from the COVID-19 pandemic, seafood processors in Brazil are experiencing sharp rises in raw material costs.
Farmed products have been impacted by higher feed ingredients costs and rises in the price of fuel used to transport products, spurred initially by returning demand and then by fallout from Russia's invasion of Ukraine in February.
