High inventories, cost-of-living crisis challenge US shrimp market

The US shrimp market is struggling to shrug off the global cost-of-living crisis despite prices at rock-bottom levels.

Seafood consumption in the US has slowed over the past six months with consumer confidence ebbing, mostly as a result of inflation, although unlike some seafood items, shrimp prices have been softening, according to Jim Gulkin, managing director of Thailand-based exporter Siam Canadian.

"Shrimp demand has been slower than normal for this time of year. There is a still a problem in the US market of excess, higher-priced inventory and current weaker pricing from Asian and South American origins," Gulkin told IntraFish.