The fish and seafood category generated almost $16 billion in total U.S. sales for 2010, making it a good catch for both consumers and retailers. However, it is somewhat unique in that a good portion of its revenue is generated by random weight, non-UPC coded items, making brand development a challenge. At the same time, it is susceptible to economic factors as its biggest segment (fresh seafood) is also the most expensive.
Adding to the mix is the threat of natural and man-made disasters playing havoc with product supply. The year 2010 saw continued economic woes combine with the BP Gulf Coast oil spill to create a perfect storm of challenges, the likes of which have not been seen for a number of years in the fish and seafood industry. With this in mind, this report is focused on providing insights on the following topics to find out how the industry is navigating previously uncharted waters:
- What effect did the extensive media coverage of the BP Gulf Coast oil spill have on consumers’ perception of fish and seafood and how did it impact buying behavior?
- Given the continued recession, how did fish and seafood consumers balance their interest in eating better with the economic realities of having to closely watch their food budget?
- What are some of the latest restaurant menu trends, and are they having an impact on the type of fish and seafood that is eaten in-home?
- Does out-of-home fish and seafood consumption offer sales opportunities to branded fish and seafood manufacturers?
- Which retail channels are better equipped to market fish and seafood products, and what are they doing to leverage their competitive advantage to attract fish and seafood shoppers?
- Within the category, how are the various segments performing, and what are they doing to either build or regain sales momentum?
- What are the major market drivers and how do they interact with the overall competitive environment in a category where branded sales tend to be concentrated among a few key players?
- As social media continues to emerge as a marketing tool, how effective have fish and seafood marketers been in using resources like Facebook, and what are they doing overall in terms of their marketing strategy to connect with their target audience?
- What is the latest with regard to innovation, and is there enough being done in this area to generate excitement for the category?
- Compared to other shoppers, fish and seafood consumers tend to be more environmentally aware. How does this enter into how fish and seafood manufacturers bring their products to market, and does it sync with what shoppers are looking for?
- What role do key demographic factors such as race, income, gender, etc., play in the fish and seafood category, and what is their impact on the category for both the short and long term?