Per Capita Seafood Consumption

Considered a luxury good, seafood consumption is highly correlated with consumers’ disposable incomes. The global economic downturn caused per capita seafood consumption to fall 8.7% and 13.2% in 2007 and 2008, respectively. While recovering economic conditions generally bolster demand for seafood, environmental issues can limit seafood consumption. Since the marine habitat is fragile, a petrochemical spill such as the Deepwater Horizon in the Gulf of Mexico can contaminate wildlife. Fish and other sea creatures can die from contamination, while others could pose health risks to humans if consumed. At the same time, the health benefits of seafood support demand since seafood is often seen as a high-protein, low-fat alternative to red meats. However, adverse economic effects from the COVID-19 pandemic have caused consumers to limit expensive seafood purchases. In part because of these factors, per capita seafood consumption dwindled by 6.6% in 2020.

But, a steady rebound in the economy spurred some levels of recovery in the per capita consumption rates with a tempering of declines in 2021 and a substantial boost in consumption rates in 2022. A reason for these factors stemmed from the economic sentiment of the time as more consumers felt more comfortable spending more again on various products, which was helped by the concurrent capturing of fish by domestic producers helped tempered prices from escalating to higher levels despite inflationary pressures. While fish prices grew 5.4% in 2022 compared to declines in 2021, according to StatCan data, the prices for other grocery items, from meat to fruits and eggs expanded more dramatically in comparison, which helped made these items more attractive to cost-conscious buyers at the time. The health benefits of seafood products also made them an effective counterpart to various meat products, making them appealing to health-conscious buyers. In 2023, per capita consumption rates of seafood are set to scale down amid recessionary fears, which similar to the global economic downturn in 2007-2008, will result in more consumers turning to saving instead of spending on more goods in the period, which will hurt per capita consumption rates in the year.