EP 607 | AIRED 09/19/2022
EU Consumer Buying Shift in Q4 - Tilapia, Pangasius
Sep 19th, 2022 - According to the EU Commission’s Summer 2022 Economic Forecast, “Inflation in the euro area is projected to peak at a new record high of 8.4 percent in the third quarter of 2022”.
Increased energy cost is again the main contributor to inflationary pressures in the EU which translates to higher food prices and negative demand effects for consumers.
As fish prices continue to increase across all Eurozone countries, consumers are becoming more selective and favoring lower priced products.
At present, although this behavior shift is still currently being masked by tourist season spending, as the summer comes to a close this new market environment will become more evident.
Products in the Tilapia and Pangasius market have already seen increased demand in August.
Statistics show there is a general trend toward fish price stability and according to the European Price Report, around 75 percent of prices have remained unchanged - where 15 percent has increased and 10 percent decreased.
Although we remain optimistic of consumers splurging for The Holiday Season and Lent, our recommendation is to take a closer look at your value priced fish offerings.
Tradex Foods is an expert in the sourcing, production, and distribution of value priced whitefish such as Tilapia and Pangasius to Hake and Whiting.
As food consumption continues to decline, for the full second quarter of 2022 household food consumption decreased by negative 2.3 percent compared with the previous quarter. CHECK OUT OUR #WhatsGood CAMPAIGN
Which Seeks To Spotlight Something “Good” Happening In The Seafood World As Opposed To Unfortunate News.
However, as the pressures from energy prices and supply constraints fade, economists expect inflation to decline steadily thereafter and to fall below 3 percent by the end of 2023.
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