With the 2020 pandemic shaking up the food service and hospitality industry, many sectors of this vast market are taking a closer look at trends in order to adapt to the changes. For seafood suppliers, evaluating ingredients, menu items, and market forces is essential for business longevity. This article takes a comprehensive look at seafood trends for 2023, from production to consumer preferences, and offers actionable insights for industry players.
Today, consumers are increasingly seeking out sustainable, healthy seafood varieties due to rising health concerns and environmental awareness. They demand that the seafood they consume be traceable and harvested responsibly, often searching for certified-sustainable seafood labels or organic certifications. Millennials and Gen Z, as the two most powerful demographics, are driving the increase in sustainability-minded seafood consumption, forcing suppliers to develop innovative strategies to meet this growing demand.
To better understand the market, predictive analytics can give insight into seafood trends before they become widespread. For instance, data gathered from restaurant technology providers can provide invaluable consumer insights and identify core trends in regional preferences and price points for seafood forms, enabling suppliers to set informed market strategies.
The good news is that despite the current disruption, seafood consumption has been steadily increasing in the US, thanks to long-term buyers such as restaurant and hotel owners, and the emergence of newer buyers such as meal delivery services. The emergence of these new customers, for whom convenience and quality are key factors, has opened up new opportunities for seafood suppliers to tap into a larger consumer base. For instance, fresh seafood options like harvested salmon may be featured in meal kits with sauces or sides to add convenience and ease of preparation for customer meal plans.
With the increase in the number of tech-based companies like big data analytics, artificial intelligence (AI), machine learning (ML), and blockchain in the food supply chain, companies can now access comprehensive market insights to facilitate efficient sales and marketing efforts. For instance, sales territories can be identified with data-driven insights to uncover prospective clients with ease, strategically reducing costs. AI and ML can also be used to create digital profiles of consumers to tailor marketing content and strategies to them.
Additionally, restaurateurs are increasingly turning to the usage of kitchen management tools to reduce product wastages and save costs. These tools allow for an optimization of inventory and menu, enabling owners to accurately track production and sales, predict costs, ensure food safety, and reduce waste. Furthermore, these solutions can integrate Big Data analysis, ML, and AI-based insights to inform menu development and enhance the customer experience.
Amid the current ‘Vegan-trend’, however, there’s been a steady rise in demand for plant-based alternatives to seafood, undermining the industry’s potential. As a result, suppliers such as farmers and fisherman must seek other methods of marketing and promotion, such as social media campaigns, to reach target markets that have not yet become vegan.
The seafood industry is due for multiple changes in 2023 and beyond, driven mainly by consumer trends and technological advancements. It’s essential that seafood suppliers, restaurant and hospitality owners, restaurateurs, meal delivery services, and the rest of the industry stay ahead of the market and equip themselves with the necessary predictive analytics and insights to seamlessly ride the tide of seafood trends and remain competitive.
