Pandemic Has Taken a Bite Out of Seafood Trade
How has the COVID-19 pandemic affected seafood trade? And what does the future look like for the industry? Come check out our article to find out.
America's seafood industry has been detrimentally impacted by the COVID-19 pandemic. A significant drop in imports and exports of seafood, along with a reduction in catch of certain species, has hurt the US seafood industry and will likely continue to do so in the future.
A Drop in Demand and Trade of Seafood
The results of a new study measuring the impacts of the COVID-19 pandemic on US seafood businesses have revealed that the peak of the pandemic in the US has led to more than a 70% decrease in the nation’s demand for seafood. Additionally, the study found that seafood imports reduced by roughly 37% and exports fell even more, by 43%, from January to September of 2020, in comparison to 2019’s figures.
Certain states in the US felt the economic impacts of this reduction in trade more severely, with Alaska, Louisiana, and Maine suffering the most due to their heavy reliance on seafood trade.
COVID-19 Impacts Global Seafood Industry
However, the US’s seafood industry isn’t the only one suffering from the pandemic. New data has shown that the global seafood industry has been significantly damaged this year, mainly due to the disruption of supply chains caused by worldwide restrictions and lockdowns enforced to protect domestic food supplies and curb the spread of the virus. These measures have reduced trade in most industries, especially the food industry.
However, with vaccines becoming widely available and COVID-19 cases going down, the global seafood industry has a chance to recover and reach a global market size of $138.7 billion by 2027.
A Chance for the US Seafood Industry to Rebound
The US seafood industry, in particular, has the strength to bounce back rapidly from the aftermath of the pandemic. During government-implemented lockdowns, home cooking and food delivery became increasingly popular in the US, which helped support the seafood industry as its main revenue streams dwindled. Once trade returns to normal, the industry may do even better than before the pandemic.
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