The US seafood industry is facing a major threat to its livelihood.
A new report shows that while the US economy could use more seafood, a growing number of Americans are not willing to spend the extra cash to buy it.
The report, “The Great Food Bubble,” published Tuesday by the non-partisan Institute for Food Policy and Promotion, found that Americans are spending more money on seafood than ever before, as consumers increasingly seek out more affordable options.
In fact, just two years ago, the US was on track to be the world’s biggest importer of seafood.
“Americans are spending almost twice as much on seafood as we did five years ago,” said Amy Osterholm, an assistant professor of economics at the University of Illinois at Urbana-Champaign and co-author of the report.
“The problem is, we don’t have a whole lot of seafood in the US.
It’s been declining for years.”
“Food insecurity” is the phenomenon where consumers are having a hard time getting enough food to eat and are unwilling to spend more on something that they might have otherwise.
“Food in the U.S. has been stagnant for a long time, and consumers are starting to feel a little bit more vulnerable,” said Osterhammer.
“That is, people are worried about the food that they can afford to buy.
And that’s the trend that we’ve seen over the last two years.
People are worried that the economy is going to be in trouble.
We have seen a lot of that over the past two years.”
Osterhamm says she and her co-authors came to the conclusion that Americans aren’t buying enough seafood to keep up with the increasing demand.
“If you’re going to have a high price, it has to be there,” she said.
“We don’t want people to feel that they’re getting the wrong seafood.
We want the seafood to be safe.”
The study found that the average US household now spends more than $3,000 on seafood, up from $2,000 in 2013.
But that increase has not been matched by an increase in consumers’ willingness to spend on the seafood.
In 2017, an average American household spent about $7.50 per day on seafood.
But in 2016, that amount jumped to $14.50.
The reason for the discrepancy?
The report says Americans are buying more expensive items.
In addition to seafood, consumers are spending money on “specialty” items like steak and lamb chops and on specialty seafood like salmon.
The authors also found that in 2017, the average household spent $1,200 on food that was “speciality.”
But that amount rose to $1.80 in 2016.
“People have been eating a lot more expensive seafood for years, so they are looking for more affordable seafood,” Osterheim said.
For example, an American who lives in a city in the South would spend about $4,000 a year on food items that cost more than half the price of a similar-sized American meal.
But an American in the Midwest would spend less than half of that amount on food, the study found.
The food prices of other countries have also been rising, which has made it harder for Americans to afford the same kinds of food.
A recent report from the National Bureau of Economic Research found that U.N. statistics show the average global price of food has gone up in the past 10 years, but that prices of American food have stayed relatively flat.
The study says Americans have also lost more than 1 million jobs since 2009, which is when President Donald Trump took office.
“There is a lot going on in the world and it is very hard to be economically active,” Oesterhammer said.
And the food supply is not always stable.
In many cases, the price and availability of a particular food is constantly changing.
“In many places where we have a lot supply and demand, we see some pretty big price spikes and then some price drops,” Oosterhammer said, noting that this is a problem in many other parts of the world.
But even when there is no big price spike or a price drop, people still need to eat the food.
“A lot of times, we’ve got to make do with a lot less,” she explained.
Osterkamp says that people often have to make hard choices when buying a new dish.
“When I go out to buy a new steak, I’m thinking about the price, and I’m not thinking about all the things that I’ve seen on television that might be a better way to go,” she added.
“I’m thinking, ‘What is the best way to get this steak?'”
OsterHamm says that while many people are still going out to restaurants to get a new fish, they aren’t going to go out and buy it at the same time.
Instead, they’re going out for a meal and then grabbing something else. O