Seafood Restaurant News and Updates

According to the seafood restaurant news reports, the restaurant and foodservice industry is projected to surpass $1 trillion in sales for the first time in 2024 with an expected addition of 200,000 jobs bringing total employment to 15.7 million.

The overall restaurant and foodservice industry is projected to exceed $1 trillion in sales for the first time in history in 2024.

The restaurant industry is on track to add approximately 200,000 jobs bringing total employment to 15.7 million by the end of 2024.

Seafood is viewed as a healthier protein option leading to a rise in consumer interest in seafood dishes.

The average inflation rate from January to April 2024 was around 3.78%, lower than previous years, which may help stabilize seafood prices and encourage dining out.

However, 98% of restaurant operators report challenges due to higher labor costs and 97% cite increased food costs.

According to the seafood restaurant news reports, 45% of operators anticipating stronger competition compared to the previous year. Approximately 38% of operators reported that their restaurants were not profitable last year.

Fresh seafood sales saw a decline of 5.7% in November compared to the same month in 2022 with a volume drop of 7%. Despite this, the category generated $417 million in sales for the month and approximately $6.3 billion for the year ending November 26, 2024.

Sales of prepared seafood items such as sushi and seafood salads are expected to continue growing. Seafood appetizers surged nearly 210% in November.

Many consumers are cutting back on non-essential purchases including seafood due to economic pressures. Only 15% of surveyed households reported improved financial situations compared to last year. This has led to decreased demand for higher-priced items like shellfish, despite lower prices for crab and shrimp.

The foodservice sector is still recovering from the pandemic, with an 8.6% rise in seafood servings out of home compared to previous periods, however, this remains about 20% lower than pre-COVID levels in 2019.

According to the seafood restaurant news reports, the global seafood market is projected to grow from $386.73 billion in 2024 to approximately $837.17 billion by 2032 driven by increasing consumer interest in pescetarian diets and processed seafood products.

The overall restaurant industry is forecasted to exceed $1 trillion in sales for the first time in history in 2024 with a projected addition of 200,000 jobs.

In October 2024, the Federal Trade Commission cautioned major US seafood restaurant chains against misleading claims regarding locally sourced seafood. This warning followed complaints from the domestic fishing industry about deceptive advertising practices.

The FTC addressed that any representation suggesting local sourcing must be accurate, as the US imports approximately 80% of its seafood. Chains like Red Lobster and Long John Silver’s received letters from the FTC.

On November 14, 2024, it was reported that Bonefish Grill and Outback Steakhouse experienced declines in revenue during Q3 2024.

The Indian Department of Fisheries announced on November 11, 2024, the establishment of a Tuna Cluster in the Andaman and Nicobar Islands. This initiative aims to enhance tuna production and increase local fisheries under the Pradhan Mantri Matsya Sampada Yojana.

Armour House, Birmingham: This new upscale steak and seafood restaurant opened on November 8, 2024. Located in downtown Birmingham, Armour House features a menu that includes brasserie-inspired dishes such as Black Angus Beef Tenderloin and Bluefin Tuna Crudo. The restaurant can accommodate 116 guests.

Bluefin, Jamaica Plain: A second location of the popular seafood takeout spot Bluefin has opened in Jamaica Plain. This new establishment continues to offer its New England seafood menu.

Baleia, South End, Boston: This Portuguese-inspired restaurant opened in November 2024 featuring a seafood-heavy menu that evokes a summer vacation vibe. The colorful interiors and focus on fresh seafood aim to attract diners looking for unique culinary experiences.

Bridges, New York was opened in November, Bridges is the first solo venture of a former head chef from Estela. The menu includes dishes like grilled king crab and sardines with anchovies.

According to the seafood restaurant news reports, Fresh seafood prices averaged around $9.19 per pound, higher than other animal proteins such as chicken ($2.99), pork ($3.21) and beef ($6.44) per pound.

Despite a slight decline in fresh seafood sales volume by 5.7%, the category still generated $417 million in sales for November 2024.

While fresh seafood sales faced challenges, prepared seafood items like sushi and seafood salads experienced growth with sales of seafood appetizers surging nearly 210%.

Sales of higher-priced shellfish items including crab and lobster have seen drops. For instance, crab sales declined by 15.6% in value and 11.9% in weight, while lobster sales decreased by 9.1% in value and 17% in weight.

Shrimp prices have been low, with reports of near-record low prices contributing to decreased consumer interest despite lower costs. Fresh shrimp sales fell by 2.9% in value but rose slightly by 2.7% in weight.

High grocery inflation over the past two years has led many consumers to cut back on non-essential purchases including seafood. Approximately 45% of shoppers reported reducing spending on non-essentials.

Although food-at-home inflation has shown signs of easing, consumers remain cautious about their spending habits.

Only 15% of surveyed households reported improved financial situations compared to the previous year.

According to the seafood restaurant news reports, the US Department of Agriculture predicts overall food inflation to slow down to about 3% in 2024, with grocery prices expected to rise around 1.6%, while restaurant food prices may increase by approximately 4.3%.

Seafood Restaurant Openings in November 2024, As of Seafood Restaurant News Reports

Restaurant Name	Location	Opening Date
Pearly Cow	Brighton	November 22, 2024
Armour House	Birmingham	November 8, 2024
Margo	Glasgow	October 30, 2024
Hotori	London	November 18, 2024
AngloThai	London	November 11, 2024
SOLE	Dublin	Recently opened
Saint Peter	Sydney, Australia	Recently opened
Artisan	Saint Lucia	Recently opened
Marina Cay Bar & Grill	British Virgin Islands	Recently opened
Mayta	Lima, Peru	Recently opened
Uliassi	Senigallia, Italy	Recently opened
La Colombe	Cape Town, South Africa	Recently opened
The Jane	Antwerp, Belgium	Recently opened

Top Seafood Restaurants in the World, As of Seafood Restaurant News Reports

Le Bernardin in New York City is a three-Michelin-star restaurant celebrated for its exquisite seafood dishes that focus on freshness and technique. Since its opening in 1986, Le Bernardin has maintained its reputation as one of the finest seafood establishments globally.

In Tokyo, Sushi Sugita offers a great dining experience that is famed for its omakase menu, where the chef selects the freshest seafood of the day.

The River Cafe in London is located on the banks of the Thames and features a menu that highlights fresh seafood alongside Italian-inspired dishes. Known for its grilled fish and seasonal seafood pasta, this restaurant combines high-quality ingredients with a beautiful riverside setting.

In Madrid, Casa Revuelta is situated near one of the largest fish markets in the world. This small eatery specializes in various tuna dishes and traditional Spanish seafood tapas. Diners can enjoy tuna prepared in multiple styles, paired with local wines offering a delightful taste of Spanish culinary traditions.

Lastly, Walrus and the Carpenter in Seattle is a popular oyster bar known for its casual atmosphere and extensive seafood menu that captures the essence of Pacific Northwest cuisine. The restaurant is famous for its grilled sardines and a variety of fresh oysters.

Top Seafood Restaurants in the World, As of Seafood Restaurant News Reports

California Fish Grill is planning to expand its presence on the East Coast with up to 11 new locations in the works for 2024. This fast-casual seafood chain, which has already doubled its total number of locations over the past five years and plans to enter markets in Virginia, Maryland and Washington, D.C.

The Newport Beach-based chain showed sustainable seafood practices and has reintroduced mahi mahi dishes after ensuring responsible sourcing standards were met. This expansion is part of a strategy to scale their business across the United States with projected sales expected to reach around $135 million for 2023.

Captain D’s, another player in the fast-casual seafood segment. It is also charting a course for expansion into the Northeastern United States and Canada. The company has signed franchise development agreements that will see new locations in New York, New Jersey and Toronto.

Captain D’s has experienced three consecutive years of same-store sales growth and is capitalizing on its successful franchise model. The brand is known for converting vacant properties into new restaurant sites, which helps streamline costs and expedite openings.

In 2023 alone, half of Captain D’s new openings were conversions from other restaurant brands.

Tai Er, a Chinese restaurant chain specializing in pickled fish dishes. It is planning domestic and international expansion. The company intends to open around 100 new locations in China and about 20 internationally including North America and Southeast Asia.

In London, Shrimp Shack is set to open its second location in Camden as part of its franchising strategy. Following the successful launch of its first restaurant in Streatham in December 2023.