Have you noticed an increase in the price of shrimp? You are not the only one. The recent 15% jump in the price of shrimp is affecting every segment of the restaurant industry from fast casual to fine dining. The price surge was caused by Early Mortality Syndrome, a disease that spread through several Asian shrimp farming facilities and caused a 30% drop in production in late 2013. Shrimp prices are expected to stay high and some restaurants are adjusting their menus accordingly. Even Olive Garden was affected given that shrimp is their most popular protein. On a more positive note, lobster prices are currently the lowest they have been in years.
On the radar:
– Pork prices are at risk of increasing due to an epidemic that is affecting more than 10% of the US pork population. Prices are expected to rise later in 2014.
– Beef supply is again forecast to be at record lows and prices will remain high throughout the first half of 2014.
Blog, Restaurant News