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Abstract
Gaining insights into consumer perceptions of newly developed food products is essential for enhancing their success in the marketplace, as it allows for refining products to align with evolving consumer preferences and aids in the formulation of effective marketing and pricing strategies. This study examines consumer insights for four newly developed, convenient, and healthy U.S. farm-raised catfish products using sensory evaluations and consumer willingness to pay (WTP) elicited through Vickrey’s second-price experimental auction. Using Elastic Net (EN) regularized regression, we identified key sensory and demographic attributes affecting consumer preference and WTP. Results indicate that consumers favor these catfish products over similar market options, with taste emerging as the most significant sensory attribute driving WTP, followed by texture and smell. Additionally, demographic factors such as age, education, gender, and race significantly impacted WTP. We also evaluated the suitability of the organoleptic attributes for each product, providing recommendations for improvement where needed. This research supports product reformulation and marketing strategies and offers valuable insights for future seafood product development initiatives.
Published Version
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