Global demand for lobster surges

Tom Adams, the founder, owner and CEO of Maine Coast in York, recently honored by Mainebiz as its 2016 medium-size fastest growing company, says exports have played a big role in the company’s success. Four years after a glut led to the cheapest lobsters since the 1980s, prices on average for lobster are up 37% this year and the highest on record going back decades. But that hasn’t dampened demand. Bloomberg reported that U.S. and Canadian fishermen are catching more lobster than ever in recent years, yet output hasn’t kept pace with demand: Exports to China are surging and American restaurants increasingly are adding lobster to various dishes on their menus. “The market now is outstripping the supply,” Bernie Berry, president of the Yarmouth, Nova Scotia-based Cold Water Lobster Association, which represents fisherman in Canada, told Bloomberg. Read the rest here 12:00