Price outlook diverges for Canada’s top 2 seafoods – Snow crab prices plunged by 60 % in 2022
Canada’s lobster industry is poised to claw its way out of a down year, say analysts, while unsold snow crab stuck in cold storage remains an anchor dragging on the bottom line. Snow crab sales sank and prices plunged 60 per cent in 2022, thanks in part to U.S. consumers who stayed away from luxury seafood as they were battered by inflation. Lobster also took a hit last year, with prices down 30 per cent. The value of Canadian live lobster exports dropped as well, but volumes actually ticked up slightly. Kelly Zhuang of World Link Food Distributors in Nova Scotia says 800 tonnes of live lobster is flown to China from Halifax and Moncton per week. And more charters are expected.>click to read< 13:55
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