Lobster Demand Rises, High Prices in China and US Markets

The wholesale price of Western Red lobster in China increased +31.67%YoY to 139.64 USD/KG in W2 October 2021, while the wholesale price of lobster in the US rose +46.22% to 20.92 USD/KG in the same period. The US and China were the top importing countries of Canadian lobsters. The decline in exports last year caused the value of Canadian lobster exports to the US and China to decline to USD 446.14M and USD 24.06M respectively. This year, the post-pandemic situation made the demand for Canadian lobsters skyrocket, which also affected price increases in the importer market.