Limited Supply and Increased Demand Drive Record High Prices for Live King Crabs in Norway

Due to limited supply and increased demand, the prices of live king crabs in Norway have reached record highs. On the ex-vessel trading floor at the Norwegian Seafood Association's auction session (Norges Rafisklag), prices for male and female king crabs have significantly risen since May 1st. A report from the Norwegian government forecasts a 60% year-on-year (YoY) reduction in the total king crab harvest, expected to decrease to 1,026 metric tons (mt) in 2024. Norwegian king crab fishing vessels have harvested 225 mt of male crabs, a 159% YoY decrease from the 583 mt caught during the same period last year. During W20, live male king crabs weighing 2.2 to 3.2 kilogram (kg) each were sold for USD 61.11/kg, marking a 6% week-on-week (WoW) increase and a 79% YoY increase. Larger male king crabs, weighing 3.2kg and above, fetched USD 65.22/kg, a 3% WoW increase and a 90% YoY increase.