As stocks dwindle, crab prices could rise further in Canada

The Canadian snow crab season starting in April 2024 saw a significant price surge, with a 19% increase compared to the previous year, followed by a more substantial price hike of over 40% as the season progressed and inventories diminished. Despite these increases, retail and food service prices remained stable. The fluctuating market is influenced by various factors, including quotas, demand, and the absence of Russian crab. The article also highlights the dynamics within the industry, such as the strategic timing of U.S. imports to capitalize on lower prices, the impact of quotas on Alaskan red and golden king crab fisheries, and the effects of quotas and market trends on Norwegian crab exports. Additionally, it notes a shift in market preferences towards live crab, leading to changes in purchase trends and the overall volume of crab imports in the U.S. and Japan. The article underscores the challenges and opportunities faced by different market actors, including processors, retailers, and consumers, in this complex and volatile industry.