As stocks dwindle, crab prices could rise further in Canada

Published 2024년 12월 23일

Tridge summary

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.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to Urner Barry of Expana, at the start of the 2024 Canadian snow crab season, prices in April were 19% higher than in 2023. Despite the price increase, prices in the retail and food service industries remain under control and have remained stable throughout the summer and into September. As inventories dwindled, prices soared further, with Canadian snow crab prices up more than 40% compared to the same period last year. More than 90% of U.S. imports of Canadian snow crab occur early in the fishing season when prices are lower, which benefits retailers and food service providers, but processors are unable to benefit from later price increases. The combination of reduced 2024 fishing quotas and strong sales has resulted in a significant reduction in stocks. The Alaskan red king crab and cobbler snow crab fisheries are underway, with red king crab quotas raised by 7.5% and golden king crab quotas reduced by 11% this season. The absence of Russian king crab has boosted ...

Source: Foodmate