Canadian lobster and snow crab purchase willingness weakens, consumers may not be able to afford the 25% tariff

Geoff Irvine, executive director of the Lobster Council of Canada, told UCN: "Wholesale prices for frozen lobster tails have risen from $22.25/lb to $31.50/lb, depending on size, which has lost its appeal to budget-conscious buyers." "If they don't buy, we'll have to try to sell elsewhere or consider selling at a lower price, which means everyone in the industry has to squeeze out some profits," Irvine said. Currently, the Canadian lobster industry is in a period of low production capacity, with about two months to go before the spring fishing, when multiple fishing areas will open, creating a third of the industry's annual production capacity. In 2024, the United States imported 44,000 tons of Canadian lobster, worth nearly $1.4 billion. UCN Chief Strategy Officer Gary Morrison said that in recent weeks, the inventory level of US lobsters has been higher than expected, and the market is consolidating. Now because of the tariff issue, most sellers are reluctant to ask the ...