North American lobster industry on edge over record prices leading into spring season

The United States is currently experiencing a significant shortage of live lobster inventory from Maine and Canada as the major spring fishing season approaches. In 2023, lobster landings in Maine saw a decline to 93.7 million pounds, marking the lowest figure since 2009, according to the Maine Department of Marine Resource. Despite this decrease in landings, the price paid to fishermen increased to $4.95 per pound from $3.97 per pound in 2022, leading to an additional $72 million in earnings for the harvesters compared to the previous year. This situation highlights the challenges and economic dynamics facing the lobster industry.