Canadian lobster prices rise, market expects decline after fishing season begins

In 2023, Areas 33 and 34 in Canada contributed 22% to the country's total lobster production, with figures at 7,135 tons and 14,270 tons respectively. The dock price in northern Nova Scotia and Prince Edward Island saw a high of CAD 20.00/lb in March, but dropped to CAD 6.50/lb due to increased production and weak demand. Prices later rose in Maine due to low supply. By November, the price at the Stonington dock was $7.30/lb, while the average wholesale price of 1.25-pound hard-shell lobsters in the U.S. wholesale market increased by 5-8% from October 1. Canadian wholesaler quotations for 1.25-pound lobsters shipped to Shanghai in week 47 showed a decrease of about 2% from a month ago.

According to statistics from the Lobster Council of Canada (LCC), the production of Area 33 in 2023 was 7,135 tons and Area 34 was 14,270 tons, accounting for 22% of Canada's total production (95,253 tons). Industry insiders said that under normal circumstances, when the production season starts, the dock price will gradually decline. In March this year, the dock price in northern Nova Scotia and Prince Edward Island was as high as CAD 20.00/lb. Subsequently, the production increased significantly, and the demand was weak. The price fell to CAD 6.50/lb in the summer months. After the production season started in Maine, the dock price gradually increased due to the low supply. In November, the price of hard shell shrimp at the Stonington dock was $7.30/lb, an increase of $0.40/lb from a month ago. In the U.S. wholesale market, Urner Barry announced the latest lobster prices on November 12. The average wholesale price of 1.25-pound hard-shell lobsters in New ...