Lobster and snow crab markets fall by as much as 65 per cent: Newly released data

Lobster and snow crab markets struggle: data New data suggests the lobster and snow crab industries in the Maritimes are struggling. CTV’s Ryan MacDonald reports.

While lobster and snow crab have long been two of the Maritimes' most popular exports, new data suggests the markets are now falling short.

The data, presented at a conference in Halifax this week, shows the price of snow crab has fallen between 60 and 65 per cent this year in the U.S. retail market, while lobster fell about 35 per cent.

One of the presenters says inflation is steering consumers away from higher-priced food products.

“‘It is perceived as being financially out of reach for many, and that’s a problem,” said Sylvain Charlebois, a professor at Dalhousie University who researches food distribution, security and safety.

At the wharf in Glace Bay, N.S., fishermen were getting about $7 a pound for lobster by season's end and about $6 for snow crab.

"It wasn't a good year, lobster-wise or crab-wise for us,” said fishermen’s representative Herb Nash. "You can't just quit and not go at it. It's our livelihood. All we can do is just hope that the price goes up over the winter a bit and stays up.”

At Louisbourg Seafoods, where lobster and snow crab have long been their biggest sellers, a record year last year gave way to a difficult 2022.

"We were very optimistic coming into 2022 that we would see a replica of 2021, and that couldn't have been further from what happened,” said Allan MacLean, a senior operations manager at the seafood business.

MacLean says this season is likely the worst his company has had trying to move live lobster to market.

“We saw a total collapse of the market for snow crab,” he said.

Nova Scotia Fisheries and Aquaculture Minister Steve Craig says one move the province can make is to look at other markets.

"So we're looking at expanding in the U.K. and the European Union. We're looking at Asia,” said Craig.

Charlebois says the fisheries industry is in its “TikTok” moment, “So we need to make that sector sexy,” he said.

It is a move MacLean says he agrees with.

“You look at social media and the impact social media has on consumers. And I think we have to be much more aggressive, I guess,” he said.