This year, however, with high demand from export markets and expensive harvesting costs lobster lovers may have to pay more as prices reached all-time highs going into production season.
While high prices mean more money for lobster exporters and fishermen, Lamont said he is scared that if lobster becomes too expensive, people and businesses will simply stop buying it.Article content Lobster exports also fell during the pandemic. Canada’s lobster export value dropped 19 per cent from 2019 to 2020, from $2.59 billion to $2.09 billion. This was due to the drop in the quantity of lobster exported around the world as well as a drop in price per pound.
The value of Canadian lobster exports has skyrocketed since the world began reopening. In 2021, exports reached $3.2 billion which is more than $700 million higher than pre-pandemic. Irvine said this increase was largely due to the renewed demand for processed lobster meat in the United States.Article content
This is last week's news, the price has dropped significantly. The question is - will the cost to fish be too expensive for fishermen to catch them to begin with.