EP 614 | AIRED 11/07/2022
Global Snow Crab Update (Nov 2022): Prices May Have Hit The Bottom; Prepare for Holiday Season Demand
Nov 7th, 2022 - Although demand and prices for Snow Crab have been low throughout much of 2022 - we believe prices may have hit their bottom and will slowly inch back up as consumers splurge for Thanksgiving, Christmas, and Lent.
According to Crab industry veteran Les Hodges’ October report, “Snow Crab Prices Declined More Than 50 percent From January And Are Now At 2019 Pre Pandemic Levels”.
Taking a look back at historical pricing, we can see that Snow Crab clusters in November of last year ranged from $16.75/lb for a 5-8oz to $20/lb for 10oz plus.
Now, current Snow Crab market pricing in November 2022 ranges from $7.90/lb for a 5-8oz to $13/lb for 10oz plus clusters.
As for the pulse, our Google Trends tracker saw a big upsurge for search terms surrounding Snow Crab in October with top search queries ranging from “snow crab legs” to “crab near me” - to rising search terms such as “snow crab market price 2022”.
Our recommendation is to get ahead of the pricing if you are going to offer Crab (of any major species) for the holiday season and Lent.
Echoing what we said last week - “shoppers have been watching their dollars as they ready for more and bigger purchases in the approaching holiday retail sales season”.
--- On the supply side, even though the Alaska Snow Crab fishery has been shut down this year, any amount that would have been contributed to global supply will have been made up by Canada's contribution harvesting over 16,000 metric tonnes (or 35 million pounds) more Snow Crab this year than last. CHECK OUT OUR #WhatsGood CAMPAIGN
Which Seeks To Spotlight Something “Good” Happening In The Seafood World As Opposed To Unfortunate News.
And although we could not confirm current Snow Crab harvest totals with Russia, if history repeats itself, Russia has always harvested over 90 percent of its total allowable catch in recent years which should have 2022 ring in around 46,000 metric tonnes.
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