EP 635 | AIRED 04/10/2023
2023 Global Snow Crab Market: Highest Forecast, Downward Price Pressure, Battle for China Market
Apr 10th, 2023 - With news breaking over the last few weeks that the world’s largest Snow Crab fishery - Canada, is increasing its Total Allowable Catch, Global Snow Crab production can now be estimated at 155,000 metric tonnes (or 342.3 million pounds) making it the highest on record in recent years.
Canada, Russia, Alaska, and Norway are all known commercial Snow Crab fisheries.
The momentum of Russian fish exports is increasingly moving away from raw materials exports.
Canada exports between 50-70 percent of its Snow Crab harvest and has just recorded back-to-back years of exports over 100 million pounds worth about $1.4 Billion Canadian dollars for 2022, and $1.6 Billion for 2021 - something not seen since 2017.
China’s economic activity continues to expand as Live and Frozen Crab imports from Canada and Russia recorded significant growth - 54 percent for frozen, and 78 percent for live.
On the contrary, U.S. imports of Russian origin Snow Crab plummeted in 2022 while Canadian exports of Snow Crab into the USA remained relatively stable.
Although China could continue to absorb more product this year, roughly 6,000 metric tonnes (or 13 million pounds) more Snow Crab is anticipated to be harvested - all while there continues to be carryover inventories from 2022.
As the Canadian fishery gets underway over the next few weeks, check our TradexLIVE Seafood Marketplace for Snow Crab offers to see where prices are at.+++ BREAKING NEWS +++
Our gauge for the Snow Crab market this year is that there will be some downward pressure on price.
At the consumer level, although grocery inflation is still a big concern, consumer insight reports are showing Americans are cooking at home more which could translate to more sales for Snow Crab with the right sales strategy.
Contact your Tradex Foods representative if you want to develop a Snow Crab program this year.
Apr 5, 2023 - The Alaska Department of Fish and Game announces the Forecasted 2023 Total Alaska Commercial Salmon Harvest will be approximately 189 million fish.
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