Lobster prices in the United States have depreciated by 50% in 5 years on the Maine seaboard of the East Coast of the United States and other places, including Canada.

The lobster population has been increasing in recent years, due to a combination of factors such as warmer water temperatures and improved fishing practices. This has led to an increase in the supply of lobsters, which has put downward pressure on prices.

Important to also note that the economy has been relatively weak in recent years, which has led to decreased demand for what is considered luxury food like lobster.

The COVID-19 pandemic has also had a significant impact on lobster prices. The pandemic led to a significant decline in restaurant demand for lobster, as well as a decrease in tourism to coastal areas where lobster is harvested. As a result, lobster prices fell sharply in 2020 and 2021.

But on the flip side, processed lobster roll prices have had a hike as recently as June, 2023 when they sold at restaurants for $48 a pound, twice what they had cost a month before. 

For overall insights, please check the US Lobster Prices

Another powerful lobster trend is the increase in summer offers by seafood restaurants. Some are touting their menus as being way cheaper than cooking a lobster tail at home! One source cites that a customer taking this restaurant option can save up to 12 dollars apiece. 

For nutrition when cooked, please check cooked lobster nutrition 

Meanwhile, lobster quantities seem to be plummeting. Between March, 2022 and March, 2023, the aggregate caught tonnage and revenue value of Maine lobster have gone down by 11 percent. For perspective, the total catch as of March 2022 stood at $110 million pounds, equivalent to 740-million in revenue. But by March 2023, the total catch  was down to 98 million pounds, equivalent to 389 million in revenue. 

Finally, the fishing world continues the hunt for the prized blue lobster, whose dollar value is usually around $500 a kilo at a restaurant. It gets costlier in places like Europe, where it’s usually about $4 to $5 above the price in the US or Canada. 

What about lobster fests! Well, if you are a lobster aficionado, a lobster club member or just a seafood lover, then visiting the lobster fest is the right ticket to learn more. For 2023, the Maine Lobster Fest is taking place on the first weekend of August.  

In terms of sourcing outside the US, Somalia has huge lobster potential among other deep seafood. Some members of the Selina Wamucii sourcing team will be visiting Somalia this year to explore this potential. 

If you are an importer of lobsters and other deep seafood and would like to get updates from our journey to Somalia, please contact Selina Wamuii with the subject Somalia Fish.