Canadian lobster exports reached a record $3.26 billion in 2021, beating the previous record of
$2.59 billion by more than 25%.
When the pandemic hit, export and restaurant industry demand for lobsters plummeted as low
as $4 dollars a pound. However, prices have steadily rebounded following the first wave of
COVID-19 in spring 2020.
And with many consumers saving money during the pandemic and limited travel or restaurant
dining, the crustacean has become a top seller in key markets such as the U.S. and Japan.
As a result, the price of lobster has risen as high as $19.50 a pound, though prices have
moderated in recent weeks to about $14.50 per pound currently.
The opening of several lobster fishing areas across Atlantic Canada in the coming weeks is
expected to boost supply and bring prices lower. Still, the price increases have led to a record
amount for exports of Canadian lobsters to foreign markets.
Meanwhile, the cost of bait used in lobster traps is expected to increase after Fisheries and
Oceans Canada announced the closure of the Atlantic mackerel and commercial bait fisheries
on the East Coast, citing concerns about dwindling stocks.
