Get ready to pay more for your lobster tails! The post-COVID world is not behaving as it used to, and seafood commodities have been hit hard. The market dynamics have changed dramatically with wild fluctuations in price never seen before the pandemic. In December, the lobster season opened with very high dock prices, but most processors opted not to buy high-priced raw material.
As a result, inventories of lobster tails are drying up quickly, and tail prices are jumping right now. We’re only 80 days away (May 20th) from new production arriving in the US, and industry insiders are sounding the alarm.
According to Urner Barry, tail market values continue to quickly escalate, and supplies are becoming constrained. One wholesaler believes that UB is about two weeks behind the upward trend on lobster prices.
They described one incident where a wholesaler paid almost $24.00/lb for a few containers of 5-6 oz. tails because he was so determined to maintain a supply for his regular clients. The situation is dire, and there are virtually no tails available. So get ready to dig deeper into your pockets to satisfy your lobster tail cravings!
“Tail market values continue to quickly escalate on the realization supplies are becoming constrained and meaningful replacement is still months away,” UB advised.
“There are virtually no tails,” the source said. “I have not ever seen it like this.”
Although prices will be high, we will still have you covered in all things lobster. We also offer great alternatives, like Down East brand CK lobster meat from Massachusets, which is always a crowd-pleaser and comes at a fraction of the cost.
Prices are subject to change