We can now confidently report that the long-anticipated increase in fresh crabmeat production in Lake Maracaibo is currently underway. Production levels have risen to meet the demands of two cargo flights per week, amounting to approximately 80,000 lbs of crab meat. This represents a significant increase in volume, as producers struggled to fill even one cargo flight per week since the beginning of the year. Prices have seen a notable decrease as a result of the increased production, with jumbo lump crabmeat dropping by $3 per pound and lump crabmeat by $1.50 per pound. If production continues to rise, as it has in previous years, prices are expected to decline further. Meanwhile, the pasteurized jumbo crabmeat market is experiencing a surge, with prices skyrocketing into the upper $20s per pound. This price difference is likely to prompt some consumers to switch back to Venezuelan crab meat, as it now presents a more attractive value proposition compared to pasteurized alternatives.
Prices are subject to change.