August 6, 2015 — CHINA — Prices for lobster meat have hit record highs in the U.S. this year thanks to surging demand from China and environmental factors such as the unseasonably cold winter. This comes two years after prices for the tasty shellfish hit a 20-year low because of a supply glut.
In recent years, China, which consumes 35 percent of the world’s seafood, has taken an increasingly larger bite out of the lobster market, where it is considered both a delicacy and symbol of good luck because of its red color. According to the U.S. Department of Agriculture, shellfish exports rose 8 percent in fiscal year 2014 and 20 percent of them went to China.
“China is a huge factor,” said John Sackton, editor and publisher of the trade news site SeafoodNews.com, in an email to CBS MoneyWatch. “They have become a year-round consumer of live and frozen lobster. They are a permanent factor in the market now.”
According to market research firm Urner Barry, wholesale prices for lobster meat, which is mainly sold to food service customers, are about $22.50 per pound, up more than 30 percent from a year earlier. According the company, prices haven’t been this high in decades and are at unprecedented levels.
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