February 6, 2018 — The snow will eventually melt in the US state of Alaska and the Maritime provinces of Canada, but you better get used to the high prices of snow crab because they are sticking around for a while.
A global shortage of the species is expected to continue for a third straight year in 2018, thanks to a combination of reduced catches across North America and continuous demand in Asia, a panel of speakers suggested at a conference in Miami, Florida, last month.
There will be about 104,000 metric tons of snow crab available, down 10% from the more than 114,000t landed worldwide in 2017 and 76% below the 150,000t landed in 2015, based on data shared during a shellfish panel at the National Fisheries Institute’s Global Seafood Market Conference (GSMC).
The result: Five-to-eight ounce packages of legs and shoulders are selling for $8 per pound wholesale in the US.
It’s leading seafood dealers in the US to more often offer their clients less expensive substitutes.
Brian Cooper, a partner at Sea Trek Enterprises, an East Greenwich, Rhode Island-based importer of crab and scallops, told Undercurrent News that his company normally sells anywhere from 200 to 300 loads (1,000 cases each) of snow crab each year. But he’s skeptical about matching that number in 2018 and is increasingly promoting rock crab, a species most often found in Washington State’s Puget Sound. It’s popular in Asian markets.
“You can’t charge $20 for a buffet at a Chinese restaurant and put an $8 snow crab in there,” he said. “That’s not going to work.”
Lobster, shrimp, or even chicken and beef could also be used as replacements on menus, said one large seafood restaurant executive at the GSMC event.
“It’s easier to take things off a menu than to put them back on,” he added.
Read the full story at Undercurrent News