April 20, 2021 — “Insatiable” is the word being used to describe the demand for snow crab as the world’s largest fishery got underway on April 5 in eastern Canada. And while more snow crab will be available this year, buyers expect a tight supply.
Global seafood supplier Tradex said snow crab and other “premium crab” saw huge growth at retail in 2020 and demand is even higher this year.
Seafoods like crab and lobster are now perceived as being affordable to buy and cook at home compared to the cost in restaurants. Tradex spokesperson Tasha Cadence said that shift has spawned a new pandemic-inspired word by market experts.
“It’s ‘premiumization,’ or customers recognizing a higher value for a product and paying a higher price,” she said, referring to comments by industry veteran Les Hodges in his April Crab Update.
The combined Canadian catch for snow crab through September, most of which is sold to the U.S., tops 157 million pounds, 11 million pounds higher than 2020. The Canadian crab makes up 62% of the U.S. market share, according to Urner-Barry which has provided information for the food industry since 1858.