Many people enjoy the taste of lobster and it is one of those luxuries that we don’t often give ourselves if we are on a budget. That may be changing, at least for a while. If you have a taste for lobster, now is the time to buy it because it is priced at an all-time low. You can buy it for under $6 per pound, and it typically costs about $9 per pound.
The coronavirus has a lot to do with why lobster is so cheap. According to those who understand the industry, the pandemic may just cause prices to fall further. It’s amazing to think that you might be able to enjoy lobster during a difficult economic time.
Lobster prices tend to go up and down due to supply and demand. Cruise ships and restaurants will often purchase much of the lobster that hits the market but these days, it is being sold at the grocery stores and online directly to consumers.
“The wholesale sector is basically gone,” Mark Murrell, CEO and founder of direct-to-consumer lobster source GetMaineLobster.com, told Real Simple. “Demand is low, supply is high, every day is new and unique.”
Although this may be good news for anybody who has a taste for lobster, fishermen who count on lobster prices being high to make a living may find it difficult to swallow. That being said, if you do purchase lobster, even at a low price, you are supporting those businesses.
According to the executive director of the Maine Lobster Marketing Collective, Marianne LaCroix, it’s a great time to eat lobster. She says: “Every time you eat a lobster, you’re helping an independent fisherman in Maine.”
Local buyers are dealing with a difficult season for lobster harvesters in Cape Breton, Nova Scotia, Canada. Rather than paying up to $7.50 per pound, they were snagging up lobster at $5 per pound according to the Cape Breton Post.
This may be a difficult year for lobster fishers but it’s by no means the most difficult.
According to Osborne Burke, general manager of Victoria Co-operative Fisheries Ltd., they did a lot better than they thought. He said: “Obviously prices weren’t where they were in 2019 but still weren’t as low as they were in 2013 when there was a real backlog of lobsters.”