The snow crab market in Newfoundland and Labrador, Canada, is in turmoil as landings are well ahead of previous years and processors say they are “compelled to respond” to the market uncertainty.
The Association of Seafood Producers, a nonprofit representing seafood producers in Newfoundland and Labrador, Canada, said the snow crab market is “not functioning in a normal manner,” and that U.S. and Japanese buyers have been “reluctant to place orders.”
“There are real market challenges all through this process for my members,” ASP Executive Director Derek Butler said. “The market simply is not operating as usual.”
The 2022 snow crab season was already expected to be different than seasons past, thanks to a significantly higher quota. The Department of Fisheries and Oceans Canada, which opened the season on 4 April, set a total allowable catch (TAC) for the Newfoundland and Labrador snow crab season of 50,460 MT – roughly 25 million more pounds of snow crab than the year before – and about 60 million pounds more than was available three years ago.