Prices for U.S. lobster meat have climbed to a 15-year high in April, and are up 48% year-over-year. The main reason behind this dramatic rise in the past 12 months has been high demand for lobster products in U.S. food service and retail.
So why has processed lobster meat become so popular over the last couple of years? Lobster processing involves extracting the meat from the shell, making it much more consumer-friendly. Processed lobster meat has a longer shelf life and can be stored and shipped better than a live lobster. This, combined with low prices seen in 2014, made the product popular in food service and retail, leading to heavy and successful advertising of processed lobster based products.
Versatility and convenience of processed lobster meat appeals to consumers as their appetite for easy-to-prepare food continues to increase. All of these factors have led to a sharp increase in demand in 2015 and 2016.