The Financial Times reports here that Lobster prices are at an 11-year high, up 50% from their level only three years ago. What is to blame for high lobster prices? Here the FT points to the rise in burger and lobster chains globally as the culprit.
The demand for the crustacean comes as the success of burger and lobster restaurants has spurred popularity of the lobster roll which, along with the pork bun, has become a hipster favourite.
In London, Burger & Lobster, which was launched in 2011, has been a pioneer in the genre and has expanded to other cities around the world. Its concept of serving a pared down menu of burgers and lobsters at affordable prices has been embraced among restaurateurs in other cities around the world.“The lobster roll ‘phenomenon’ has created excess demand for lobster meat,” said Michael Tourkistas, chief executive of East Coast Seafoods, a leading US seafood trading firm based in Massachusetts.
The lobster roll is not new, especially in the US, but “it was a traditional thing, eaten when people visited New England, for example”, added Mr Tourkistas, with the concept spreading from fine dining restaurants to food trucks around the US.
Lobster prices are now at an 11-year high, with wholesale prices at $6 a pound, according to Urner Barry, the US data group.
“Strong demand and tight supplies are pushing prices higher, especially for lobster meat,” said Audun Lem at the UN Food and Agricultural Organization.
Lobster Roll | Coastal with Byron Talbott
Jeremy Jones, CFA
Latest posts by Jeremy Jones, CFA (see all)
- Are Canadian Banks in Trouble? - March 22, 2019
- Fed Delivers a Sucker Punch to Retired Investors - March 21, 2019
- Is This a Generational Opportunity in Foreign Stocks? - March 21, 2019