The US market is demanding snow crab. Imports through August show the highest volumes since 2000 with a total of 107.5 million pounds.
Canada is the largest supplier, and generally splits their production between the US and Japan. However, this year the US has increased its share, as Canadian volumes YTD are just 300,000 lbs below the record 93.8 million pounds shipped in 2009. But Russian imports have nearly doubled, to 11.5 million pounds, vs. 5.3 million last year, making the overall volumes the highest ever. Russian imports generally range from 5 to 8 million lbs. A decline in Alaska landings in 2013 also has helped imports.
Through August the US has imported nearly 30 percent more frozen snow crab compared with the same time a year ago, totaling 107.5 million pounds.
In Japan, there is a marked preference for king crab this year, and volumes have increased. This has lessened demand for Russian snow crab, and some of that product is being now sent over to the U.S.
The main driver for the snow crab market continues to be retail success with crab as a promotional item. To have a popular shellfish item at roughly the same price as a year ago looks really attractive to seafood category managers who are facing 50% to 100% price increases for shrimp, their usual mainstay. More than any other shellfish, snow crab is benefitting from increased demand due to the runup in the price of shrimp.