People who like seafood often buy lobster as a treat, and its prices have reached their highest level in ten years because of higher demand. Live lobster prices can be volatile and fluctuate based on seasonality, location, and market demand. Leading people to ask.
Lobster is one of the most iconic foods associated with the state of Maine. The tasty crustacean has been sustainably harvested from Maine’s cold, pristine waters for decades and is beloved by seafood fans across the country. But what is the going rate for these delicious claw-bearing creatures? Let’s take a look at the current market price for lobster in Maine.
Lobster Prices Vary by Size
One of the biggest factors impacting the price of lobster is the size of the lobster. Generally speaking the larger the lobster the more expensive it will be by the pound. This is because larger lobsters yield more meat.
Many lobster retailers allow customers to pick their own lobster size for optimal value. For example, a 2 1/2 to 3 pound lobster may cost around $55.99 per lobster, while a 4 to 4 1/2 pound lobster could cost $79.99 each. The table below provides a rough guide to common lobster sizes and prices in Maine as of June 2024
Pick Your Own Sizes!
| Lobster Size | Price |
|---|---|
| 2 1/2 – 3 lbs | $51.99 |
| 3 – 3 1/2 lbs | $58.99 |
| 3 1/2 – 4 lbs | $66.99 |
| 4 – 4 1/2 lbs | $74.99 |
So if you’re looking for the best deal, going for smaller lobsters in that 2-3 pound range is often the most budget-friendly option.
Prices Fluctuate Seasonally
Another factor impacting lobster prices in Maine is seasonality. Like many agricultural products, supply and demand for lobsters shifts over the course of the year. This causes lobster prices to rise and fall accordingly.
The peak lobstering season in Maine runs from about June through October. During these months, freshly caught lobsters are abundant, which brings prices down a bit. In June 2024, current prices for a live 1.5 pound lobster are averaging around $58.
In the off-season from November through May, prices tend to creep up since fewer lobsters are being harvested. A live 1.5 pound lobster might cost $65 or more during the winter months when supply is lower.
So if you’re looking to get the best lobster deal, visiting Maine in the summer and early fall is ideal. That said, thanks to advances like lobster pound storage technology, fresh lobster can be found year-round in Maine nowadays.
Retail vs. Wholesale Pricing
When examining lobster prices, it’s important to note the difference between retail and wholesale pricing. Retail pricing refers to what consumers pay to purchase lobster directly, whether live, whole cooked, or processed into items like lobster rolls. Wholesale pricing is what lobstermen receive when they sell their catch to processors and distributors in bulk.
The wholesale price that lobstermen are paid for their catch is significantly lower than the retail price consumers ultimately pay. According to market data, the wholesale price for lobster in Maine as of June 2024 averages around $51 per pound. Yet consumers are paying $58+ per pound retail for live lobster. That retail markup helps pay for costs like storage, transport, packaging, marketing and the retailer’s profit margin.
So while we as consumers pay handsomely for lobster in restaurants and fish markets, the lobstermen doing the hard work of hauling traps only receive around $50/lb themselves at the wholesale dock price.
Lobster Prices Have Been Trending Upward
Taking a wider view, lobster prices in Maine have steadily trended upward over the past decade. Back in 2017, the average retail price for a 1.5 pound live lobster was around $33. But increased demand has driven prices up year over year, especially throughout the COVID-19 pandemic.
Other factors fueling rising prices include climate change impacting lobster supply, high bait prices, and processing labor shortages. All these dynamics have led to today’s $58+ per pound pricing for live retail lobster in Maine.
Some industry experts speculate we may have reached a peak though. With inflation squeezing consumer budgets and a potential recession looming, demand for the pricey crustaceans may cool off moving forward. But only time will tell how lobster prices shape up in coming years.
Premium Products Command Higher Prices
While live lobster makes up the bulk of sales, there are some premium lobster products that fetch especially high prices in Maine. This includes processors who pick, package, and freeze lobster meat to be sold outside the state.
Since carefully extracting the tender lobster meat is labor intensive, you can expect to pay a premium. Premium frozen lobster tails can cost $95+ per pound retail. Fresh picked lobster meat can also sell for $50-60 per pound.
Lobster rolls are another popular premium lobster item. These toasted buns stuffed with lobster salad often cost $18-25+ in coastal seafood shacks. So while you can buy basic live lobsters for as little as $50/lb, value-added lobster products add processing costs that drive up retail pricing.
Get the Best Lobster Deals Direct from Fishermen
For savvy shoppers looking to get the absolute best lobster price in Maine, buying directly from the source is the way to go. Many small harbors along the rugged Maine coast feature lobstermen selling live lobsters right off their boats.
By cutting out the middleman wholesalers, retailers, and processors, buying direct from lobster fishermen can save money. It’s not uncommon to pay just $4-5/lb buying straight from the docks, compared to $50-60/lb retail. Plus, you can’t beat the freshness and fun experience of buying from a local lobster boat!
The only catch is that availability is not consistent. It depends on what lobstermen have left over after fulfilling large wholesale orders. But browsing the docks or placing special orders can yield some stellar deals for devoted lobster lovers.
So there you have it – a comprehensive overview of today’s lobster prices in Maine. While the tasty crustaceans don’t come cheap, following a few tips can help you get the best bang for your buck! Just remember to crack and enjoy your lobsters in moderation.
Frequency of Entities:
Lobster: 41
Maine: 14
Price: 22
Lbs: 11
Market: 4
Pound: 7
Retail: 5
Wholesale: 3
Consumer: 2
Season: 2
Supply: 2
Demand: 2
Fishermen: 2
How Lobsters Went Gourmet – and Prices Went Up
At one point in time, lobster was seen as a normal food, and some people even thought it was a meal for poor people. In 1622, the governor of what is now Maine, the old Massachusetts territory, told a group of settlers that he was sorry but all he had to offer them for dinner was lobster.
Magellan wrote in his journal that there were a lot of lobsters in the water and that they were “as thick as molasses.” At that time, lobstermen made less than two pennies per pound, and people who ate lobster at home would hide the evidence so their neighbors wouldn’t know they had to eat lobster.
Workers would also go on strike to protest being served lobster more than a few times a week. Because there were so many lobsters, prisoners were often fed them. When there were too many, the crustaceans were crushed and used as fertilizer. It’s a shame to have wasted such a precious delicacy!.
Hard-Shell Lobsters Cost More: The hardness of the shell dictates the price of the lobster.
Maine Lobster Meat Price Per Pound – Market Comparison
The average price per pound of lobster meat sold in stores is between $35 and $120, but this can change depending on the time of year and demand.
Wholesale prices, on the other hand, tend to be lower because they are aimed at buyers who buy in bulk, like seafood markets and restaurants. Regardless, comparing prices from various sources is essential to get the most favorable deal.
High lobster prices now, but businesses confident customers will come
How much is a lobster worth in Maine?
The state’s lobster prices reached record highs last year. Maine lobstermen landed 108 million pounds with a record value of $725 million.
How much does a lobster boat cost in Maine?
Steve Train is a lobsterman in Portland, Maine. Maine Lobster Marketing Collaborative photo “We saw record high prices — the boat price was $6.50-$7, on average,” says Bret Taylor, of Taylor Lobster Co., a distributor in Kittery, of 2021 numbers.
How much lobster did Maine fishermen bring in last year?
Maine fishermen brought in about $464 million worth of lobster last year, a $72 million increase over the previous year’s haul, which had been the lowest in the decade. The rebound was mostly driven by higher lobster prices.
How big is Maine’s lobster fishing business?
The state’s lobster fishing business, by far the largest of its kind in the U.S., dipped below 100 million pounds of catch in 2020 for the first time in nearly a decade and brought in around $412 million. In 2021, about 108 million pounds were caught, the most since 2018, the Maine Department of Marine Resources said.