The Premiumization of Crab And Other High Value Seafood is Over
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The last time this column discussed price elasticity was June 2021 to review the unusual increase of demand for crab even with increasing prices. In 2021 the premiumization of high value seafood, led by king and snow crab, resulted in prices being relatively inelastic (demand largely ambivalent about price changes). Both king crab and snow crab showed major increases in imports even as prices increased rapidly and the trade could not get product fast enough for the demand.
While this was great for sellers during 2021...
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