Lobstermen Fall Victim to Supply and Demand
by Dan Brecher on September 13, 2013
Businesses of all sizes and in all industries must contend with the age-old economic principle of supply and demand. Whether your business provides products or services, the competition in the market and the receptiveness of consumers will greatly influence the prices you can charge as well as your profitability.
The powerful interplay between supply and demand was abundantly clear in this summer’s lobster season. Prices for the popular seafood remain near historic lows due to a “glut” of supply in the market.
According to the Maine Department of Marine Resources, the volume of the State's lobster harvests has risen sharply from about 28 million pounds in 1990 to 126 million pounds in 2012. Lobster sold for a record high of $4.63 per pound in 2005, compared to a record low of $2.69 last year.
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