May 6, 2024

Ag Economy

Aquatic/Fishing Industry Snapshot


  • Lobster prices were high this winter, peaking at $10/lb in December, and averaging about $7 for the season. A mild winter contributed to a good catch for lobstermen who operate year-round. 
  • Overall, the price and catch were good in 2023, the forecast is for pricing to be somewhat lower in 2024 overall. 
  • The ongoing concern regarding the endangered Northern Right Whale continues to worry the industry. However, a victory in the DC Federal Appeals Court has brought some reprieve that gear modifications will not be required at least until 2028. 


  • Scallops: For the 2024-25 fishing year NOAA will allow 20 open days at sea, 4 fewer than last year, but will also allow 12,000 more lbs to be caught in “closed” areas, essentially making up for the reduction in days at sea. Projected total catch is 2.6MM lbs more than last year.
  • Pricing is projected to average $13-13.50 across all sizes. 


  • Groundfish: As with scallops, there has been a general downward trend in wholesale prices. The groundfish catch has been stable. Quota measures from NOAA have decreased catch limits in a few sectors while others remain flat year over year. The largest development in the Northeast has been the liquidation of Blue Harvest’s permits (as a result of their bankruptcy filing) which represent roughly 25-40% of the total quota available in the region, depending on species. 


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